Tax Strategies Americans Should Consider Now

As we approach tax season with only 227 days until April 15, financial experts are advising Americans to start planning their tax strategies now. Procrastination may lead to missed opportunities and maximize tax savings, especially with strategies like tax loss harvesting. Tax attorney Andrew Gordon emphasizes the importance of reviewing your portfolio now, identifying capital losses on stocks, and taking necessary trades before the year-end rush. Selling investments at a loss allows taxpayers to offset capital gains or reduce taxable income. Gordon warns that by December, it could be too late to take advantage of these opportunities, as stock prices may rise, eliminating potential losses. Moreover, planning should also include considering contributions to retirement accounts and charitable donations that can impact tax returns. The advice underlines that tax calculations happen throughout the year based on income, trades, and losses, so early preparation is key. This proactive approach not only secures better financial outcomes but ultimately lessens stress as tax day approaches.