Tim Steffen: Tax-Saving Strategies for a Falling Market

Our guest on the podcast today is Tim Steffen, director of tax planning for Baird. In his role, Tim researches, writes, and speaks about various tax matters, including retirement planning, executive compensation, legislative changes, and overall best practices. Tim originally joined Baird in 1999, serving in a variety of planning-oriented roles, most recently as director of advanced planning. He left Baird in 2019 to join the Advisor Education team at Pimco, then returned to Baird in 2021. Prior to 1999, Tim worked in Arthur Andersen's Private Client Services group. He earned his bachelor's degree in accounting from the University of Illinois. He is a Certified Public Accountant/Personal Financial Specialist, a Certified Financial Planner professional, and a Certified Private Wealth Advisor professional.

Background

Bio

Student Loan Forgiveness and Inflation Reduction Act

American Rescue Plan

“5 Questions About Student Loan Forgiveness,” by Lia Mitchell and Karen Wallace, Morningstar.com, Aug. 29, 2022.

“What Student Loan Forgiveness Means for Your Finances,” by Amy C. Arnott, Morningstar.com, Sept. 2, 2022.

“Fact Sheet: The Inflation and Reduction Act Supports Workers and Families,” whitehouse.gov, Aug. 19, 2022.

“IRS Tax Return Audit Rates Plummet,” by Ashlea Ebeling, forbes.com, May 18, 2022.

S Corporations

Tax-Loss Selling in a Weak Market

What Is Tax Selling?

“It’s Time for Tax-Loss Selling,” by Christine Benz, Morningstar.com, June 3, 2022.

“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.

IRA Conversions

“IRAs: To Convert or Not To Convert?” bairdwealth.com, August 2022.

“Surprising Upsides in a Down Market,” bairdwealth.com, June 22, 2022.

“Are IRA Conversions a Good Idea During Volatility?” Interview with Christine Benz and Tim Steffen, Morningstar.com, May 12, 2020.

“Is the Backdoor Roth Still Legit?” by Christine Benz, Morningstar.com, Jan. 21, 2022.

“Don’t Let Pro Rata Rules Trip Up Your Retirement Plan,” by Christine Benz, Morningstar.com, Feb. 27, 2018.

Inherited IRAs

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