Marzano Capital Group: 3 Tax Strategies to Reduce Tax This Year

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Independent Advisor Alliance, a registered investment advisor. Independent Advisor Alliance and Marzano Capital Group are separate entities from LPL Financial.

3 Tax Strategies to Reduce Tax This Year

STEVEN GALLO, CFP® | PARTNER, FINANCIAL ADVISOR

Robert Kiyosaki, author of best-selling book, Rich Dad, Poor Dad, has a quote, “it’s not what you make, but what you keep.” One of the best ways to keep more of your money is to take advantage of opportunities as they present themselves. The volatile markets of 2022 have presented a couple of tax savings opportunities you may want to explore before year end. While everyone’s situation is unique, below are the top three strategies we are discussing with our clients at Marzano Capital Group.

TAX LOSS HARVESTING

Even though an investment has lost value it can still help your taxable portfolio. Tax-loss harvesting is a strategy that can help investors minimize any taxes they may owe from capital gains or regular income. Selling the investment at a loss allows you to reap some economic benefit while reallocating funds in more productive areas of your portfolio. However, if you sell stock for a loss, you are not allowed to buy substantially identical stock or securities within 30 days. This is called the wash-sale rule and if you violate it, the IRS can penalize you by removing any tax break you enjoyed from harvesting losses. ROTH CONVERSION

A ROTH IRA conversion allows you to move funds from your traditional IRA to your ROTH IRA. The funds that are “converted” are taxed as income in the year of the conversion. However, once in the ROTH IRA they will continue to grow tax free and are distributed tax free in the future. Now is a great time to convert if it fits your financial situation with the stock market down from the beginning of the year. A decline in the value of your portfolio may actually be advantageous as it will be cheaper to convert your funds. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of the conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA. QUALIFIED CHARITABLE DISTRIBUTION

Charitable-minded taxpayers over the age of 72 who are financially comfortable and do not need their required minimum distribution (RMD) to meet their living needs have another strategy available to them. These investors may be able to make a qualified charitable distribution (QCD) from their traditional IRAs directly to a non-profit organization. This move satisfies their annual IRA (RMD) obligations and avoids income tax on the transferred amounts to non-profits. However, taxpayers should be aware of specific rules prohibiting making QCDs to donor advised funds and private foundations or from SEP IRAs, SIMPLE IRAs, and 401(k) plans.

Perhaps, one or more of these strategies will help you save on this year’s tax return allowing you to keep more of your money. If any of the above strategies sounds like something that could help your situation, I urge you to give our firm a call so we can discuss if it is a fit for you.

Marzano Capital Group and LPL Financial do not provide tax advice or services. Please consult your tax advisor regarding your specific situation.

FASHION AMONG FRIENDS

ARTICLE BY MARTIE EMORY PHOTOS BY CARRIE ALLEN

For Bliss by the Lake Boutique owner, Charlotte Parris, her vision of the perfect small business is where shoppers do more than make a quick purchase and head back home She wants them to come in – think of it more as a visit than an errand – and stay long enough to make a few new friends!

THE DREAM

That happens every single day at Bliss by the Lake in Mooresville, where the name couldn’t be more appropriate for what you’ll find – and feel – while you are here. If you haven’t heard the story, Bliss by the Lake came about its name in the sweetest way! Charlotte and her daughter, Anitra, were pondering potential names for the boutique, and Charlotte mentioned she felt so very blessed by her new opportunity. Blessed became bliss, and since opening in 2019, thankful clients have also been blessed! The boutique features a perfect mix of tops, bottoms, outerwear, dresses, and basics such as leggings and camis, along with shoes, jewelry, belts, and other accessories to finish a signature outfit to perfection.

“Our personal goal is for every woman, no matter her style, size, or age to leave feeling happy and gorgeous,” explains Charlotte. “We cherish our customers.”

THE DAY-TO-DAY

Charlotte and her team are also proud to be actively involved in the community – as members of the Lake Norman Chamber of Commerce and WINS – and love being able to support local charities whenever possible. Those amazing team of co-workers – Ann, Tami, and Sydney – bring their own special talents to the boutique. Making the store shine one hundred percent of the time, is very much a group effort!

