New Website Feature

Six months into our new radio show, The Lange Money Hour: Where Smart Money Talks, we’re happy to report that we have loyal listeners from all over the country. Calls, emails and questions have been coming in on a regular basis from California, Michigan, Texas, Ohio, Florida and New Jersey (as well as across Pennsylvania).

We’ve also discovered that many listeners enjoy listening to the shows again once they’ve been posted here at  Thanks to the listeners who made the suggestion that we offer shorter audio clips in addition to our full-length shows.

Since we also thought that was a great idea, we’ve created a new page featuring clips from every show.  The link is posted on the left-hand side of the homepage — click on Audio: Key Advice From The Lange Money Hour.

To make this feature even more user friendly, we provide a description of the topic and the date of the show.  Now you can get quick advice from Ed Slott, Bob Keebler, Natalie Choate and all of our other guests, just by clicking on the appropriate link.

All of our favorite topics are covered including Roth IRAs and Roth IRA conversions, safe withdrawal rates, the use of insurance in estate planning, tax-loss harvesting and the best estate plan for most traditional families — Lange’s Cascading Beneficiary Plan.

Please use and enjoy these clips at your leisure and keep the ideas coming!

Tax-loss Harvesting — Reduce Your Taxes

Possibly the single most important tool for reducing your taxes is tax-loss harvesting. Usually, tax-loss harvesting is done at the end of the year. But, as Jim Lange and radio guest Bob Keebler pointed out during the May 20th edition of The Lange Money Hour, the current down market has created an opportunity to harvest losses right now.

Bob is a partner with Virchow, Krause & Company in Wisconsin and has been busy all year executing this strategy for his clients. (By the way, congrats to Bob on being named one of the Top Most Influential CPAs in America by CPA magazine 4 out of the last 6 years).

If you have never used this strategy before, tax-loss harvesting is the art of selling securities at a loss in order to offset a capital gains tax liability. It truly is an art and Bob strongly advised against trying to execute this strategy yourself. Turn first to your trusted financial professional for their advice.

The key to this strategy is to take losses at their deepest point without getting out of the market completely. As Jim and Bob mentioned, you don’t want to miss a good run in the market. Therefore, a slow and methodical approach to tax-loss harvesting is the way to go.

What if you’ve accumulated thousands of dollars in losses, but don’t have an equal amount in capital gains? There are a couple of things to consider — a capital loss can offset only $3,000 of ordinary income as adjusted to your AGI (Adjusted Gross Income). The good news is that tax losses may be carried forward onto future tax returns.

If you have the bright idea that you can buy an asset and sell it solely to pay less taxes, you’ll have to think again. The IRS figured that taxpayers would try this, so their rule is that your loss won’t be allowed if you purchased the same asset within 30 days.

Tax-loss harvesting takes some serious analysis, but the results can be well worth it — especially in this down market. Jim and Bob’s final piece of advice was to sit down with your CPA now if you have losses. Don’t wait until the end of the year when the market may be on a rebound.

Thanks again to Bob for his great advice. His material is always incredibly helpful and informative and his latest product is designed to make the complicated topic of IRAs easy to understand. It’s called The Big IRA Book (literally big with 11 x 17 pages) and is packed with charts, graphs and tools to help you make informed decisions. For more information, call 800-955-0554.

As always, if you’d like to listen to Jim and Bob, the audio is available on this website.