How to get the most of your taxes this year

CHARLOTTE — While you’re enjoying the holidays, taxes may be the last thing on your mind but experts say, don’t wait to think about it.

To get the most of your taxes this year, experts say to make sure you’ve contributed as much as you can to your retirement fund and get the max from your employer.

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And if you lost money on stocks, you might want to consider tax loss harvesting.

“Tax loss harvesting essentially is the idea that I could sell a stock that I’m currently holding for a loss,” Harry Drozdowski, with Wells Fargo, tells Channel 9. “I bought it for $40. It’s now at $30. I’ve lost $10 and I can deduct that loss on my income taxes.”

Remember if you’re using a professional tax preparer, get your documents together now, as they tend to get busy quickly.

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