Tom Herman
speaker
200 appearances
3 recordings
1 series
first heard Jan 2020
last heard Sep 2022
Tom Herman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why Your Year-End Tax Strategies Should Be Underway Now · 28 Sep 2022
podcast
This is a good time to take a fresh look at your investments, especially your stocks, because so many of them have been hit so hard recently.
My pleasure, JR.
Good to be with you.
Well, there is still plenty of time to take a few relatively simple steps to save money on your taxes this year, but it's smart to start thinking about it now rather than waiting until the final hour.
Some of these steps may require some homework on your part, and they may take time to execute, so don't wait until just before New Year's Eve.
This is a good time to take a fresh look at your investments, especially your stocks, because so many of them have been hit so hard recently.
If you were to consider selling something, consider selling it now rather than waiting.
Those losses can be very valuable at tax time for a number of reasons.
Number one, you can offset your losses and your gains dollar for dollar with no upper limit.
So for instance, if you had a $10,000 gain earlier this year and you now sell stocks for a $10,000 loss, you put the two together and you don't have to pay any capital gains tax on that $10,000 gain earlier this year.
Then there's another factor that many people don't know and that is supposing your losses are bigger than your gains and that's the case with a lot of investors these days.
in most cases you can take up to $3,000 of your realized net losses against your other income, such as your wages and other income.
So that's a very valuable thing to keep in mind.
The limit is only $1,500 if you're married and filing separately, but most people don't.
So that's a very valuable thing to do.
And if you have even more losses, you can spread them over future years.
In fact, excess amounts get carried over into future years.
That's the case in many of my friends and it's a very natural feeling.
But if you have something that you still want to hang on to, you can sell it and then buy it back.
But you have to make sure that you don't violate what's called the wash sale rule.
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