As we approach the end of the year, you might be wondering if there’s anything you can do to trim your 2010 tax bill. Keep in mind that you are probably a cash basis tax payer with a calendar year end. That means any income that comes in before December 31 is taxable this year and any expenses you want to deduct will have to be paid by the same date. Let’s talk about tax loss harvesting for starters. While we’ve had a relatively good year in the market, you may have some investments in your portfolio that have losses and can generate tax savings. Continue Reading…
When the Market Hands You Lemons, Wash Them!
If you’ve got money in the stock market, I probably don’t need to remind you that this has been a disappointing year. So far you’ve really taken a bath, but market corrections happen every so often and they’re part of the price you pay when you invest in stocks. But over the long run, investors who stay put in a diversified portfolio are generally well rewarded for investing in the market. In the meantime, there may be a way for some of you to get some benefit from your stock market losses on your tax return. Continue Reading…