In January, I had a couple of clients call to complain about capital gains they had earned in 2015. Most of my clients are happy that their holdings have gains, but these gains had a negative impact on my client’s Social Security checks. Because the gains pushed them into a higher tax bracket, their Social Security payment was reduced. Is this a bit of crying with a loaf of bread under each arm? Maybe.
With the recent market uncertainty due to Brexit, this may not be the case for 2016. I know, we are only ½ way through the year, but there is that silver lining.
If you sold into the panic of Brexit, you may have booked some capital losses that can offset any potential capital gains yet to be paid. It is often a good idea to do a thumb nail tax return in the middle of the year just to keep check of where you are moving from a tax standpoint.
Silver linings present themselves at odd times – take advantage of yours.

disclosures:http://www.hechteffect.net/?page_id=31