A Republican sweep in Washington could mean that the tax cuts that went into effect in 2018 have a chance of sticking around.
With a Republican sweep in Washington, Donald Trump 's raft of tax cuts that were set to expire at the end of 2025 might stick around – and that could be good news for investors who were sprinting to overhaul their financial planning. The Tax Cuts and Jobs Act, which went into effect in 2018, overhauled the federal tax code. The legislation roughly doubled the standard deduction, tweaked the individual income tax brackets and trimmed rates.
Tax-loss harvesting, a move in which an investor realizes losses in underperforming positions and then uses them to offset gains elsewhere in their taxable account, is a move that can help trim taxes. If the losses exceed the gains, the investor can use up to $3,000 in losses to offset ordinary income. Remaining losses can also be carried forward into future years. Avoid violating the wash-sale rule.
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