On August 24, 2022, just a few days before federal student loan repayment was set to resume, President Biden announced a plan for additional student loan debt relief. Federal student loan repayment was originally halted in March 2020 at the start of the pandemic. The new plan extends the payment moratorium through the end of […]
Read MoreAuthor: Nicole Easton
Weekly Update as of market close August 26, 2022
Despite evidence that inflation may be slowing, the central bank is committed to fighting inflation, according to last Friday’s speech from Federal Reserve Chair Jerome Powell. Wall Street may have held out hope that the Fed would scale back its aggressive bent to reel in rising prices, but that wish apparently turned to disappointment after […]
Read MoreWeekly Update as of market close August 19, 2022
The four-week rally for stocks came to an end last week. Investors turned cautious after Fed officials continued to support more interest-rate hikes. Each of the benchmark indexes listed here lost ground, with the S&P 500 declining for the first time in five weeks. Yields on 10-year Treasuries climbed 14.0 basis points. The dollar had […]
Read MoreInflation Reduction Act: What You Should Know
The Inflation Reduction Act, signed into law on August 16, 2022, includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate stock buybacks. Additional funding is also provided to the IRS. Some significant provisions in the Act are discussed below. Medicare The legislation authorizes the Department of […]
Read MoreIs the U.S. Economy in a Recession?
In an early July poll, 58% of Americans said they thought the U.S. economy was in a recession, up from 53% in June and 48% in May.1 Yet many economic indicators, notably employment, remain strong. The current situation is unusual, and there is little consensus among economists as to whether a recession has begun or may […]
Read MoreIRS Increases Standard Mileage Rates for Last Half of 2022
Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable […]
Read MoreNow Might Be a Good Time for a Roth Conversion
One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have […]
Read MoreThe Health of Social Security: Some Good News and Some Bad News
With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 Social Security isn’t in danger of going broke — it’s financed primarily through payroll taxes — but its financial health is declining, and benefits may eventually be reduced unless Congress acts. […]
Read MoreInterest Rates on Federal Student Loans to Increase for 2022-2023
Every May, interest rates on federal student loans are recalculated for the upcoming school year. The rates are calculated by combining the yield on the 10-year U.S. Treasury note with an extra fixed amount set by Congress. Based on this calculation, interest rates on federal student loans are set to increase for the 2022-2023 school […]
Read MoreFOSTERING GROWTH AT THE TRUST COMPANY OF KANSAS
The Trust Company of Kansas (TCK) is pleased to announce the addition of two individuals to its team. Luke Larson – Trust AdministratorLuke Larson joined The Trust Company of Kansas on March 21, 2022, as a Trust Administrator, after retiring from a career with the Arkansas City Police Department. He will work closely with Vice […]
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