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How does tax loss harvesting work with tax planning? Learn more today on Elevate Wealth! Welcome back to Elevate Wealth. I'm Brian, and I'm joined here with our president and CEO Deanne Rosso. Deanne, welcome. Hey, Brian. Thanks! So when we talk about tax loss harvesting, what does that mean, and how can it help with tax planning? Yeah, that's a great question. Again, tax loss harvesting is one of those things that we say and we think people understand. And tax loss harvesting is one of those concepts that's almost a little counterintuitive, it almost seems opposite of what you should actually do as a good investor. So the analogy that I use a lot of the time when I explain this concept is making lemonade out of lemons, because one thing that we know about markets is that markets at times are going to to drop in value, they're going to go down. So what if for some of those funds that you have in that middle bucket...we've talked about tax buckets.. that tax advantaged bucket...what if you have a stock that drops in value? Well, you know on paper of course the value of that stock drops, but you don't actually realize that drop until you sell it. So as good investors, what we want to do is buy low and sell high and capture that gain. But when we have a time when the stock drops in value, what if we sold it while it was down and then we replaced it with something similar so we didn't lose any of the appreciation when the market came back up? But what we've just done by doing that is we've actually harvested that loss that we can then use to offset other capital gains that we have from other securities or that are generated in our portfolio. So that's what I mean by making lemonade out of lemons, because it might be a bad time in the market but you can actually take advantage of that in a specific type of account in order to help your taxes. Okay, so being proactive, tax loss harvesting, you're not missing out on that market return but really what you're doing is you're trading that volatility for opportunity. That's exactly right, and you do have to be proactive in order to have a strategy like that be successful. Okay. At Elevate Wealth, we specialize in building tax efficient strategies, both through tax loss harvesting and other tax planning strategies, so if you're not sure how this strategy may apply to you in your situation, visit us at elevate-wealth.com and click, "Let's Talk!"