My 2022 LUNA Tax Loss is a Welcome Offset this Year
It’s that time of the year when I’m feeling the crunch of preparing for the US income tax this year. However, I’m happy to report that the inconvenient truth of my 2022 LUNA tax losses came to a welcome offset.
My LUNA tax loss was largely derived from a variety of sources, including:
- Capital loss on investments
- Municipal bond losses
- Loss of stock dividends
- Loss of interest on investment accounts
These losses were a direct consequence of the US macroeconomic environment, which translated into a significant price for me to pay. As a result, I had to adjust my decision making process in terms of to which investments and other assets I should allocate my funds.
Luckily, the LUNA tax loss was a valuable offset this year. It allowed me to reduce my total tax burden and make the most of my annual earnings. On top of that, the LUNA tax loss had the added benefit of helping reduce my exposure to capital gains taxes in the future, which will allow me to better manage my income moving forward.
In conclusion, I am glad I took the opportunity to maximize my earnings through the offset of my 2022 LUNA tax loss. All in all, it was a welcome step forward in my financial planning for this year and beyond.