During tax season and the inevitable search for financial records, some of us were frantically searching for that one piece of paper we just couldn’t find, and others had everything organized and ready to go.
Even though the past few years have been a challenge for everyone in very personal and different ways, one commonality we all share is that these unusual times have reminded us to cherish what we do have and review/revise our life priorities.
Whether you file your own tax returns or hire a tax preparer, it is a great sense of relief when your returns are filed, and you can check that off your list. But in financial planning, we say not so fast! We like to think of our clients’ income tax return as a vital part of your financial planning portrait.
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Tax-Loss Harvesting in a Down Market Cycle
In ranching country, experienced livestock raisers know that periods of drought are inevitable. Not only that, but they know that there are certain things that need to be done during the dry times in order to be able to take maximum advantage of the rains when they begin to fall again in the future. Knowledgeable ranchers will utilize drought cycles to make sure their water reservoirs are in good shape; sometimes they will dig new ones. They’ll give special attention to their pasturing plan, being certain to make the most use of their available resources in order to keep their pastures healthy and ready for the next rains.