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There’s still time to slash your 2021 tax bill with these last-minute moves PUBLISHED TUE, DEC 28 20219:36 AM EST

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December 29, 2021
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It’s not too late to boost your tax refund or reduce your bill for 2021, according to financial experts.

“There are quite a few tax moves that taxpayers should consider at year-end,” said certified financial planner Larry Harris, director of tax services at Parsec Financial in Asheville, North Carolina.

But the deadline for many of these strategies is Dec. 31, leaving only a few days for last-minute maneuvers.

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Harvesting tax losses or gains

Filers may consider tax-loss harvesting, which allows them to offset capital gains with losses. Investors with more losing assets than winners may even deduct up to $3,000 against their regular income.

“If you are facing an unusually high-income year or had tremendous losses, this might be a good strategy,” said Ashton Lawrence, a CFP with Goldfinch Wealth Management in Greenville, South Carolina.

However, those hoping to offload and repurchase the same assets need to be aware of the so-called wash-sale rules, which prevent someone from deducting a loss if they repurchase “substantially identical” investments within 30 days.

And investors below certain taxable income thresholds may avoid capital gains levies on profitable assets held for more than one year.

Then, they may repurchase the same investment for a so-called stepped-up basis, adjusting the purchase price to the current value for lower future taxes.

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