As we prepare for the end of the year, there are numerous financial conversations that will happen as part of the Redefining Wealth® planning process and we want to get you thinking about one of those on this episode.
Many people have sold out of investments this year to move into cash because of volatility and uncertainty, and those choices will have an impact on your taxes for the next year. But even if you’ve been holding your mutual funds throughout the year, you still might have some phantom income that will be taxed because of the moves made within the fund by the money manager. Now is the time to get on top of these things and discuss your obligations and find out if there are any proactive steps you can be taking.
Laura Stover, RFC® and Michael Wallin, CFP® will help you get prepared on this episode by taking you through the factors that most commonly affect taxation when investing in mutual funds like capital gains, harvesting, turnover ratio and more. Make sure you’re mindful of these different issues and factors because they will impact your overall investing success and financial future.
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Timestamps (show notes):
2:47 – Mutual funds can create a significant tax burden
7:05 – Turnover ratio
11:03 – Tax Harvesting
17:19 – Capital gains tax rates
21:54 – Taxes could rise after death of a spouse
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