OPINION: It’s possible to defer taxes even for a taxable account. Here’s how “tax-loss harvesting” and other strategies can help boost your overall wealth.
Most of us invest because we want to achieve certain life goals—whether it’s a comfortable retirement, securing an education, or building a legacy for family or charity. Yet sometimes there can be only a fine line between reaching our goals and missing the mark.
But financial advisers and other professional who help manage money can help you better understand some basic principles — like tax-loss harvesting and intelligent withdrawal —and to consider their potential impact on your portfolio.Small reductions in taxes can have enormous consequences for wealth accumulation.
A common practice is to withdraw from taxable accounts first until they run dry, and then from tax-deferred accounts, and finally from tax-exempt accounts. However, if you’ve carefully saved more than you really need in taxable accounts, this approach may result in uneven income and adverse tax consequences.
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