Tax refunds are on the way! While you may be tempted to spend it and get the “fun” out of your refund, remember you also have a great opportunity to a nice chunk of change and invest it. In that spirit, we have compiled a list of suggestions on how to use that refund check
Ten Tax Tips to Make That Dream House Your Own
Buying a home can be difficult and expensive. Thankfully, there are tax breaks that can help you in your quest to become a homeowner, and also assist you with the mortgage and maintenance. Our tax experts have put together a list which can provide great savings for those who qualify. Using 401(k) or IRA funds
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).
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 Adjustments a Silver Lining for Tax Breaks, Deductions, & Retirement Accounts
Inflation is running rampant right now. Fortunately, the IRS takes inflation seriously and does its part to ease the sting to your wallet by making cost-of-living (COLA) adjustments every year. Not all sections of the Internal Revenue Code are tied to inflation but, the IRS takes a look at these numbers and, when warranted, adjusts
Review Funding For Your Retirement Accounts In 2022
January is a great time to review contributions to your retirement plans. Starting in 2022, the maximum contribution that individual U.S. taxpayers can contribute to their 401(k) plans will increase to $20,500, up from $19,500 for 2021 and 2020. With the cost of living rising and increases in inflation, higher phase-out limits make many more