Monthly News and Tips
Cyber threats are happening all the time. Remember to be careful of emails from unknown sources. IRS will never email you and rarely call you. They will not ask you to give out your personal information over the phone. You can report emails that proclaim to be from IRS to firstname.lastname@example.org . For any fraudulent call do not provide any information and hang up.
In the new “Inflation Reduction Act of 2022” Congress would restore a 30% tax credit for residential solar systems — making it applicable to panels installed in 2022 – and extend the program to Jan. 1, 2034. There are also incentives to purchase battery storage systems which can receive a credit in 2023. Remember how a credit works – it can only be a credit against your tax, it is not refundable. For example if you would have a $9000 credit for solar panels but your total federal tax is $3000, that credit will zero out your tax and the remainder of the credit will carry forward to future years.
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??? Grapes light on fire in the microwave! A March 2019 study published in Proceedings of the National Academy of Sciences reported that the fruity fireball occurs as a result of the loose electrons and ions that cluster to form plasma when grapes get hot.
On a Personal Note… August went by quickly, had a seminar on the 17th and golfed for kids hockey in New Prague!