Advisors’ Guide to Capital Gains Taxes and Tax-Loss Harvesting
A key difference between tax preparation and tax planning is choice. Everyone with income has to pay taxes, but proactive taxpayers who plan ahead can have a say in how much they pay in taxes. Passive income, like capital gains and losses, provides great examples of the potential impact of a tax plan. Great financial advisors can help their clients save on taxes through both tax loss harvesting and capital gains harvesting.
Many financial advisors will object to the headline of this article, but advisors represent an incredibly small percentage of all taxpayers. Very few taxpayers care to be able to describe the difference between a Roth IRA and a traditional IRA. What they want to know is which option is right for them and what action they should take.Read More
When I last Googled “IRS RMD Table,” the first result that popped up was a link to an active IRS web page with the outdated RMD information. Millions of people who clicked on the first link provided by Google were given, by the IRS, incorrect information. Countless other examples of incorrect tax information, ranging from capital gains rates to Medicare premiums to gifting limits and especially the math on Roth conversions can be found prominently displayed across the internet, including on some of the most reputable websites.Read More
The information on this site is for education only and should not be considered tax advice. Retirement Tax Services is not affiliated with Shilanski & Associates, Jarvis Financial Services or any other financial services firms.