Last week the IRS announced inflation adjustments to more than 60 tax provisions for 2024. Although “inflation adjustments” may not sound like that big of a deal, it may have some low hanging fruit you don’t want to miss picking. We are in an ideal time to plan for your future. Short-term interest rates are…
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“In this world, nothing is certain except death and taxes.” – Benjamin Franklin While that may be true, changes to our tax system are not certain and are ever changing. So here we are again – a new day with new rules. Here are 5 things you need to be aware of, in no particular…
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Do you have a Health Savings Account or access to one through a different health plan? Most people do. Are you contributing to it? Most people that have one are. Are you using it now when you have medical needs? A lot of people are. WRONG ANSWER!!!!! This is simply a case of you don’t…
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The August 2008 Money Magazine offered up an article of several successful individuals talking about the smartest financial advice they have ever received. Billionaire and CEO of Virgin records, Richard Branson shared a story about his lack of knowledge in the financial realm and being humble about what you don’t know. Have you ever noticed…
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Most business owners have a similar story…They started out scraping and saving just to pay taxes, working with their accountant every year to get the tax they owed Uncle Sam down to the bare minimum. As time moved on, they restructured to an ‘entity’, bought equipment, changed their accounting a time or two, and maybe…
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That was a rhetorical question, but for good reason: to get your attention. Only 15% of US households contributed to a traditional or Roth IRA in tax year 2021. 1. This means even less than that contributed to a Roth IRA since this percentage accounts for both types of contributions. You may be aware that…
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#10 The Truth: Part 1…The IRS is set to receive approximately $80 billion in increased funding in an effort to increase tax revenue by $203 billion. The claim by the GOP is that this will usher in an army of 87,000 new IRS agents. The truth is that there is not a set agenda to…
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Beginning January 2023, Social Security checks will increase a whopping 8.7%! This is the largest increase in 41 years… and comes on the heels of a 5.9% raise in 2022. To top that off, Medicare premiums will actually decrease a small amount in 2023. This is great news, but beware! Uncle Sam may think it’s…
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There are several reasons you may want to move your 401(k) to an IRA. It might simply be to consolidate your investments or to get away from unnecessary fees. It might be to make a Roth conversion. It might be to obtain an active money manager or work with a more holistic advisor. Whatever the…
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Do you have life insurance for your business and/or owned by your business? If so, the death benefit is supposed to be tax free, right? It might be. It might not be. Or worse, it could be taxed twice. Let me tell you a story about Joe. He owned a very successful business with his…
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