When it comes to investing, understanding the distinction between realized and unrealized capital gains is crucial for effective financial planning and tax management. Both types of gains reflect the increase in the value of your investments, but they are treated differently under current tax laws. Here’s a breakdown of what they mean and how they impact your taxes.
Financial literacy refers to the knowledge, skills, and understanding of financial concepts, tools, and systems that enable individuals to make informed and effective decisions regarding their personal finances. It involves the ability to understand and apply various financial principles, such as budgeting, saving, investing, borrowing, and managing debt.
Tax-advantaged accounts have annual contribution limits. In some years, the IRS increases those limits, and for some accounts, an additional contribution is allowed for those over a certain age. We'll take a look at the contribution limits for 2023.
It might not seem like it now, but the end of the year will soon be here. Before we ramp up to the holiday season and all of the obligations that come with it, let’s take this downtime to get our year-end tax planning squared away so we can enjoy the time with our friends and family and minimize our 2021 tax bill.
There are hundreds of personal finance books, podcasts, and documentaries available, so many that no one could read, listen, or watch them all.
Jason discusses the benefits of working with a group of advisors.
