The SECURE 2.0 Act, passed in December 2022, made wide-ranging changes to U.S. tax laws related to retirement savings. While some provisions were effective in 2023, others did not take effect until 2024. Here is an overview of some important changes for this year. Matching student loan payments Employees who make student loan repayments may […]
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Retirement Plan Limits for 2024
Many IRA and retirement plan limits are indexed for inflation each year. Several of these key numbers have increased once again for 2024. How much can you save in an IRA? The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2024 will be $7,000 (or 100% of your earned […]
Read MoreTransfer of Clean Vehicle Tax Credit to Dealer as Payment for the Vehicle
Federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles). Starting in 2024, you may be able to elect to transfer the new and previously-owned clean vehicle tax credits to dealers who are eligible to receive advance payments of either credit. […]
Read MoreAfter a Surprising 2023, a Cautiously Optimistic Economic Outlook for 2024
Despite high interest rates and unsettling geopolitical conflict, the U.S. economy outperformed the expectations of most economists in 2023.1 Inflation-adjusted gross domestic product (Real GDP) accelerated to an annualized rate of 5.2% in the third quarter, after growing 2.1% in Q2 and 2.2% in Q1. Inflation, as measured by the 12-month change in the price index […]
Read MoreYear-End Charitable Giving
With the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits associated with charitable giving could potentially enhance your ability to give and should […]
Read MoreCollege Cost Data Released for 2023-2024
Every year, the College Board releases new college cost data and trends in its annual report. The figures published are average cost figures based on a survey of approximately 4,000 colleges across the country. Over the past 20 years, the average price for tuition, fees, and room and board has increased 38% at public colleges […]
Read MoreMost Medicare Costs Are Increasing in 2024
Premiums, deductibles, and coinsurance amounts for Original Medicare generally change every year. Here’s a look at some of the costs that will apply in 2024. Medicare Part A (Hospital Insurance) costs for 2024 Medicare Part B (Medical Insurance) costs for 2024 Monthly standard premium: Most people with Medicare who receive Social Security benefits will pay the […]
Read MoreWith Holidays Ahead, Can Consumers Keep Carrying the Economy?
Consumer spending accounts for about two-thirds of U.S. gross domestic product (GDP), so it plays an outsized role in driving economic growth or slowing it down.1 For the last 18 months, U.S. consumers have kept the economy strong despite high inflation and rising interest rates. The question now is whether consumers can maintain this momentum through […]
Read More2023 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year Consider opportunities to defer income to 2024, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a […]
Read MoreMedicare Open Enrollment Begins October 15
If you are covered by Medicare, it’s time to compare your current coverage with other available options. Medicare’s Open Enrollment period begins on October 15 and runs through December 7. Medicare plans can change every year, and you may want to switch to a health or prescription drug plan that better suits your needs or […]
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