Tax Considerations for Investment Strategies in Private Wealth Management

John and Mary are a married couple in their early 40s with two children. They are considering various investment strategies to maximize their after-tax returns while developing a robust wealth management plan. They own a primary residence valued at $600,000 with a mortgage of $300,000, and they also have a taxable investment account with an investment portfolio worth $500,000. Their combined annual income is $150,000. They seek your advice on how to structure their investments in light of tax implications, balancing between taxable and tax-advantaged accounts.

In your response, consider the following:

• Tax implications of different account types (taxable vs. tax-advantaged).
• Strategies to minimize capital gains tax.
• Tax-loss harvesting opportunities.
• The impact of their current earning bracket on their investment decisions.

Provide a comprehensive recommendation for John and Mary that addresses these aspects.