PLLO CERTIFIED PUBLIC ACCOUNTANTS 5 COMMON MISTAKES YOUR TAX RETURN MAY REVEAL PART III As we prepare to file your taxes, we often identify common planning mistakes and missed opportunities. Over the next few weeks we will discuss three additional red flags that may present problems (see prior issues for Part I & II). Capital losses can be used to offset other gains but only $3,000 of that loss can be deducted from all other income, per year. Losses exceeding this threshold can be carried forward and applied to future tax years. When we see losses carried over year after year, it often indicates a lack of coordination between a tax plan and investments. One approach is to create gains to utilize your carryforward losses. Contact us for more information. Morgantown, WV 304.554.3371 Charleston, WW 304.343.4126 1 Parkersburg, WV 304.485.6584 www.suttlecpas.com