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https://preservewm.com
We've been keeping up with the latest headlines...
here are two of our favorites worth sharing.
** Your Money
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The silver lining around portfolio losses is the rarely understood and certainly underutilized strategy of tax-loss harvesting. Just to let you know, like most tax planning strategies, you must complete it by December 31.
Investment gains in non-retirement accounts are taxable. The maximum long-term gain rate is 20%, and the maximum short-term rate is 37%. On top of that, you may also be subject to the 3.8% Net Investment Income Tax (NIIT), also known as the Medicare tax.
This is where harvesting losses can help lower your bill. If you sell an investment at a loss, you can use the loss to offset any gain you might otherwise owe taxes on. Use short-term losses to offset short-term gains and long-term losses to offset long-term gains. Then, any excess losses can be used to offset the opposite kind of gain.
If your losses still exceed your gains after that, you can use up to $3,000 of your net loss to negate ordinary taxable income. Any additional negative money you have left over can be rolled over into the following tax year.
We apply this strategy all year and will do final checks over the coming days. If you have other accounts we don't manage, let us review them for opportunities.
'Don't wait' to make this year-end move that could help cut your tax bill, says CPA (https://www.cnbc.com/2022/12/26/how-to-take-advantage-of-tax-loss-harvesting.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Mail)
by Ryan Ermy
** Your Life
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It’s been a trend for 10+ years. Pre-retired couples and individuals start looking at rural areas to retire eventually. Then, upon retirement, they move there. More and more retirees are looking beyond traditional retirement meccas like Florida, Scottsdale, the Ozark Mountains, Myrtle Beach, etc., and opting for a quaint, quiet, and peaceful life in rural areas in TN and NC. This is causing an unexpected boom in these rural communities which means more income but also the need to create more amenities like grocery stores, gourmet and regular; big home supply stores; theaters and restaurants; hospitals and healthcare services; etc. Although, as a whole, rural communities lost residents from 2010-2020—the first decline recorded in the US, some select rural enclaves are booming. The draw also includes people’s desire to be in a lower-cost-of-living area with lots of outdoor activities, temperate weather, and a low-stress environment. In the search for an active lifestyle, retirees are also
filling jobs. One retired banker who moved to Sevier County, TN, was offered a finance job at Dollywood but sitting at a desk no longer appealed to him. However, he accepted a position as a tram operator with free tickets to Dollywood as a big incentive. It’s not about the money for many retirees.
They Came, They Hiked, They Stayed: Retirees Lift Fortunes In Rural America (https://newsazi.com/they-came-they-hiked-they-stayed-retirees-lift-fortunes-in-rural-america/)
by Kemal Pasha
https://www.linkedin.com/in/danheth/
https://www.linkedin.com/in/rosalynn-harvey-heth-mpa-ceps-3a3aa3191/
** Complexity Simplified
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For many, being near water provides a sense of peace. Research shows that being near, in, or under water can give a long list of benefits for your mind and body, including lowering stress and anxiety, increasing an overall sense of well-being and happiness, a lower heart and breathing rate, and safe and better workouts. Why not start or add to your water adventure by visiting canal cities around the world?
Top 10 most beautiful canal cities in the world (https://traveltomorrow.com/top-10-most-beautiful-canal-cities-in-the-world/)
by Aris Setya
** Trivia
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A: Bill Clinton
Q: What is an ice hockey puck made from?
https://youtu.be/O2ur063fMhs
** Back in 1987, this song reached #1
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