FORT WALTON BEACH — Advance tickets are on sale for the 3rd Annual Okaloosa REVfest Art & Music Festival.

The event — noon to 2 a.m. Saturday, March 21 at KC's Sandbar, 190 Miracle Strip Parkway in Fort Walton Beach — will bring together 14 bands performing on two stages throughout the day, as well as multiple vendors with original artwork available for purchase.

Heritage, New Earth Army, Displace, Lucky Costello, The Owsley Brothers, Treehouse, Captain Green, Post Pluto, Flat Land, Continuum, Tribe Zion, Sway Jah Vu, Soul'd Out and The Good Lookings will perform.   

A limited number of early bird tickets are available for $5 at www.okaloosarevfest.com. General admission tickets are $10 and will be available the day of the event. A portion of the proceeds will benefit the 7th Special Forces Association. 

Visit www.facebook.com/OkaloosaRevFest, or contact organizer Mike Flatau, 508-5322 or okaloosarevfest@gmail.com.

This article originally appeared on Crestview News Bulletin: Tickets on sale for REVfest

We’re getting closer to April 15: tax filing day. And while there may not be much you can do to change your results for the 2014 tax year, you can look closely at your tax returns to find areas you might be able to improve next year.

One such area is your investment portfolio. You may also find opportunities in other places, too.

Could you have taken more deductions? Could you have moved some of your debts into a tax-deductible loan, such as a home equity loan or line of credit? You’ll want to consult with your tax adviser to determine areas of potential savings.

However, you may be able to brighten your tax picture by making some “taxsmart” investment moves, such as the following:

• Resist the urge to trade frequently. It can be costly to constantly buy and sell investments. In addition to commissions you may incur, and the possibility that such excessive trading can impede a consistent investment strategy, you could rack up a sizable tax bill.

If you sell an asset that you’ve held for a year or less, any profit you earn is considered a short-term capital gain, which is taxed at the same rate as ordinary income.

For example, if you bought Investment ABC for $1,000 on Jan. 5, 2014, and you sold it for $1,250 on Dec. 31, 2014, you’d be taxed on your $250 gain. If you are in the 28 percent tax bracket, you’d owe $70 in taxes.

But if you waited until Jan. 6, 2015, and you sold your investment for the same $250 gain, you’d pay the more favorable long-term capital gains tax rate of 15 percent, which translates into $37.50 in taxes.

If you habitually sold investments after owning them less than a year, taxes could really add up — so try to be a “buy-and-hold” investor.

• Increase your 401(k) contributions. If you aren’t already participating in your 401(k) or similar plan, start now. And if you are contributing, boost your contributions whenever your salary goes up.

You typically put “pretax” dollars in your 401(k), so the more you add, the lower your annual taxable income.

Plus, your earnings can grow tax deferred.

• 'Max out' on your IRA. Depending on your income level, you may be able to deduct some, or all, of your contributions to your traditional IRA — and these deductible contributions can lower your taxable income. Plus, your investment can grow tax deferred. (Keep in mind, though, that taxes will be due upon withdrawal, and any withdrawals made before you reach age 59½ are subject to a 10 percent IRS penalty.)

If you contribute to a Roth IRA, your contributions are never deductible and won’t lower your taxable income, but your earnings are distributed tax free, provided you’ve had your account at least five years and you are older than 59½.

In 2015, you can contribute $5,500 to your IRA, plus an additional $1,000 catch-up contribution if you are 50 or older — and it’s almost always a good idea to “max out” your contributions each year.

By following a buy-and-hold investment strategy and using those tax-advantaged accounts available to you, you may be able to help yourself — at tax time and beyond.

This article was written by Edward Jones for use by your local Edward Jones Financial adviser.

Edward Jones, its employees and financial advisors cannot provide tax or legal advice.

You should consult your attorney or qualified tax advisor regarding your situation.   

This article originally appeared on Crestview News Bulletin: Are you following a 'tax-smart' investment strategy?

Now that it’s tax season, you may want to pay close attention to every part of your financial picture.

One area to be aware of is your investments' "cost basis." Cost basis, also known as “tax basis,” is essentially your investment in a financial asset, such as a stock. Your cost basis is generally the amount you will use to determine your taxable profit or loss when you sell the investment.

Suppose you bought 50 shares of XYZ stock for $1,000 several years ago. Now, you decide to sell your shares and use the proceeds for a different investment, which you think will help further diversify your portfolio. (Keep in mind that while diversification can reduce the impact of volatility on your holdings, it can’t guarantee a profit or protect against loss.)

Your shares are now worth $1,500, so you will have a $500 gain — but will you be taxed on all of it?

To answer that question, review what has transpired with your investment since you bought it.

You know the value has gone up $500, but let’s also assume that, during the past few years, you received $150 in dividends and you reinvested the entire amount into your shares of XYZ stock. Your adjusted cost basis would increase to $1,150, rather than the original purchase price of $1,000.

Since your sale price is $1,500, your taxable gain would actually only be $350 ($1,500 minus $1,150), rather than $500.

Consequently, if you were to report your cost basis as $1,000 — your original purchase price — you’ll end up paying taxes on a bigger gain than is necessary.

And we’ve just looked at one isolated example.

If you were to under-report the size of your cost basis on all your investments when you sell them, you could end up paying far more in capital gains taxes than is necessary.

Fortunately, you probably don’t have to worry about constantly calculating cost basis on your own; if you’re investing with a financial adviser, he or she will likely provide you with statements that include these calculations.

Still, your knowledge of cost basis is important.

For one thing, you can choose which particular shares of an investment to sell first.

In the example, we looked at what might happen if you bought shares at one time and then sold the same shares a few years later.

But if you purchase shares of the same investment at different times, you are almost certainly buying them at different prices — and these differences in price will affect your cost basis when you sell.

So your decision on which shares to sell first — as expressed in different accounting methods, such as “first in, first out” (FIFO) or “last in, first out” (LIFO) — can be more, or less, beneficial to your tax situation.

Your tax professional can help you make the right choices.

By learning cost basis basics, you will become a more informed investor — and you can help potentially minimize your tax burden. 

This article was written by Edward Jones for use by your local Edward Jones Financial adviser.  

Edward Jones, its employees and financial advisers cannot provide tax or legal advice. You should consult your attorney or qualified tax adviser regarding your situation.  

This article originally appeared on Crestview News Bulletin: FINANCIAL FOCUS: 'Cost basis' can affect your investment strategy