Tax strategies

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Clients may consider rebalancing their portfolio more often to address asset allocation shifts as a result of the downturn.

Recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, will need to act fast.

A rule designed to prevent simple deduction abuses brings significant complexity to planning.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

The IRS now says some unwanted RMDs can be undone, eliminating the tax bill

For one, clients will owe taxes still on the distributions, unless they recontribute the money into the account within three years.

These direct payments are intended to provide direct assistance to American taxpayers who have lost wages, jobs or opportunities because of COVID-19. But there is some fine print.

“Traditionally, 401(k)s generally have some really good investment options that you wouldn’t be able to do on your own,” an expert says.