SECURE 2.0 Act Seeks to Boost Retirement Readiness
IMPORTANT DISCLOSURES Dightman Capital does not provide tax or legal recommendations. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be […]
REAL ID Deadline Extended Again
After years of numerous delays, the U.S. Department of Homeland Security has once again extended the REAL ID enforcement deadline from May 3, 2023, until May 7, 2025. 1 What is a REAL ID? A REAL ID is a type of enhanced identification card. The REAL ID Act, passed by Congress in 2005, set minimum security […]
Retirement Investors Get Another Boost from Washington
SECURE 2.0 will usher in many changes for retirement plans and IRAs over the next several years. This information is not intended for tax, legal, investment, or retirement advice or recommendations. Amid the 1,650-page, $1.7 trillion omnibus spending legislation passed by Congress last week and expected to be signed by President Biden were several provisions […]
Grateful for You
First, a quick win: markets recently posted a strong rally on better-than-expected inflation data.1 I’m highlighting this win because it reinforces a fundamental lesson about long-term investing: you want to be in the market when it moves. Not on the sidelines. If you’re on the sidelines, you miss out. Ok, lesson over. Let’s talk about the midterm […]
CHIPs and Science Act Aims to Preserve U.S. Technology Edge
In a significant expansion of industrial policy, federal subsidies are being offered to help reduce the nation’s reliance on semiconductors produced mostly overseas and forge a more resilient supply chain. The CHIPs and Science Act of 2022, signed into law on August 9, is a bipartisan legislation package that provides more than $50 billion in […]
Inflation Reduction Act: What You Should Know
The Inflation Reduction Act includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate repurchases of stock. The Inflation Reduction Act, signed into law on August 16, 2022, includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate stock […]
IRS Releases 2023 Key Numbers for Health Savings Accounts
The IRS has released the 2023 key tax numbers for health savings accounts (HSAs) and high-deductible health plans (HDHPs). The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that’s […]
Colliding Forces: Russia, Oil, Inflation, and Market Volatility
Any disruption of Russian oil exports would have a significant effect on global supplies and drive prices higher. The Russian invasion of Ukraine has drawn condemnation and punitive sanctions from the United States, Europe, and their allies. The humanitarian cost of war cannot be measured, and the long-term economic effects could take months or years […]
There’s Still Time to Contribute to an IRA for 2021
Making a last-minute contribution to an IRA may help you reduce your 2021 tax bill. If you qualify, your traditional IRA contribution may be tax deductible. And if you had low to moderate income and meet eligibility requirements, you may also be able to claim the Saver’s Credit for 2021 based on your contributions to […]
Federal Tax Filing Season Has Started
IRS started accepting returns: Monday, January 24, 2022 Filing deadline for most individuals: Monday, April 18, 2022 Tuesday, April 19, 2022, if you live in Maine or Massachusetts Monday, October 17, 2022, if you file for an automatic six-month extension by the original due date The IRS announced that the starting date for when it would accept and process 2021 tax-year […]
