Have you heard the good news? The IRS announced late last year that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The catch-up contribution limit for aged 50 and over remains at $7,500. This means if you are 50 yrs or older you
Annual Tax Planning for Individuals and Business Owners
Getting an early start on tax planning instead of waiting until year-end gives you more time to meet with your TFG tax and wealth advisors and make the financial moves that can reduce your tax burden. And, the faster you file your return, the faster the IRS can process your return (and any potential refund).
FAQs About QCDs For The Charitable Minded
Did you know that, if you are at least 70½ years old, you can make tax-free charitable donations directly from your IRA? Making a Qualified Charitable Distribution (QCD) can exclude up to $100,000 annually from gross income while benefitting your favorite charity. These “charitable IRA rollovers” are gifts that would otherwise be taxable IRA distributions!
TIPS TO SAVE TAX WHEN SELLING YOUR HOME
Be tax savvy when selling your home. Many people sell their homes at this time of year and move over the summer months to be sure and get their kids into school at a new location by September. Many retirees also sell and move over the Summer because it easier when the weather is clement.
SECURE 2.0 Act Pros and Cons, Winners and Losers
Americans simply aren’t saving enough for retirement. Retirement plans are one of the top benefits you can offer to your employees. And thanks to incentives for employers in the SECURE 2.0 ACT there has never been a better time to start a retirement plan, creating a positive impact on employees and help make saving for
April 2023 Brings RMD Deadline For Many
RMDs are usually made at year end, but folks who turned 72 years old in 2022 are now covered by a new rule that allows the first required minimum distribution to be delayed until April 1st of 2023. For all years following the first year, RMDs have to be made by December 31st. So if
Retirement Plan Limits Rise for 2023 and IRA Contributions Continue Thru April 18th
Have you heard the good news? The IRS announced late last year that individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The catch-up contribution limit for aged 50 and over is increased to $7,500, up from $6,500. This means if you are 50 yrs or
Inflation Has A Silver Lining For 401(k)s And Social Security
The IRS is boosting how much Americans can plow into their 401(k) plans due to a surge in inflation, and along with that extending a 9% cost-of-living adjustment for Social Security benefits in 2023, the highest percentage increase since 1981. The contribution limits for the popular tax-deferred retirement savings accounts will rise by $2,000 to
Four Questions for Your Financial Advisor About Recession & Rising Prices
It’s time to be realistic about inflation and recession and the fact that it just got harder to achieve your financial goals. The Fed raised the federal funds rate this year, taking the percentage to new highs. To compare, it was near zero at the end of last year. High prices are eating into people’s
Rebalancing Your Portfolio According To Your Age And Priorities
Portfolio rebalancing according to your age and goals is really all about asset allocation. At different stages in your life, your financial concerns shift and so you look for your investment strategy and portfolio to shift too – from growth to income – as you get older. During these uncertain economic times, with market volatility,