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Here are fivetax moves you should make during the holiday season.
Your spouse can also gift up to the same amount, even to the same people, Zabrowski said.
Thats a big deal.
Remember to keep detailed receipts and documentation to substantiate these deductions, Tan said.
In addition, the holiday season is ideal for business owners to purchaseequipment or technology upgrades.
The strategy can offset capital gains or up to $3,000 of ordinary income while reducing your tax burden.
And you’re free to enjoy this virtual dividend indefinitely.
Projected over a lifetime, tax loss harvesting by itself can double your net worth.
The holiday season isnt just about giving to others, Pavone said.
Its an opportunity to give yourself the gift of a strong financial future.
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