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The End of 2020 - finally! Thumbnail

The End of 2020 - finally!

The holiday season brings about so much joy to many people.  It is the time of year to be thankful for what we have while considering others less fortunate that may be in a time of need.  This year conveys even more of a reason to appreciate what we have, but also not forget those needing help.  For investors, one thing to consider at the end of the year is taxes.  A useful tool when looking for tax deductions is Charitable Giving.  This not only aids deserving organizations, but it can potentially reduce your tax bill as well.  Something to keep in mind when doing your Charitable Giving is that the amount is no longer a straight deduction.  It is only a deduction for those that itemize their taxes, which is fairly uncommon for most people these days.  Tax Reform that was passed a few years ago has reduced the anticipated number of taxpayers that will itemize, with that being said, there is still an opportunity to give to charities.  Whether it is a donation of cash or of a stock that has appreciated over time this year (more than any) if any of us can give a little it would be greatly appreciated.

Tax-Loss Harvesting is another year-end strategy used by many investors each year to reduce their tax liability.  This is the practice of selling investments at a loss to offset capital gains in the taxable accounts.  Investments sold throughout the year at a gain are what we strive for, but what we do not strive for is paying a high tax bill.  Unfortunately, we can’t have our cake and eat it too, but tax-loss harvesting can help reduce that high bill.

If you have any questions or would like to schedule a meeting, give us a call at 217-441-8801. We hope each of you has a peaceful and joyful holiday season. From our family to yours, Happy Holidays!


Cheers to 2021,

Zach Bromley