Levine, Jacobs & Company, LLC, Shares Insight On Stock Trades and Tax Liabilities
Michael H. Karu, CPA/CFF discusses what to expect with quick stock trades.
- Newark, NJ (1888PressRelease) December 14, 2022 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was quoted in NJ.com where he discussed quick stock trades and tax liabilities.
As many new investors begin actively trading stocks, Karu highlights the importance of understanding what your tax liability may be. To eliminate any nasty surprises come tax time, it is important to be aware of a ‘wash sale rule’.
Karu explained, “The wash sale rules eliminates the sale of a security and the subsequent repurchase of the same security within a 30-day period in order to take a loss on that sale. If a person has profits, the wash sale rules don’t apply, regardless of the number of purchases and sales within the time frame.”
He further stated, “If a trade results in a loss and the security is repurchased, under the wash sale rules, that loss is eliminated, but the basis reverts to the original purchase price.”
To read the article, please click here: https://bit.ly/3FldpMW
To speak with and/or set up an interview with Michael Karu, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or amydelmanpr ( @ ) verizon dot net dot
Michael H. Karu, CPA/CFF, is a senior member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”
Media Contact:
Amy Delman
Amy Delman Public Relations, LLC
201.563.4614
amydelmanpr ( @ ) verizon dot net
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