Clients who are thinking of making tax-saving moves before the end of the year may want to wait to realize short-term gains since the incoming Trump administration intends to cut income tax rates, according to Barron's. Clients who want to realize long-term gains in 2017 should probably do the opposite and act before the new year. The new administration wants to lower the threshold for long-term capital gains taxed at 15% from $500,000 to $200,000. -- Barron's
Depreciated stocks that are sold by most of their shareholders for tax losses in the final weeks of the year are the ones that are likely to bounce back early next year, according to The Wall Street Journal. Historical data shows that stocks that have experienced the heftiest declines tend to recover the most when tax-loss selling activities wane in January. Identifying losing stocks that are candidates for a tax-loss-related rebound next year could be difficult, and one strategy to find a possible candidate is to enter buy orders on underpriced stocks that are being sold. -- The Wall Street Journal
Taxes are one of life’s sure things, but clients can still make changes after the filing deadline. Here’s how.
State sales taxes, out-of-pocket charitable deductions and student-loan interest deductions are among the many tax breaks that clients qualify for but fail to claim on their returns, according to Kiplinger. Some of the others? Job-hunting costs, work-related moving expenses, and baggage fees. -- Kiplinger
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How a couple wrote off cat food and other breaks that boosted refunds. Plus, how charity counts toward an IRA withdrawal.
February 14 -
There are ways around having to pay as much as a 50% penalty. Plus, inheriting Roth IRAs and designing more efficient retirement portfolios.
January 31 -
Moving investments into these accounts may optimize returns and boost savings. Plus, know your IRAs and the impact of Trump's proposals on income brackets.
January 25 -
Why it's a good time to invest even small amounts into 401(k) and Roth IRA accounts. Plus, avoiding the capital gains hit.
January 17
