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Here is something  to think about. Do you have a building, piece of land, stock or other capital investments that has increased in value?

If you are in the 25% bracket or higher, the tax rate on long term capital gains will be only 15% in 2010.  If you wait until 2011 to sell, the rate is scheduled to be 18% or 20% depending on your holding period.

If you are in the 15% tax bracket or lower, 2010 is your last chance to sell assets held long term a a gain and pay no federal tax.  State taxes may apply, however.

WHAT TAX BRACKET ARE YOU IN?

If your income including the gain is under $43,350 (single), $86,700 ( married-joint), or even higher if you can itemize or are over 65, you are in the 15% or lower tax bracket and a candidate for a free sale.

A little tax planning could save you a lot of tax.

Give us a call to review your situation.  We may never have this opportunity again in our lifetime.

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