Description

Ever wondered how you could save money on taxes by losing money? 

What if those past financial losses could actually be a blessing in disguise?

In this episode of Can I Retire Now? Nick Russell and Becky Wagoner take you through the ins and outs of tax loss harvesting. Join them as they discuss how this financial strategy might turn your investment losses into tax savings, all without corporate lingo. 

With a mix of humor and real-world examples, Nick and Becky demystify the topic to help even the most finance-averse listeners understand. 

They cover:

• How tax loss harvesting enables investors to offset taxable gains with prior investment losses
• The rules and practical application of harvesting losses for non-retirement investment accounts
• The importance of collaboration between financial advisors and accountants to maximize savings
• Common pitfalls, including the "wash sale rule," which can nullify tax benefits if not properly managed
• How mutual funds pass capital gains to investors and why other investment vehicles like ETFs might offer more control
• And more!

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
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• X: Nick Russell