Monthly News and Tips
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“New IRS tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now the bad news.”  This is the headline to get your attention.
IRS has raised income tax brackets through inflation adjustments for 2023. This sounds good, more taxpayers staying in lower brackets. A married couple with $200,000 of income could save $900 for example.
Two issues – inflation rose over 8.2% at the end of September 2022, this won’t touch that raise in your cost of living. The IRS adjustments may lower your withholding from wages. For those living check to check this “savings” won’t even show.
In January, watch your pay stubs to see if they’re withholding enough.
People usually think of the need for a financial plan when they’re thinking about retiring. It may help you be better prepared to create a plan earlier in your working career. It can then be adjusted as time makes changes to our lives, but you have a start and some direction and reminders as you move towards the future. The reminders will help you stay on track, remembering to “pay yourself” as in 401k contributions, creating that emergency savings account or making sure you know what makes your credit score work the best for you. We can help you get started.
Did You Know??? The stock market is 400 years old! And statistically October is the most volatile!
On a Personal Note… We had family pictures taken! Everyone was home and getting ready for Ben’s wedding. Fall outing at the New Prague historical trains – got a ride and a pumpkin!