There is much uncertainty in today’s market, but here are some proactive things to consider:

  • Tax loss harvesting: For taxable (non-IRA/Roth/401k) accounts, we may be able to trigger a tax deduction if your investments are lower than when we purchased them.
  • Tax changes
    • Required Distributions – IRA distributions are not required this year, regardless of your age. If you don’t need these funds, think about leaving them in your IRA until next year.
    • $300 charitable giving – All taxpayers will be allowed a $300 tax deduction for charitable contributions this year.
    • Delayed tax filing/payments – Tax filing and payments are delayed until the following:
      • June 15: State of Idaho Taxes
      • July 15: Federal Taxes
    • Roth conversions: It may make sense to do a Roth conversion this year to offset tax savings from the steps above.
    • IRA/401k/Roth: Consider contributing to your tax deferred buckets now, instead of at the end of the year.