Updated: May 10, 2021
Christmas in July? Yes! Millions of us are turning down the air conditioning, lighting a pine tree candle and watching the Hallmark Channel’s Christmas Movie Marathon! (Pro Tip: They are playing just Christmas movies for the last two weeks of July. You can thank me later.)
Tax Time in July? Yes! Now is the time to check your stock portfolio and consider taking some gains as the stock market is at an all-time high. I also recommend that you do some mid-year “tax loss harvesting” on the stocks that are under water to offset those gains. Remember that if you have a loss stock that you like you can still sell, take the loss and reinvest in the same stock 31 days later to avoid the “Tax Wash Loss” rules.
Why wait until December to do some tax planning and hang out with Jolly Old St. Nick? Give the experts at Berman Hopkins a call. We’d love to talk to you (about taxes or Hallmark movies.)