Biggest Tax Changes For 2023 The Inflation Reduction Act is ushering in a number of changes for this tax season. It might look easy to get overwhelmed. However, many of these changes are beneficial. While the tax code as a whole is too large to keep up with every time it’s changed, do what you …
Tax-advantaged accounts, or qualified accounts, allow your portfolio to grow without the impact of taxes. This is a major benefit when it comes to saving for your goals. There are multiple retirement account options to choose from, and tax rules vary for each of them. Where you end up focusing your contributions may change over …
This week’s article focuses on the fact that while “everyone’s retirement is different, 2022 is going to have some big differences from 2021 that will affect almost every retiree and retirement saver to some degree.” The article explains the specifics of what those differences are, including: Higher social security payouts Higher standard deductions for your …
With the due date for filing tax returns fast approaching, you may be getting ready to make your 2021 contribution to your IRA or other qualified account. While you are at it, why not make your 2022 contribution at the same time? That would allow your money to work for you for an extra 12 …
With so much going on around us in the market, it is difficult for many of our clients to take the time to hit pause and think about the impact of taxes on their retirement savings. We thought we would make it easier for you by sharing an up-to-date 2022 Tax Reference Guide. You can …
We are well into tax season, which means more and more individuals are beginning to think about their tax refunds and what they can do with them. The solution relates to how healthy the individual’s cash flow is. If you like the feeling of getting a “windfall” in the form of a tax refund, you …
With tax season approaching, some of you have asked if the social security payments you receive are taxed. The answer is yes, if your annual income is above a certain amount when you’re receiving those payments. And because that income threshold is relatively low, it’s likely that some of your benefits will be taxed. The …
The third tax-filing season to take place during this pandemic is set to begin soon. This will most likely come with more frustration and uncertainty for taxpayers and tax preparers alike. Now it’s true, some things will return to normal. For example, for the first time since 2019, the individual tax deadline will return to …
Soon it will be time to file your 2021 taxes. But did you realize that the 2022 tax rules will “differ substantially from 2021”? Your tax brackets will be higher, and so will your standard deduction. There is still time to reduce your 2021 tax bill, but time is running out. Knowing the tax brackets …
We’ve received calls asking to explain capital gains taxes so we thought this week’s article might be of interest. It tells us, “There are two categories of capital gains: short term (assets held for a year or less) and long term (assets held for longer than one year). The day you acquire the asset isn’t …
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Dominick Messina
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