Market Recap – It’s Tax Time!

in Market Commentary by

Market Digest – Week Ending 2/24/2017
U.S. and international stocks were up for the week, with over a 1% gain on Wednesday in the U.S. markets. The S&P 500 was up 0.75% for the week. U.S. capital markets stay on an upwards swing with several Fed officials this week painting an upbeat picture of the U.S. economy. Traders have priced in a 76% chance of a rate hike this month.

Weekly Returns:
S&P 500: 2,383 (+.75%)
FTSE All-World ex-US: (+0.43%)
US 10 Year Treasury Yield: 2.48% (+.04%)
Gold: $1,234 (+1.8%)
USD/EUR: $1.0619 (+0.9%)

Major Events:

  • Monday – Apple is now one of Warren Buffett’s top stocks and Tesla gets downgraded to “sell” by Goldman Sachs
  • Tuesday – The president’s first Congressional Address
  • Wednesday – Dow closes above 21,000 as stocks post best day of 2017
  • Thursday – Snapchat IPO closes with a 40% gain
  • Friday – Fed Chair Yellen indicates a rate hike likely in March

Our take:
If you haven’t done so already, it’s time to get your tax items lined up and filed, or sent to your CPA. Below is a list of the main tax documents you’ll need to have organized to file your taxes.

  • W-2 Forms for wages, salaries, and tips
  • All forms 1099 for interest, dividends, retirement, miscellaneous income, Social Security, state and local refunds, gambling winnings, etc.
  • Brokerage statements showing transactions of security sales
  • Schedule K-1 from partnerships, S corporations, estate and trusts
  • Statements supporting deductions for mortgage interest, taxes and charitable contributions, medical expenses
  • Health care coverage from 1098-C
  • Copies of closing statements if you had any real estate transactions
  • Legal paperwork for adoption, divorce, or separations including dependent custody

We are looking forward to sharing more information to help you become more tax efficient. Stay tuned for some upcoming tax guides to help you optimize your taxes throughout the tax season and beyond.

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Amin Dabit, CFP®

Amin Dabit, CFP®

Amin Dabit is a Senior Vice President and Financial Planning Manager with Personal Capital. Along with the EVP of Portfolio Management, Amin helps lead Personal Capital’s financial planning experience and advice. Amin brings over a dozen years of experience in private wealth management and financial planning. Amin works with the advisory team to identify and establish strategies for reaching clients' financial goals by providing comprehensive, customized financial advice designed to improve their financial lives.
Amin Dabit, CFP®

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