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The IRS has issued a notice allowing an extension until May 15, 2023, for California storm victims to file federal individual and business tax returns and make the associated payments. The extension impacts returns and tax payments with due dates between January 8, 2023, and May 15, 2023. Businesses and individuals will have until May…

Most investors understand the importance of using losses to offset gains and reduce taxes, also known as tax-loss harvesting. But what happens when a minor, who has little or no income, experiences a loss in their Uniform Transfers to Minors Act (UTMA) custodial account?  Losses can occur when shares are sold to withdraw funds or…

H.R. 2617, also known as the Consolidated Appropriations Act of 2023 passed on December 29, 2022. While the primary purpose of HR 2617 is to fund several departments of the government and provide financial assistance to Ukraine, Division T of the Act amends the SECURE (Setting Every Community Up for Retirement Enhancement Act of 2019)…

When life gives you lemons, make lemonade – so the saying goes. Alternatively, when the market gives you losses, avoid paying taxes. Tax loss harvesting is the act of intentionally selling an investment at a loss to offset current and/or future capital gains. If executed properly, it is a powerful technique used to significantly lower…

Part of investing is managing your gains and losses wisely, hopefully by minimizing your taxable gains and maximizing your losses. Understanding the wash sale rule and how it impacts your investment strategy can keep you from accidentally reporting your losses incorrectly. What happens when you sell stocks in your taxable investment accounts? Simply put, you…

  As I was reading a recent issue of the Wall Street Journal (WSJ), I came across an article with the same title quoted above, and I was curious how the writer would turn their fear mongering title into a balanced analysis with sound advice for investors. The advice never came. In this volatile market…