If you want to save money on taxes, you’re probably already familiar with popular tax-advantaged accounts like 401(k)s, IRAs and health savings accounts (HSAs). However, if you’re also investing in taxable brokerage accounts, you need to know how to navigate taxes related to capital gains.
Capital gains taxes are levied on the sales of assets, which might include items like art, jewelry, real estate, digital products or stocks. Short-term capital gains, incurred by assets held for less than a year, are taxed as ordinary income based on your tax bracket; long-term capital gains are taxed at 0%, 15% or 20%, in line with graduated income thresholds.
A strategy known as tax
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