Gosh, 2005 is almost over! Can you believe how time flies when you’re having so much fun? And, speaking of fun and the end of the year, why not take a moment and reflect on your upcoming taxes?

December tends to be the month that everyone waits for to do those things that are put off until there just isn’t any more time. Like tax-loss harvesting, for example. I know this is one that crops up every year but, let’s just cover the basics to make sure we’re all on the same page. First off, any losses that are to be accounted for in tax year 2005 must be taken in 2005. Period. read more »

With the end of the year clearly in sight, our attention turns to turkey, eggnog and, for many… taxes. So, with that in mind, here are a few things you may want to consider.

For those individuals who participate in markets, you may have realized losses in previous years. Now is a very good time to review your portfolios to determine if you have any unrealized gains and if so, you might want to take some of those gains and use the previous losses to offset any capital gains tax liability you might incur as a result of taking those gains. read more »