The talk of 2022 has been about the spike in inflation and its trickle-down effect on the financial markets. Considering the recent uptick in inflation, the IRS announced the changes to Social Security, Medicare, Retirement Accounts, and Taxes. Social Security: The Social Security Administration announced the annual Cost of Living adjustment of 8.7%, or an… READ MORE

The last month of the year means a lot of things – holidays, parties, bowl games, and more. It’s also an opportunity to do year-end tax planning. By now, you have a good idea of where you will end 2021 in terms of income earned and deductions available. One key late-year decision is to analyze… READ MORE

It is official the Democratic party controls both houses of Congress as well as the White House.  This article aims to address the tax changes that they might propose as well as provide insight as to when they might go into effect.  Assuming that some version of the Biden Plan is passed into law, one… READ MORE

Presidential nominee Joe Biden’s campaign has proposed many major tax reforms as we near the November 2020 election. Much of this reform targets the legislation enacted by President Trump’s Tax Cuts and Jobs Act (TCJA) of 2017. While these are just proposals for the time being, they provide significant insight into the presidential nominee’s position… READ MORE

The CARES Act, passed earlier this year, enabled any taxpayer with a Required Minimum Distribution due in 2020 from a defined-contribution retirement plan, including a 401(k), 403(b), or an IRA, to skip those RMDs this year. Yesterday, the IRS issued Notice 2020-51, which provides tax relief to individuals who have already taken a required minimum… READ MORE

For decades, people have been falling behind with retirement savings. According to the U.S. Bureau of Labor Statistics in 2018, only 55% of the adult population was participating in a workplace retirement plan. A recent study from Vanguard published in 2019 show that the average person 65 years old or older has just $58,035 in… READ MORE