Even before the coronavirus, it had been a couple busy years in terms of tax legislation. Between the Tax Cuts and Jobs act of 2017, state level tax reforms of 2018, the SECURE Act, the tax landscape changed for almost every filer.

Understanding the recent tax volatility is crucial to making the most of the tax filing season. It’s important to understand not only what the changes are, but their cumulative impact. There are opportunities in volatility, and working with your adviser and tax specialists will help you take advantage of them.

If you have not maxed out your IRA contribution for 2019, you have until July 15 to do so. If your investments have taken a hit, you might find you need to contribute more to meet your financial goals. Depending on where the market is, you could be making IRA contributions at a discount relative to 2019, which presents an opportunity to rebalance your portfolio.

[Read More]