On top of holiday shopping, planning family trips, and everything else that comes with the holiday season, it's important to get a handle on your tax planning before December ends.
Dan Caplinger, The Motley Fool, Thanksgiving is here, and before you know it, it'll be time to start planning parties for New Year's Eve. But on top of holiday shopping, planning family trips, and everything else that comes with the holiday season, it's important to get a handle on your tax planning before December ends.
2. Harvest your tax losses2022 has been a tough year for stock market investors, and many people have positions on which they've lost money. In order to claim a tax loss on those investments, you have to sell your shares by the end of the calendar year. That will generate a capital loss you can use as a tax benefit.
Don't waitIt's generally a good idea not to wait until the last minute to make these tax moves. That way, if there's any delay because of the holidays, you won't find yourself scrambling and possibly missing out. Taxes might not be the first thing on your mind as 2022 comes to a close, but spending a little time on tax planning now will pay off in the new year.
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