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In this video, I will walk through a tax strategy to consider before year-end to help reduce your tax liability. The strategy is called Tax Loss Harvesting.
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Essentially, if you have realized gains (sales in stock in which you made money), can be offset/reduced by any realized losses (sales in stocks in which you lost money).
If you have realized losses, but no realized gains to offset, you can use up to $3,000 of these losses to reduce other ordinary income on your tax return.
I provide an example of a tax return showing the benefits of using this strategy.
Also, make sure you keep in mind that you can't use Tax Loss Harvesting on deferred accounts like 401K or ROTH IRA.
Also, if you do plan on using the strategy, beware of the Wash Sale rule (I created a separate video on this rule.
About my channel:
Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.
The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.
I will be covering the following topics:
- Personal & business tax planning tips;
- Personal finance;
- Accounting;
- Investing;
- Entrepreneurship
New videos are released every week, so be certain to SUBSCRIBE! : shorturl.at/fL014
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