From Our Blog
Don’t Miss Out on These Year-End Tax Planning Strategies
It is not too late to review year-end tax planning strategies. Below you will find a variety of tax-saving strategies you should consider using immediately so that you can get your 2015 tax house in order well in advance of the fast-approaching holiday season.
Plan Now for a Bountiful Fall Harvest
The last thing you want to worry about during the holiday season is tax planning. Now is the perfect time to discuss the following tax-saving opportunities with your financial team so that you can implement them in the next few weeks:
- Check your portfolio to determine which dud stocks can be sold to harvest losses and offset gains.
- If you’re in the 25% or higher marginal federal income tax bracket and own mutual funds in taxable accounts, check your mutual fund company’s website for projected capital gains distributions during November or December. Given six strong years for many funds, coupled with any 2015 investor defections, the distributions could be surprisingly large for some funds. You should consider selling before the ex-dividend date and moving to a similarly allocated but more tax-efficient vehicle like an exchange-traded fund (ETF).
- Analyze your 2015 vs. 2016 projected tax liabilities and accelerate or decelerate income and capital gains accordingly.
- Maximize contributions to your 401(k) and IRAs – if you are age 50 and over you should take advantage of the extra