WHEELING, W.Va. (WTRF) — Most of us don’t even want to hear the word ‘W-2’ until March or even April.
But there are good reasons to think about your tax situation as the year comes to a close.
Rohrig Financial says tax loss harvesting is one way investors save money as December rolls around.
If they sell investments with losses and buy shares in a similar market, they can offset thousands against their taxable income.
You don’t even have to have a lot of money in the market to take advantage of it.
If you’ve got a little extra money in your pocket, right now’s a good time to be buying the market. Might want to look at your 401K, you can easily just increase that contribution limit at that point in time, that’s a good time to do that now. If you’re a business owner, there’s still time to be able to put some retirement accounts to work.Shawn Rohrig, President, Rohrig Financial
This is also the time for those with financial advisors about your financial plans for 2023…and for businesses to buy equipment for a write-off.