A year end tax planning question with a few moving parts - with the new SALT cap limit of $40k could I make a sizable estimated state tax payment in Dec that would enable me to reduce my Fed tax liability by increasing my itemize deductions in 2025 and then apply that potential state refund to my 2026 state tax liability (instead of collecting a refund) and not incur a 2026 Federal for that state tax excess? Thanks
Adam I much appreciate your insights and candor.
That said I think you missed the mark talking up Seth Klarman and Baupost Group. Three keys points you failed to mention that the click-thru 'reports' reference in the second to the last paragraph reveals;
The fund returns have only been about 4% since 2014 vs an S&P return well north of 11%
The fund last year underwent a major restructure and cut 20% of investment staff.
as a result the fund has experienced massive withdrawals.
You somewhat redeem yourself in the last paragraph espousing index funds but the article should have reflected the full rest of the story.
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A year end tax planning question with a few moving parts - with the new SALT cap limit of $40k could I make a sizable estimated state tax payment in Dec that would enable me to reduce my Fed tax liability by increasing my itemize deductions in 2025 and then apply that potential state refund to my 2026 state tax liability (instead of collecting a refund) and not incur a 2026 Federal for that state tax excess? Thanks
Post: Year-End Tax Planning Moves
Link to comment from November 22, 2025
Adam I much appreciate your insights and candor. That said I think you missed the mark talking up Seth Klarman and Baupost Group. Three keys points you failed to mention that the click-thru 'reports' reference in the second to the last paragraph reveals;
- The fund returns have only been about 4% since 2014 vs an S&P return well north of 11%
- The fund last year underwent a major restructure and cut 20% of investment staff.
- as a result the fund has experienced massive withdrawals.
You somewhat redeem yourself in the last paragraph espousing index funds but the article should have reflected the full rest of the story.Post: How to Beat the Market
Link to comment from August 23, 2025