Harvesting Losses

tax-loss-harvesting

Recently, we have experienced a downturn in the markets and while that is frustrating and, at times, downright scary, there are ways that you can take advantage of these tough times. Tax-loss harvestingnot only can decrease your tax liability exposure by offsetting taxable income, it also allows you to indirectly increase your overall return or have the ability to reap the gains from some of your other investments.

Up to $3,000 of loss can be used to reduce your taxable income. Any amount equal to any gains you have taken in the year can be offset by losses, and any unused amount can be carried forward for use on future tax returns.For other tax-savings and preparation tips, visit our blog on Tax Preparation Tips.

If you have questions about utilizing this strategy based on opportunity created by tax laws, we are here to help. Contact us today to discuss your options.

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Saturday, 24 October 2020

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