Tax season is here, and many investors are looking at their capital gains and losses in 2023 to determine what they will owe in taxes. Not all of your investments can be winners. But through a tax strategy known as tax-loss harvesting, your losses may be able to help you lower your tax bill.
Tax-loss harvesting is generally considered an end-of-year planning strategy. However, there are opportunities throughout the year to thoughtfully manage your gains and losses in order to plan for your year-end tax bill. Work with your financial adviser to continually review your portfolios and consult your accountant to understand if tax-loss harvesting is appropriate for your situation and you can fully benefit from it.
