Optimize Your Taxes With These Two Common Strategies

Roth IRA conversions at today’s lower tax rates could reap significant savings, and tax-loss harvesting can offset capital gains taxes on winning investments.

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(Image credit: Getty Images)

After months of sluggish activity, the market recently turned the tide. Whether the market is up or down, it’s always a good time to keep your taxes in mind and, more specifically, how you can put yourself in an advantageous position by keeping more of your own money in your pockets.

When it comes to tax optimization, there are two common strategies: Roth conversions and tax-loss harvesting. But, as is always the case in financial planning, there are no be-all, end-all strategies.

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Laura Schultz, J.D., IAR
Co-Owner of Preservation Retirement Services, Wealth Adviser

After 12 years of working as a successful commercial litigation attorney, Laura Schultz made the transition to being a wealth adviser to connect with clients and change their lives for the better by preparing them for retirement success. Now the co-owner of Preservation Retirement Services with her husband, Tim, she is a Series 65 securities-licensed and insurance-licensed financial professional and holds a Series 65 license and is an Investment Adviser Representative of Creative One Wealth, LLC. When she’s not helping clients understand and simplify their investment options, she loves cheering on the University of Iowa and spending time with her family.