Quite the Pickle: The Challenges of Being In the Sandwich Generation
7 ways to minimize audit risks.
We are one year into SECURE Act 2.0 (Act or 2.0), passed at the end of December 2022, and the opportunities and confusion continues. With more than 90 provisions that are being phased in over the next 10 years, It’s important to review the newly effective provisions at the beginning of each year.
The Internal Revenue Service announced last year the annual inflation adjustments for more than 60 tax provisions (63 to be exact) for the tax year 2024, including the tax rate schedules. As incorporated into law, the IRS adjusts various categories to account for inflation. It’s not a perfect measure, but the adjustments help mitigate the impact of inflation on income. Without indexing, a cost-of-living raise, for example, could automatically push you into a higher tax bracket or reduce the value of your standard deduction. Annual inflation adjustments, however, do not cover all tax provisions. We won’t cover each of the 63 changes. We will touch on the high points. If you have questions, please reach out to us. As always, if you have specific tax questions, feel free to check with your tax advisor.
The holidays are a time of great joy and celebration. With parties, shopping, and family events filling up the calendar, it may also be a busy time for many. We encourage you to set aside some time for year-end financial planning. It will help put an exclamation point on 2023 and prepare you for the new year.
As we approach the end of the year, consider this list of tax planning strategies. While not all of them may be appropriate for your situation right now, it’s worth discussing with your Financial Advisor how they might fit within your financial plan now and in the years ahead.
Conversations about estate planning, though difficult, provide clarity and prevent conflicts. If you are a business owner, there are three estate planning conversations you need to have.
For many people, retirement is not a time to slow down and stop. It’s a time to explore the next great chapters of your life and build upon everything you’ve learned and experienced so far. Another thing that doesn’t slow down or stop is taxes. Understanding how taxes could affect your future cash flow will help you create an effective retirement income strategy.
Planning smart for health care in retirement.
The pros and cons of pooling finances with your significant other.
Putting it off and dying “intestate” may not be the legacy you want to leave your loved ones.
Our 2023 investing outlook started with a theme of returning to normalcy.
