Looking to pursue an optimal, tax-efficient portfolio balance? Consider tax-loss harvesting. It’s a process designed to take advantage of an IRS rule allowing realized losses to offset the realized gains on in your taxable portfolio. This process may potentially lower your tax liability, on the condition that all the trades are closed out in the […]

Continue Reading

Getting ready for tax season? It’s time to take a look at cost basis and make sure you’re covered when it comes to correct reporting. Back in 2001, the U.S. Government Accountability Office (GAO) estimated that 38% of taxpayers who reported a security sale incorrectly reported their taxable gain or loss. Why? Because they used […]

Continue Reading

As most alert taxpayers know, a sweeping tax reform bill was put into law in January that affects most tax brackets, a pack of exemptions—both personal and business—as well as filing status, child credits, retirement plans, and how to book capital gains and losses on tax returns. Much has been written about the new tax […]

Continue Reading

You have alternatives when it comes to tax planning. Targeted investing might trim that bill from Uncle Sam, or at least help you time when you’ll pay. Screen time should be trading time, free of the slog of tax prep. Still, most traders are aware that, come April, thinking ahead could lead to less nail […]

Continue Reading

In 1789, Benjamin Franklin famously wrote that “In this world nothing can be said to be certain, except death and taxes.” However, that hasn’t stopped scientists and mystics from trying to unlock the secret to immortality, nor investors from seeking a tax-free return on their money. Immortality is still out of reach, but is there […]

Continue Reading

Yes, the IRS gets a cut. Bitcoin and other cryptocurrencies may exist in a “virtual” world, but as far as the Internal Revenue Service is concerned, they’re very much “real” property, which means that for anyone trading, investing, or otherwise involved in this arena, it’s important to understand cryptocurrency taxes. Back in March 2014, the […]

Continue Reading

Key Takeaways Full-time traders may be eligible for certain tax deductions Capital gains taxes generally apply when an investment is sold for more than its purchase price Tax-loss harvesting is a strategy used by some investors to potentially lower tax liability Taxes are a part of investing, and the way you build and manage your […]

Continue Reading

Key Takeaways Maximize contributions to tax-advantaged accounts before the new year starts Make any charitable contributions for which you’d like to earn tax deduction, and be sure to save the receipts Determine whether a “bunching” strategy that make deductions on alternating years will work for you When it comes to tax planning, many of us […]

Continue Reading

Key Takeaways Revisit your plan for deductions under the new higher standard deduction Potentially use 529 plans to pay for primary and secondary education  Consider changing your business structure to take advantage of new pass-through income rules Major changes in tax policy last year—the biggest reform in 30 years—have given investors a lot to consider […]

Continue Reading

Key Takeaways Bump up your retirement account contributions to potentially reduce your income tax Consider logging stock losses against your taxable ordinary income Add to your child’s tax-advantaged 529 savings plan by April 15, 2019, for 2018 tax deductions As the calendar ticks down to the end of 2018, there’s still time to make moves […]

Continue Reading