While conventional wisdom often states that investments will grow over time, that isn’t always the case. Fortunately, when an investment’s return is down, there is potential for harvesting tax losses. Tax-loss harvesting may reduce your annual income tax liability. What is tax-loss harvesting? Tax-loss harvesting is done by selling a security that has a fair
Charitable gifting can occur throughout the year; however, many individuals and families focus on their charitable giving in the fourth quarter as it coincides with annual tax planning. Charitable donations are tax deductible for individuals who itemize their deductions when they file their tax return. The annual deduction limit for gifts to public charities is
Domestic equity markets experienced their worst first half of a year since 1970 when the markets closed on June 30, 20221. The S&P 500, as an example, was down 21 percent the first half of this year. Additionally, the bond market has experienced volatility largely due to rising interest rates. Many investors understand that market
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to individuals who are enrolled in high-deductible health plans. HSAs have three main tax advantages.
Retirement plan contribution limits are reviewed each year and are occasionally adjusted by the IRS. This article is current for 2022 limits.
A Qualified Charitable Distribution (QCD) is a helpful tax-planning tool for those who are charitably inclined. It is a charitable donation from an Individual Retirement Account (IRA).