As the clock ticks down to the final 12 days of 2023, don't miss out on the chance to play a little tax magic.  Experts advise that there's still time to trim your tax bill or add some extra padding to your refund. Of course, before embarking on any financial maneuvers, it's essential to consult with both a tax advisor and a financial expert to ensure the best outcomes tailored to your unique situation. Time is Money: Organize Your Documents Now! Before diving into the strategies, let's start with a crucial tip: get your tax-related documents in order now! Procrastinating until April could lead to unnecessary stress. Now, let's explore some savvy moves to make the most of the remaining days of the year. 1. Supercharge Your 401(k) Contributions With only a handful of days left in 2023, the window for financial maneuvers is narrowing, but there's still time to perform some tax magic. One strategic move that can significantly impact your financial landscape is supe...

2022 has been a rough year for investors.  Year-to-Date the S&P 500 is down almost 20%, the Nasdaq 100 is down 34%; large caps such as Google (GOOG), Amazon (AMZN) and Tesla (TSLA) lost 41%, 54% and 65% respectively.  That's not a pretty picture. We can all agree on that. But there's a silver lining here.  The IRS permits individuals with red portfolio pages to reduce gains and income using their investment losses.   In fact, investors can take advantage of what is called tax-loss harvesting and lower their 2022 tax bill until the end of the year.  Tax-loss harvesting explained Tax-loss harvesting requires knowledge of capital gains taxation. So, how's capital gain taxed? A capital gain is realized when investors sell a taxable investment for more than they paid for. Profits from investments held for a year or less are taxed at the regular income rate of the individual. Long-term capital gains rates range from 0% to 23.8%, depending on the individual's...