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When and how you offload property and other assets can make a huge difference in the amount of capital gains you must report. When you work with capital gains tax experts like those at Miller & Company LLP, you can substantially reduce your capital gains taxes. Call the capital gains tax advisors In New York City, Florida or Washington DC to begin the process of capital gains tax planning before it’s too late. Make a big difference in your tax liabilities.
Capital gains tax planning starts with an understanding of the U.S. tax code. In this uncomfortable reality, selling an asset can cost you significantly in taxes. As long as you sell at a profit, it doesn’t matter what it is. The IRS classifies your profit as a capital gain and taxes it right away. In New York, you’re not just paying the federal government, but three separate tax authorities all at the same time.
At the federal level, capital gains are taxed at zero, 15 or 20 percent, depending on your total income. People earning high incomes face an additional 3.5 percent net investment income tax on top of that. New York State also adds up to 10.9 percent and New York City imposes its own local tax. For high earners in Manhattan, the combined effective rate on a single capital gain routinely exceeds 33 percent.
You may be surprised to learn how much of your profit New York’s combined taxes normally take. Save your capital gains by connecting with an experienced capital gains tax accountant at Miller & Company, LLP, Miller & Company, LLP. As the firm’s founder and lead CPA, Paul Miller says, “After working with high-net-worth clients for more than three decades, I see a consistent the pattern. Clients who are surprised by the steep taxes aren’t uninformed; they just didn’t realize how aggressively New York layers its taxes on top of the IRS’s take.”
Navigating multiple tax authorities in New York, Florida or Washington, DC is difficult. Without capital gains tax experts working diligently to reduce your tax burden, you can end up paying much more than you need to. Mistakes are costly. Assets sold for a profit that are eligible for capital gains taxes include:
Miller & Company, LLP has a top capital gains tax specialist ready to work with you. Visit one of their three offices in New York City, one of their two offices in Florida or their office in Washington, DC for accounting and tax services for individuals and businesses. Their team can reduce your capital gains tax, as well as your financial stress, before you make your next big financial move.
A capital gains tax accountant with Miller & Company explains that one of the most significant factors is how long you held the asset before you decided to sell it. The IRS separates all capital gains into two categories: short-term and long-term. The difference between the two varies significantly. The two categories are defined as:
As an example: a Manhattan-based investor selling a $300,000 stock position after ten months pays the tax on the profit from the sale at the full ordinary income tax rate. If that investor had waited two more months, crossing the one-year threshold, the tax rate for that profit is now the long-term rate. The decision regarding when to sell can save you thousands of dollars without affecting the investment itself.
“The holding period is the first thing our capital gains tax experts look at when developing tax minimization strategies for high-income individuals and business owners,” says Miller. “It’s a simple lever available to us, but people commonly overlook it because they don’t focus on it; instead, they focus on the asset itself.”
Every high earner faces questions about the tax they owe and what they can do about it. Your specific answer depends on how well you understand the implications of asset sales. Ask a capital gains tax accountant before the sale closes, not after. The strategies you learn must be applied before the sale to be effective.
A capital gains tax CPA from Miller & Company explains how to reduce capital gains tax to create a manageable tax bill, whether you’re an individual or small business owner. These strategies aren’t generic, but this accounting practice builds them around your specific asset type, income level and financial plans. The most successful capital gains tax planning strategies to reduce a heavy tax burden include:
“No two clients have the exact same situation,” says Miller. “And the strategies that work for business owners vary, based on many factors. Knowing which strategy suits your situation and executing it meticulously before your sale closes is what differentiates proactive capital gains tax planning from a reactive tax filing.”
Not every financial move triggers a need for capital gains tax planning, but most of them do. Missing the window on one incurs a high cost. Avoid this preventable mistake by contacting the capital gains tax advisors at Miller & Company, LLP.
These experts see clients in situations that involve a convergence of personal and financial change, with tax implications that are highly specific. They build capital gains tax planning strategies for you. Common financial events that require a capital gains tax specialist include:
“Each situation carries different rules, deadlines and opportunities,” says Miller. “What’s common is that the outcome is always better when we’re involved before the transaction. After you finalize the transaction, the window of opportunity to reduce capital gains tax narrows. The strategies that could have reduced your taxes from the event no longer applies.”
Paul Miller has been a certified public accountant since 1992. He’s a regularly quoted tax authority in publications such as U.S. News & World Report, Woman’s World, GoBankingRates and Fortune. This recognition reflects the depth of expertise that a capital gains tax advisor at Miller & Company, LLP brings to every client engagement in New York, Florida and DC. One client reported that Miller & Company delivered “nothing less than the best.”
The firm has three decades of specialized tax experience for every type of client in Midtown Manhattan, Queens, and Long Island, NY; Jacksonville and Sarasota, FL; and Washington, DC. They don’t try to fit you into a generic playbook. Instead, their capital gains tax advisors customize plans for you specifically. So before they present any plan, advice or solution, a Miller & Company capital gains tax CPA spends the time to fully understand your unique financial situation, ensuring no opportunity goes unaddressed.
If you’re a high earner about to face a major financial event, rely on a reputable capital gains tax accountant to reduce capital gains tax for you. Contact Miller & Company, LLP to schedule a capital gains tax planning consultation.
Expect a thorough commitment to excellence. Creative advice and outstanding performance — merged with relentless dedication and vigilant customer service — mean that your CPA responds quickly to requests and questions. Accounting experts are just a phone call away.
“Nothing less than the best.” That’s what current and former clients say about Miller & Company. It’s that reputation for excellence that drives successful individuals and businesses to work with this team.
The financial expertise you’ll find at Miller & Company is unparalleled in the Manhattan and New York City areas. Your personal CPA gets to know who you are — identifying the objectives you have and the challenges you face. Then, using a wide range of innovative business strategies, you’ll receive breakthrough solutions that no other accountants thought possible.
Professionalism is more than certifications and degrees -- all of which you’ll find at Miller & Company. Professionalism at Miller & Company means you’re always treated with the respect you deserve. Professional CPAs embrace their commitment.
When you contact this New York City accounting team, you receive the most up-to-date information, the most innovative financial concepts and the best possible solutions. You get accountants honesty and integrity necessary to earn your trust. Your satisfaction is paramount.
