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 […]
Here are the newly updated key planning numbers for 2023 which include income tax tables, investment taxes, retirement planning, standard deduction limits, alternative minimum tax (AMT), education credit and deductions, estate planning, health care, Social Security/Medicare, and standard mileage rates. Click here for a list of comprehensive numbers for 2023.
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 […]
The overall market and economic picture looks as uncertain and hazy as ever. But there are good weeks (and months) and small wins along the way. Let’s take a moment to appreciate them.
Demand for the dollar tends to increase during difficult times as investors seek stability and security. The Federal Reserve’s aggressive policy to combat inflation by raising interest rates has driven demand even higher. In late September 2022, the U.S. dollar hit a 20-year high in an index that measures its value against six major currencies: […]
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2023, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a […]
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 […]
September is National Preparedness Month. Consider these tips to help keep your family safe in an emergency and allow you to leave quickly with the items you need most. September is National Preparedness Month, part of an effort by the Federal Emergency Management Agency (FEMA) to raise public awareness and inspire disaster readiness. Most communities […]
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 […]
A cost-benefit analysis could help determine whether it would be beneficial to pay taxes on some of your IRA assets now rather than later. One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject […]