In today’s economy it is crucial to stay up to date on best practices. Here are two strategies to stay ahead during a market downturn.

1. By a large margin: Convert your IRA to a Roth IRA. If you make the conversion when the market is down, the portfolio conversions aren’t as high in a down market. Two other advantages are that Roth withdrawals are tax-free, & there are no required minimum distributions.

2. Tax-loss harvesting. This strategy applies to your taxable accounts, not to your retirement accounts. Select stocks that create a loss when you sell them. Especially the ones that you are only so-so about owning. You can then use the loss to offset gains elsewhere in your portfolio and do a little house cleaning in the process. Beware, there are limits on both of these tax planning techniques so make sure to do some research and/or consult your tax advisor.