Ann Hartley has lived in the area almost 22 years and has been with Bliss by the Lake since they began in 2019. Helping customers find an outfit that makes them smile makes the effort worthwhile -- and also makes Ann smile! Ann runs the day-to day-operations of the boutique and is also in charge of inventory control.

Originally from Miami, Fl., Tami is very busy outside work with two children, three dogs, and three cats, and has also been with Bliss since the opening in 2019. She considers the loyal customer base more of an extended family. “We try to learn everyone’s personal style and preferences, because we love dressing our customers from head to toe!” Tami is the merchandising guru and is the reason the boutique always looks fresh.

While wearing her more traditional business owner hat, Charlotte says she will always cherish the idea of “brick and mortar,” but keeping current has proven to be not only successful for the boutique – but immensely fun!

Bliss by the Lake recently launched a successful online shopping experience – and an App. Be sure to follow them for plenty of exciting Facebook and Instagram Live posts – including “Coffee & Clothes” with Sydney! After beginning her Bliss career as a sales associate in high school, Sydney Regan joined the staff full-time after receiving a marketing degree in college and is now the Director of Marketing and Social Media.

“Over the past six months, we have seen tremendous growth on all our online platforms,” says Sydney. “With the creation of our website and app, our customers who love shopping online can browse products and watch live sales on their own time. Many customers prefer the in-person experience, as do we, but online selling has allowed them to choose items they like online before coming in. I have had a blast watching the Bliss name grow and can’t wait to see where the future takes us!”

A life-long Mooresville resident, Sydney has seen the area grow, but keep that small town feel, where friends are like family. “What’s amazing about the culture of small business, and specifically boutique shopping, is how close we are with our customers,” she explains. “The women who shop here have supported us from the beginning. Although I love the marketing side of my job, helping customers choose pieces just for them is the highlight of my day.”

The ladies of Bliss by the Lake also have a lot of fun with their ladies’ night out events, welcoming the Bliss regulars – and plenty of new friends! – to enjoy themed drinks and snacks, while shopping and networking.

Always a supporter of small businesses, Charlotte often invites other local vendors to set up in the boutique, introducing shoppers to even more unique items. Be sure to follow them on Facebook and Instagram for event details and updates, especially with the holidays coming soon!

Bliss by the Lake Boutique is a true shopping treasure in Mooresville and is located at 126 Mooresville Commons Way, Ste. C. Store hours are Monday through Friday 10:00 a.m. - 6:00 p.m., and Saturdays from 10:00 a.m. - 4:00 p.m. Open Sundays by appointment. Reach the boutique at 704662-0007. You can also email blissbythelakeboutique@ gmail.com for more information, and shop online at Blissbythelakeboutique.com. Their App is available on both Apple and Android devices.

BUJUKAN BRACELETS

WINDSOR JEWELERS

Designs to suit any woman’s style! Give handcrafted arcs of gold spheres, radiant mini-cluster diamonds and chains of perfect gold circles with iconic Bujukan bracelets from Gabriel & Co.

Discover Windsor Jewelers, Charlotte at 6809-D Phillips Place Court or Windsor Jewelers, Winston-Salem at 526 S. Stratford Road.

COZY SWEATERS

THE PINK BOUTIQUE

It’s sweater weather! Stay cozy this holiday season at The Pink Boutique with sweaters available in an array of beautiful colors and sizes from XS to 3XL.

Shop their warehouse and apps @thepinkboutiquelkn, or 149 C Rolling Hill Road Mooresville.

SPA TREATMENT

HAND & STONE MASSAGE AND FACIAL SPA

Give that special someone a massage or facial gift card that includes a service or package of services such as Hot Stones, Himalayan Hot Stones, Swedish massage, a signature facial, diamond glow, microdermabrasion, or a lifestyle membership for a month!

Hand & Stone is located at 631 Brawley School Road, Suite 200 in Mooresville. (704) 800-5535

Let LKN Patio turn your patio or deck into your ‘Happy Place’ with a 5-piece Surfboard Bar Set! This set includes a lifetime warrant and comes in a variety of color combinations.

Shop LKN Patio at LKNPatio.com or visit 847 Brawley School Road, Mooresville. (704) 660-0527

SIGNATURE SOAP

SEVEN SEED SOAP COMPANY

Looking for a handmade gift for the men in your life? Seven Seed Soap has been creating thoughtful gifts for more than 20 years. Their signature fragrance, Adirondack, is the top-selling handmade soap for both men and women.

