"The Federal Government, the State Governments all want you to pay exactly the right tax you owe. Now I'm all for that for sure, abide by the rules. But there are some smart ways to offset some of your gains by realizing losses that you might have picked up in your portfolio and I like to match them off as best I can. I like to match off my gains with my losses and so I minimize the amount of taxes I have to pay in any given year.
There are various ways to do that, of course, and it’s always good to maybe talk to your tax advisor because sometimes it’s very complicated, you don't know all the material ins and outs and answers and so forth, so I would advise using a tax advisor in creating your own personal strategy.
People can improve the performance of their portfolio by thoughtful tax planning, and that's what I implore for."
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This information does not constitute and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, or investment manager.