Monthly Economic Update, November 2022
Submitted by Kaizen Financial Advisors, LLC on November 11th, 2022
This Month's Recap
This Month's Recap
Preparing for retirement just got a little more financial wiggle room. The Internal Revenue Service (IRS) announced new contribution limits for 2022.
Key Changes:
As the end of the year approaches, you may be considering a charitable contribution. Did you know that many charities accept transferred securities as a donation? This is just one opportunity that could result in a tax benefit to you and a larger gift to your charity.
Here are a Few Giving Opportunities:
Q3 QUARTER’S RECAP
The window to begin exempting yourself from Washington’s Long-Term Care Tax is quickly approaching. The Washington State Employment Security Department (ESD) will begin accepting applications for exemption on October 1, 2021. Please review the steps to apply for exemption below.
CAN HAVING THREE GOOD FRIENDS PROMOTE A HAPPY RETIREMENT?
In this article, we’ll explore ways to help you prepare for the upcoming tax season. Keep in mind, this is for informational purposes only and is not a replacement for professional advice, so make sure to consult your Kaizen Advisor, tax, legal, and accounting professionals before modifying your strategy.
After a bit of political posturing in December, the $900 billion Consolidated Appropriations Act of 2021 (2021 CAA) was signed into law by President Trump as the COVID-19 pandemic continues to impact employers and employees.
Here's a quick recap of five key highlights:
On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note.
The differences in tax policy between Presidential candidates Donald Trump and Joe Biden are pretty significant. Current polls show the Democratic candidate with a substantial lead, which suggests we should prepare for the possibility of a different tax regime in 2021. But what, specifically, should we evaluate as the elections approach?