Your 2014 tax planning starts now. While you are receiving all of your W-2’s and 1099’s, you have the opportunity to rebalance your portfolio and do some tax planning at the same time. Take a close look at the cost basis on the holdings in your non-retirement accounts. As you rebalance, you can sell off some losses and harvest some gains. You can match your gains and losses against each other but what if you have more loss than gain? Each year you can write off up to $3000 in losses against ordinary income. So please, don’t leave that $3000 on the table.

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