Many people know that the filing deadline for an extended tax return is October 17, but there are additional tax deadlines on this day.
You may be considering taking some losses this year, given the stock market’s performance this year. When you decide to do this, you are utilizing a process known as tax loss harvesting. When investments in a taxable account decline, it’s an excellent strategy to consider taking a loss, but there are some pitfalls to avoid. Tax loss harvesting involves selling investments in taxable accounts with paper losses so that investors can deduct those losses from their taxes when they file their returns.