Wanting to lower your taxes is pretty universal, but everyone's tax circumstances are unique, which is why we offer the Tax Protection package. This package comes with three features: WiseHarvesting, Selective Trading, and IRAutomation. You can choose to turn on one, none or all three of the Tax Protection features depending on your current financial situation. Below are some considerations as you make your decision:
WiseHarvesting requires that you have a taxable Personal Investment Account open with Axos Invest (an account other than an IRA). Our WiseHarvesting feature does analyze across all of your accounts, including your Axos Invest IRA(s), to minimize wash sales. Using an auto-deposit will help maximize WiseHarvesting’s potential to harvest investment losses.
Selective Trading is designed for clients who are at risk of wash sales by trading the same ETFs in outside investment account(s) as those traded in their Axos Invest portfolio(s). This feature can also be used even if you are not using WiseHarvesting and allows you to remove (or activate) ETFs the eligible investment categories. Other than WiseHarvesting, this feature is popular for clients who already hold a specific ETF in another account, do not want to hold a specific ETF, or are restricted from holding a specific ETF. Please keep in mind that removing an ETF using Selective Trading will liquidate that holding and may result in tax consequences.
IRAutomation helps you set your retirement and tax savings on auto-pilot each year. Axos Invest also offers IRAs as part of the IRAutomation feature, including Traditional IRAs, Roth IRAs, and SEP IRAs.
IRAs provide valuable tax benefits to incentivize us to save for retirement each year. However, while everyone tells you to open an IRA, few have added the automation to help you maximize the value each year. IRAutomation is here to fix that.
From guidance on choosing your IRA to managing your annual deposits to starting a year-end conversion, IRAutomation will let you set your retirement (and tax savings) on auto-pilot each year.
IRAutomation also offers the ability to do IRA Conversions for clients who wish to contribute to a Roth IRA for the calendar year but aren't eligible due to IRS restrictions. You can learn more about Roth IRA eligibility here.
As you decide whether this package is for you remember to consult the overview, eligibility, and pricing tabs. It's also best to consult a tax professional before turning on any of the features.
To turn on Tax Protection or to learn more, go to the Packages section of your account: https://wisebanyan.com/dashboard/plans