A new year can bring a fresh start. Many of us take time to evaluate the past year or even create goals for the upcoming year. These practices are valuable and allow us to look at the bigger picture in our lives. Since money is a tool that can assist in achieving goals, applying practices like these to our finances is imperative. Outlined below are a couple items to keep in mind as you plan for the new year:
MCF Advisors LLC (MCF) announced today that Lexington-based Duncan, Smith & Stilz (DSS) Certified Public Accounting firm will join the MCF team on January 1, 2023. This furthers MCF’s depth and ability to offer a wide range of financial expertise to its clients. MCF’s Tax & Accounting service offering has substantially grown since it began offering these services two years ago. MCF offers clients added value through the Financial Advisor also leading the client’s tax needs. This allows for real-time financial decisions that considers tax implications.
MCF is pleased to announce Alyssa Potter, Director of Institutional Services, has been named to the National Association of Plan Advisors (NAPA) 2022 list of Top Women Advisors.
In this month’s MCF Perspective Moment, Dave Harris, CEO, provides an update on interest rates and how the rate of change to money supply affects the economy. Dave also provides helpful historical context on consumer confidence and data showing how the S&P 500 has trended as we enter the third year of the presidency.
Tax Loss Harvesting is a term that gets thrown around frequently in the wealth management industry, but is infrequently accompanied by a definition, purpose, or real-life examples. Let’s look at what tax loss harvesting is, why it is important, and one example to help understand its value.
A capital gain is generated from the sale of a capital asset, generally an investment-type asset. Not all capital gains are considered equal in the eyes of the IRS. A gain from the sale of a capital asset held for less than a year is considered a short-term capital gain and is taxed at ordinary income tax rates.