Essential Tax Strategies Your Financial Advisor May Recommend Roth Ira - Financial Advisor HEAD TOPICS

Essential Tax Strategies Your Financial Advisor May Recommend

10/23/2022 3:30:00 AM

Prep for year-end tax planning conversations Here are eight tax saving strategies to discuss with your financial advisor

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Forbes

We're nearing the end of another tax year — and that means it's time to think about money moves that'll lower your tax liability. Prep for year-end tax planning conversations. Here are eight tax saving strategies to discuss with your financial advisor . should be a critical resource in your tax planning. After all, your advisor knows your finances, inside and out.As prep for those conversations, here are introductions to eight tax-planning strategies to discuss with your financial or tax advisor:If your holding period on the investment was less than 12 months, you'll pay your ordinary income tax rate — which runs as high as 37%. discuss with your advisorTax-gain harvesting is the strategic selling of investments at a profit when your tax rate is temporarily lower. The strategy is most appealing for single filers who will earn less than $41,675 this year and married filers who will earn less than $83,350. Below these income thresholds, you pay 0% tax on your realized long-term capital gains. Above those earnings thresholds, you'll pay 15% or more. Read more:
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