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As the year draws to a close, tax season is approaching. To discuss preparation strategies, Gordon Law Partner, Tax Attorney & CPA Andrew Gordon joins Wealth!

Gordon emphasizes that most tax opportunities "occur throughout the year," advising against waiting until the last minute to seek advantages. "It's important to start considering taxes throughout the year, most importantly early on," he states.

One strategy Gordon recommends is tax-loss harvesting to offset capital losses from stocks. He explains that even if your portfolio is at a loss, from a tax perspective, you must sell those stocks "to realize that loss and use it to reduce your taxes."

Gordon stresses the importance of timely action: "It's important to start looking at your portfolio now and see what opportunities you have. Because December, if the market rallies and your portfolio doesn't have any losses, it just might be too late."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Angel Smith