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Tag: inflation

December 27, 2023

The IRS Has Announced Increased Retirement Plan Benefits for 2024

With the 2024 tax year right around the corner, there’s good news coming from the IRS. According to a recent announcement from the tax agency (Notice 2023-75), there will be increases to retirement plan contributions next year due to inflation adjustments. Here’s a rundown of some of the changes: Contributions to 401(k) and 403(b) Plans. Taxpayers will be able to contribute up to $23,000 in 2024, up from $22,500 in 2023. The catch-up contribution amount for those age 50 and… Read more ›

November 15, 2023

6 Ways to Evaluate Investment Risk

Successful investments can be extremely profitable. But the stocks with the greatest potential tend to be the riskiest. And underlying risks aren’t always obvious. In fact, there are several different types of risks for investors to consider, based on your portfolio’s asset allocation. Here are six ways to review and calculate the risk of an investment before you decide to put down your money: 1. Market risk. This is the risk that the price will decline due to market factors… Read more ›

December 5, 2022

The IRS Has Announced Various Tax Benefit Increases for 2023

The IRS recently announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they have in recent years. Here are some of the tax amounts for 2023, as compared with 2022. Tax Item 2023 2022 Highest tax rate of 37% Will affect singles with income exceeding $578,125 ($693,750 for married taxpayers filing jointly). Affects singles with income exceeding $539,900… Read more ›

December 5, 2022

Rx for Itemizing Medical Expenses

Medical expenses can be costly — and they’re not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year. Here are the details about this deduction. Raising the Bar on Medical Expense Deductions You can claim an itemized deduction for medical, dental, and vision care… Read more ›

September 20, 2022

How Will Inflation Affect Your 2023 Tax Bill?

Inflation has been surging this year. The July 2022 consumer price index (CPI) was up 8.5% year over year, according to the latest data from the U.S. Bureau of Labor Statistics. The rate of inflation is expected to stay high for at least the rest of the year. Many taxpayers are understandably concerned about how elevated inflation rates will impact their 2023 tax situation. When planning for the rest of your 2022 tax year, it’s important to understand what tax… Read more ›

August 19, 2022

Plan Now to Reduce AMT Exposure

First the bad news: Despite passage of the Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) is still in place. But there’s some good news: The law has made AMT rules more taxpayer-friendly through 2025. In addition, other TCJA changes reduce the odds that you’ll owe the AMT for those years. Even so, you may still benefit from taking steps now to avoid or minimize it. Know the Basics The AMT is connected to, but separate… Read more ›

May 3, 2022

How to Keep Your Business Strong Despite Inflationary Pressures

  Over the last year, consumer prices rose 7.9%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services that people buy for day-to-day living. This is the highest 12-month increase since 1982. Increases in the price of consumer goods will affect most businesses, sooner or later. For example, if you operate a restaurant, spikes… Read more ›