Here are three to look for:
Capital
loss carryover. If your capital losses
exceeded your capital gains in 2014, you may be able to carry any unused loss
to future years. You can apply the loss against 2015 capital gains as well as
up to $3,000 of other income – a benefit to remember when you're rebalancing
your portfolio over the next few months.
Tip: Keep track of your
capital loss carryforward for alternative minimum tax planning and projections.
In some cases, this amount can be different from the carryforward calculated
for your regular income tax.
Charitable
contribution carryover. Was your charitable donation
deduction limited for 2014 or prior years? You may have a carryover that you
can use if you're going to itemize on your 2015 tax return.
Tip: Take this carryover into
consideration when planning your 2015 donations so you don't lose the benefit
of older unused amounts. Charitable contribution carryforwards have a five-year
life.
Net
operating loss carryover. If your business had a loss
in 2014, you had to make an election to carry the entire loss forward to 2015.
Otherwise, the general rule of carrying the net operating loss back two years
applies, with the remainder carried forward 20 years.
Give us a call at (518) 798-3330 to schedule a
tax planning appointment. We're ready to help you get the most benefit from
these and other carryovers, such as investment interest, tax credits, and
passive activity losses.
