November 2023 – By Bob Veres
’Tis the season when many financial services professionals look at the best way to offset the taxable dividend distributions their clients might be receiving, using losses that can be ‘harvested’ by selling under-water investments and booking the losses on taxable (that is, not IRA or Roth) accounts. This is not always a trivial exercise; a website called Capital Gains Valet reports that last year, 34 different mutual funds distributed more than 30% of their total value in the form of taxable distributions.
November 2021 – By Bob Veres
Advisors throughout the financial services industry, including financial planners, estate attorneys and tax consulting CPAs, are all nervously watching the tax proposals that are working their way through Congress.
September 2021 – By Bob Veres
Congress is getting ready to revise the U.S. tax code once again, and you can bet that the final version won’t be subtracting any pages from a document that now contains nearly 10,000 selections and two million words. Over the past 10 years, alone, the tax code has been amended or revised over 4,000 times, with provisions covering pet moving expenses for people who lost their job, a deduction for clarinet lessons if it helps correct a child’s overbite, and a special carve-out for repairs for whaling boats—even though hunting whales is currently banned by the United States government.