You've probably heard the term "tax loss harvesting," but what does it actually mean, and how can it help you with your year-end financial planning? In this episode of Elevate Wealth, President & CEO Deanne Rosso is joined by Rob Fezekas, Wealth Adviser and Director of Investment Policy, to demystify tax loss harvesting and explain how it can be a valuable tool in minimizing your tax liability. Rob breaks down tax loss harvesting as the strategy of using capital losses to offset capital gains on your investments, effectively reducing the amount of capital gains tax you owe. This is especially relevant in taxable brokerage accounts, where capital gains, interest, and dividends are taxed each year. Since these losses must be recognized by the end of the year, tax loss harvesting becomes a key component of year-end planning. Deanne and Rob also clarify that tax loss harvesting is specific to regular, taxable investment accounts, not IRAs, Roth IRAs, or employer-sponsored retirement plans like 401(k)s, where taxes are deferred. If you’re wondering whether tax loss harvesting could benefit you and fit into your year-end strategy, our team is here to help. Visit elevate-wealth.com and click "Let’s Talk" for personalized advice. 🔗 Website: https://elevate-wealth.com 🔗 Facebook: / elevatewealthadvisory 🔗 Instagram: / elevatewealthadvisory Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips! #AdviceInAction #ElevateWealth #WealthWise #FinancialFitness #FinancialReview #StockMarket #taxes #TaxCuts #TaxCutsAndJobsAct #InvestmentPhilosophy #RetirementPlanning #ElevateWealthAdvisory #FinancialMarkets #stocks #retirement #StockReturns #InvestmentStrategies #FinancialPlanning #WealthBuilding #wealthadviceforyourbestlife #election #politics #financialmarkets #financialplanning #yearendgiving #rmds #taxdeadlines

"Tax loss harvesting." We hear a lot about it, but what does it actually mean? We'll explore this today on Elevate Wealth. Hey, there, I'm Deanne Rosso, and I'm with Rob Fezekas, Wealth Adviser and Director of Investment Policy at Elevate Wealth. Hey, there, Rob. Hey, Deanne. So, Rob, what is tax loss harvesting, and how do we integrate it into our year-end planning? Sure. So tax loss harvesting refers to efforts to reduce our capital gains tax bill at the end of the year. So, the IRS allows people to net gains and losses together, and so what really matters is the total amount of the gains and losses when you sum them all up at the end of the year. And then you pay taxes if there's a net gain. So, the strategy involves looking for holdings in your portfolio that may have unrealized losses, and if you recognize those losses, you may be able to offset some gains you've already incurred and hopefully save some taxes. And those losses need to be recognized by 12/31 so that's why it fits into year-end planning. Oh, I see. Okay. And so with this type of strategy, what we're talking about is assets that we hold, in just like a regular investment account, like a regular brokerage account, not IRAs, not Roth IRAs, or employer-sponsored plans or anything like that. That's exactly right. So the strategy is not compatible with a retirement account, like a 401k or an IRA, it needs to be done in a taxable account like a brokerage account. That's awesome. So such good advice, Rob, and ways to save money on our taxes and what to integrate into our year-end planning. So if you have questions about tax loss harvesting, how that that could apply to you, or anything really related to year-end planning, feel free to take a look at our website elevate-wealth.com and click "Let's talk." look forward to seeing you again next time!