5 Things To Do Now To Promote Portfolio Success In 2023

  1. Take advantage of Tax Loss Harvesting versus any gains you have.

If your capital losses exceed your capital gains, the amount of the excess loss that you can claim to lower your income is the lesser of $3,000 ($1,500 if married filing separately) or your total net loss shown on line 16 of Schedule D (Form 1040). (Per IRS.gov Topic 409)

In other words, you can sell holdings that are down, sell holdings that are up, and the losses will wipe out the gains. If you have losses in excess of the gains, you can use $3000 of the losses against your ordinary income. Please see a tax advisor for your personal situation to see if you qualify!

2. Make your 2022 IRA contribution. You have until April 18th 2023, but why wait? You can $6000 a person ($7000 if you’re over 50)

3. Max out your HSA (health savings plan) contribution – $3650 for an individual, $7300 for families. You don’t have to use those funds in the next calendar year, they can accumulate for later in life.

4. Schedule a portfolio review. Is your risk tolerance the same? Have your goals changed? Did you switch employers?

5. Review your beneficiaries on all of your investment, retirement and bank accounts.

Sharon L. Herman AAMS, ADPA is the CEO and financial advisor at Silver Key Wealth Management, and affiliated with LPL Financial. www.silverkeywealth.com

The opinions expressed in this material do not necessarily reflect the views of LPL Financial.

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Silver Key Wealth Management, an independent investment advisor. Silver Key Wealth Management is separate entity from LPL financial.

Ms. Herman may only discuss and/or conduct transact securities business with residents of FL, MI, GA, NJ, VA, NC, SC, CA, TX. www.finra.org www.sipc.org

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