How should we choose a tax accounting professional?
July 3, 2009
photo credit: Diego Lorenzo F. Jose
Dear Rapacki and Company,
Any advice how to choose an accounting professional? We are new to the area and don’t have local friends to ask.
Matt C. Chaska
Hello Matt:
That’s a really good question. I suggest you try to meet with a couple professionals in the Metro. Explain your financial situation to them and see who might be the best fit. Ask if they have clients with similar needs as yourself. The first meeting might also a good time to discuss the budget you had in mind. See what the professional can offer for services within that budget.
However, remember that it’s a good idea to invest in great service provider… Most of the time, you get what you pay for, and the value a high-caliber provider brings in terms of your confidence and piece of mind is immeasurable.
Joe Rapacki
Capital Losses
January 3, 2009
Hello
Could you please tell us if we’ll be able to claim a loss on our tax return for some stock we have in our account?
Christian, South Minneapolis
Hello Christian
I sounds to me like you’re still holding the stock in your account. In order to claim a loss for the stock in 2008, you would have had to sell it in 2008 and have a “realized loss” on that stock. You would have been able to offset capital gains with that loss up to the loss amount, plus an additional $3.000. Anything over $3,000 would be carried forward to future years.
Let me know if you need clarification.
Joe Rapacki
