Some strategies to consider as new tax laws take effect

Jim Hanzo
December 06, 2018 - 9:12 am

Tax time is coming and given the new tax laws taking effect, there are some strategies people may want to consider.  

Senior Advisor with TruWealth Advisors, Chuck Simmons, said you should plan for the year ahead and given the new tax laws where standard deductions are now 24 thousand for married individuals, 12 thousand for individuals, plan your strategies accordingly.  

"Tax loss harvesting includes selling stocks or mutual funds that have losses within a client's taxable account," Simmons said.  "That allow them to take the loss against their gains as well as against their income up to the $3000 limit."

Another example is bunching itemized deductions. 

"Some people may not be able to itemize because of the new limits so therefore they may want to roll their itemized deductions into this one year pulling it from next year into this year," Simmons said. 

In other words, doing 2 years in 1 year.

Simmons says its a great idea to meet with your CPA this year to plan for the new tax laws for next year.  

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