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☕ One Tax Thing to Check Before Year-End
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December 11, 2023
What do financial advisors do for their clients every December with the same fervor and consistency as the Kardashians and their Christmas cards? It's called tax-loss harvesting 👩🌾.
What's that, you ask? Tax-loss harvesting involves selling investments that are "at a loss" to offset gains you realized from selling investments "at a profit"; you do this to reduce your tax bill for the calendar year 📆.
It's something you could also do yourself once you consult with a tax professional :) Cheers to less taxes! 🥂
Side note, this does NOT apply to non-taxable accounts, like retirement plans, IRAs, or flat-tax accounts like ISKs.
Head over to the Sip of Learning section to find out more.
– Margarita T., CFA.