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Tax season is upon us. Earnings from taxable investments need to be reported to the Internal Revenue Service. Getting your investment papers gathered and organized is one of the critical first steps.

Investments and Tax Season

Do you prepare your own taxes or pay someone to do them? Do you use tax software?

Did you that you can carry capital gain losses over to other tax years? For example, if you sold a stock at a loss of $6000 you can deduct up to $3000 in one year and carry the remaining $3000 over to the next year to be deducted. Of course, no one likes to lose money, but at least you can benefit from the loss on your taxes.

If you continuously get a large refund every year, consider changing your withholdings. Then invest the extra money through the year instead of letting the government make money off your money.