Tax season is approaching, and investors are seeking strategies to optimize their tax liabilities. Evergreen Money CEO Bill Harris, a former PayPal and Intuit CEO, joins Wealth! to share advice on managing capital gains taxes. Harris notes two strategies investors should consider before December 31st. First, he recommends carefully reviewing capital gains and exploring opportunities to offset or eliminate potential tax obligations through tax loss harvesting. His second recommendation focuses on tax deferrals. “Never sell anything within 12 months of when you bought it,” Harris advises, “because that’s a short-term capital gain, and you pay as much as 37% federally as opposed to the 20%.” Harris cautions investors against day trading, emphasizing that such frequent trading can subject investors to higher short-term capital gains tax rates of up to 37% federally.
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