Don't Wait Another Day to Use This Tax-Saving Strategy
Taxes aren't on the top of most people's minds, especially at this time of year. Yet those who take advantage of certain money-saving tax strategies before others even start thinking about them can get a valuable head start over their peers.
One strategy that gets popular toward the end of the year involves selling stocks that have gone down in value since you bought them. Known as tax loss harvesting, this strategy is technically available until the last day of the calendar year. But there are some reasons why using tax loss harvesting earlier can offer advantages over waiting until the last minute.
The U.S. tax system provides for taxpayers to claim capital gains and losses when they sell an investment. In general, if the value of the investment has gone up since you bought it, you'll have a capital gain. If it has gone down, then you'll have a capital loss.
Source: Fool.com