Submitted by Pat Cote on December 7, 2019
That time of year again! While we are in the midst of holiday season, the last thing many of us want to do is sit down and think about taxes. However, taking a few minutes to focus on some specific areas can make a big difference.
With that in mind, we prepared a list of 10 key items to focus on before 12/31:
1. Donate appreciated assets
Submitted by Susan Powers on November 11, 2018
Looking for tips to help you save money on your tax bill for 2018? Smart tax planning starts now rather than waiting until next year when it’s often too late. Here are 5 tips to help you take full advantage of tax reform.
1. Review your investments, ‘harvest’ losses
Given recent market volatility, you may have losses in your taxable accounts. You can lock in those losses for tax purposes, while still being invested for the long-term by buying something similar, but not identical. You can use these tax losses to offset capital gains when you file your tax returns. This is a concept known as tax-loss harvesting. For example, if you sold one investment and realized a gain of $5,000 and then sold another at a loss of $4,000, you reduce your taxable gain to $1,000. If your loss is larger than the gain, you can deduct up to $3,000 of the net loss against ordinary income.