It’s not too late to boost your tax refund or slash your bill for 2021. Here’s what to know before the Dec. 31, 2021 deadline.
Tax-loss or gain harvesting
Filers may consider tax-loss harvesting, which allows them to offset capital gains with losses. Investors with more losing assets than winners may even"If you are facing an unusually high-income year or had tremendous losses, this might be a good strategy," said Ashton Lawrence, a CFP with Goldfinch Wealth Management in Greenville, South Carolina., which prevent someone from deducting a loss if they repurchase"substantially identical" investments within 30 days.
Then, they may rebuy the same investment for a so-called"stepped-up basis," adjusting the purchase price to the current value for lower future taxes.Philanthropic investors may also consider a year-end charitable gift, with the most profitable assets held for more than one year, such as stocksWith a $12,550 standard deduction for single filers in 2021, it's tougher to itemize and claim the write-off.
But many combine multiple years of donations, known as"bunching," to clear the standard deduction thresholds.
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