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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WSJ Your Money Briefing · Why Your Year-End Tax Strategies Should Be Underway Now · 28 Sep 2022 podcast

You don't want to sell it and have bought it within 30 days before or after the sale.

If you violate the wash sale rule, then you're not allowed to deduct your loss and that's shooting yourself in the foot.

So you want to make sure that you do not violate the wash sale rule.

However, if you do, there is a silver lining.

Typically, you get to add the amount that was disallowed of the loss to the cost of the new securities you purchased.

But it's better just not to violate that wash sale rule.

Many investors may be tempted to rush back into mutual funds because the market has fallen so sharply and they see bargains.

But if you do, watch out for a very painful tax trap that can catch you if you buy mutual fund shares between now and mid to late December.

It's very easy to fall into this trap if you're not careful and if you don't do some research.

check to see whether the fund you're thinking of investing in is planning to make what's called a year-end capital gains distribution that may sound great but remember that if you're buying for a taxable account that is typically taxable so you may be paying tax that you could easily have avoided just by waiting until after the date to qualify for that payout

so check to see if the fund is planning a payout you can usually find that by looking at the fund's website most funds post this information on their website and then make sure that you're not investing in a taxable account if it's planning a large payout and if it would increase your taxes significantly otherwise you're shooting yourself in the foot one way to do it is to invest in that fund for a tax advantaged account such as an ira

Or another way is simply to invest in a different fund for the time being and then move into the other fund after the payout.

For example, supposing you are looking at your tax return that you're going to have to fill out next year for this year.

and you realize that this year you're going to itemize your deductions, but next year you're probably going to take the standard deduction.

In that case, consider taking an unusually large amount of deductions this year.

Make your charitable donations now for this year and for next year.

That way you can deduct them for this year, and next year you won't be able to because you'll be taking the standard deduction.

If you take the standard deduction, you can't deduct charitable donations.

That's known as bunching.

Many teachers and other educators pay for classroom supplies out of their own pockets.

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