Shop at 111 North College Avenue in Newton or SevenSeedSoap.com. (828) 466-2271

PUMPKIN CANDLES

LOVE SQUARE ONE

Perfectly Pumpkin candles will offer you those fresh notes of pumpkin that are perfectly swirled with brown sugar, ginger, and a dash of vanilla.

See their Shop Local page at LoveSquareOne.com to find where you can get yours locally.

FALL STYLES

BLISS BY THE LAKE BOUTIQUE

Come to Bliss by the Lake for an amazing selection of fall styles! A gift card is also an option and always the right size!

Find them at 126 Mooresville Way, Suite C in Mooresville or online at BlissByTheLakeBoutique.com

LOCAL HONEY

BEES OF LAKE NORMAN

Who doesn’t like local honey! This unique gift can be enjoyed by itself or enhance any drink or meal. Lake Norman Honey comes in squeeze bottles as well as one and two-pound glass jars.

Order your honey today at BeesOfLakeNorman.com. Watson candles offered at RidgeCrest Garden Center are a locally made, have a wood wick, and 100% soy with allnatural oils that burn for 60 hours! They add a beautiful, natural, cozy ambiance to any home and make a wonderful gift for anyone on a budget!

Visit RidgeCrest Garden Center in Denver on 3344 North Highway 13 – Business. (704) 966-0087

AMULETS

WINDSOR JEWELERS

Designer Temple St. Clair creates luxurious pieces of whimsical, wearable art including signature amulets fashioned from finely polished natural rock crystal. Each unique amulet is accompanied by 18K gold twists and swirls, diamonds, sapphires, and other colorful gemstone embellishments to reflect the wearer’s singular energy and style.

Discover Windsor Jewelers, Charlotte at 6809-D Phillips Place Court or Windsor Jewelers, Winston-Salem at 526 S. Stratford Road.

CRAFT SELTZER

SUMMIT SELTZER

Like a brewery, but for seltzer! Summit Seltzer house ferments their hard and non-alcoholic seltzers and use purees to flavor and condition them, creating a craft beverage–not the seltzer in a can that you’re accustomed to. Their gift cards make the perfect stocking stuffer, and make sure to check out their website to inquire about rental space.

Find them at 2215 Thrift Road, Suite B, Charlotte and follow on social media or visit their website at SummitSeltzer.com.

Mare sure to check back next month for even more fabulous local LKN finds! Have a gift you’d like to share? Submit it at advertising@lkn-magazine.com

Warmies plush animals are heat-up microwavable soft cuddly toys in a variety of your favorite animal figures and make perfect stocking stuffers!

Shop their warehouse and apps @thepinkboutiquelkn, or 149 C Rolling Hill Road Mooresville.

MICHOU JEWELRY

DANA’S FINE JEWELRY

The way to her heart is through beautiful jewelry! Michou has some gorgeous “art to wear” including sterling silver, 22kt all genuine stones available as rings, pendants, earrings, and bracelets.

Dana’s Fine Jewelry is located at 108 North Main Avenue in Newton or DanasFineJewelry.com. (828) 466-1999

PREMIUM FABRIC

MODERN FABRICS

Spruce up your house for the holidays with Modern Fabrics! Re-cover your dining chairs, make tablecloths, drapes, pillows or give the gift of fabric. Enjoy 15%+ off everything in November and December. Gift certificates available.

Shop at 15435 Highway 73 in Huntersville or Modern-Fabrics.com. (704) 740-9676

SPA CANDLES

HAND & STONE MASSAGE AND FACIAL SPA

M. Greengrass Candles at Hand & Stone are great, long-lasting candles are made with soy. These fragrances will absolutely improve your mood, reduce stress, and provide you with lighting for special memories or celebrations. Put together a gift basket of candles, gift cards, facial products and other lotions that will make for the perfect Christmas stocking stuffer.

Hand & Stone is located at 631 Brawley School Road, Suite 200 in Mooresville. (704) 800-5535

POOL TABLE

LKN PATIO

Let LKN Patio turn your gameroom into the ultimate ‘Happy Place’ with The Kruger—a beautiful 8-foot pool table by Presidential Billiards.

Shop LKN Patio at LKNPatio.com or visit 847 Brawley School Road, Mooresville. (704) 660-0527