Now's the Time to Think About April
Posted December 25, 2000
RALEIGH — Santa did not leave many gifts under investors' Christmas trees. But your stock and mutual fund losses can reduce your tax burden.
The losses can be used to offset any market gains, and other reportable income.
Anyone planning to make this move, needs to do it quickly, because any losses posted against this year's taxes have to be done by the end of the calendar year.
Charitable giving is also an option.
Clothing and household items, securities, and cash are all tax-deductible.
But again, give by the end of the week if you want it to apply to this year's taxes.
You can give, based on what you are giving, up to 50 percent of your adjusted gross income. That can be an awful lot.
You can wait until next April, however, to put money in an IRA to reduce your tax burden further.