Posts by Chelsie Smith
2022 1099 Release Information
TD Ameritrade is releasing 1099s in waves: The first wave will be released on January 20, 2023 The second wave will be released on February 3, 2023 The third wave will be released on February 10, 2023 The fourth wave will be released on February 24, 2023 You can find your tax documents on your…
Read More2023 Key Financial Data
Follow this link to download the most recent copy of 2023 Key Financial Data. If you have any questions about the new rules or limits, feel free to schedule with an advisor.
Read MoreThe 4 Changes from SECURE Act 2.0 You Should Know for 2023
SECURE Act 2.0 was signed into law at the end of 2022 as a follow up bill to the original SECURE Act that was signed into law in 2019. SECURE 2.0 targets several retirement provisions that go into effect over the next 10 years. We will focus on the changes for this year and continue…
Read More2023 Key Financial Changes
Social Security recipients are getting an 8.7% increase for their 2023 benefits The Medicare Part B premium is decreasing from $170.10 to $164.90 per month The annual exclusion for gifts is increasing to $17,000 from $16,000 per year per individual The limitation on deferrals for 401(k), 403(b), and most 457 plans is increased to $22,500…
Read More2022 Year-End Tax Planning
The window for many tax-saving opportunities closes on December 31st. It’s important to evaluate your tax situation, while there’s still time to affect your bottom line for the 2022 tax year. Your specific circumstances should be considered, so please reach out if you have any questions. Charitable Contributions There are a few ways to save…
Read MoreMedicare Open Enrollment for 2023 Begins October 15th
Medicare beneficiaries can make new choices and pick plans that work best for them during the annual Medicare Open Enrollment Period. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15th and runs through…
Read MoreSocial Security Benefit Increase of 8.7% for 2023
Starting January 2023, Social Security beneficiaries will receive a 8.7% cost-of-living adjustment (COLA). The COLA is the largest since 1981, according to the Social Security Administration data. The adjustment is calculated based on inflation as measured by the Consumer Price Index. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will…
Read MoreStudent Loan Debt Relief Plan
The Biden administration announced its “student loan debt relief plan” at the end of August. The three-part plan aimed to relieve current student loan debt, make the student loan system and payments more manageable, and reduce college costs. We will take a deeper look at each part below. They also announced that the pause on…
Read MoreInvolvement in Financial Decisions
Is it time to involve your family in your account management? There are different levels of involvement that can be helpful in various situations. Below is a chart to show the progression of participation from signing an IDC that allows us to share specific information with a particular person to a Power of Attorney that…
Read MoreWhat was the Highlight of your Summer?
We hope you are enjoying your summer and soaking up the warm days that remain. Here are the highlights of the summer from some of our team! Chelsie: With an almost 1 year old, we had lots of highlights this summer! We took our first big trip as a family, which ended with an awesome…
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