by KNSS | Dec 19, 2022 | 2022 December newsletter
Employer retirement plan salary deferrals as well as IRA annual funding limits increases for 2023. The max allowed salary deferral increases to $22,500 from $20,500 for 401(k), 403(b) and 457 plans. The annual catch-up contribution (if age 50 or older) increases to...
by KNSS | Dec 19, 2022 | 2022 December newsletter
The IRS plans to focus on reversing the current trend of deceasing IRS audits that have occurred over the last ten years. The recently passed Inflation Reduction Act provides $79.6 Billion to the IRS to improve its operations and efficiency. The funding is to be...
by KNSS | Dec 19, 2022 | 2022 December newsletter
Are your investments showing an unrealized loss? If so, here are three year-end planning moves to consider: Tax loss harvesting. With the continued volatility and decline in stock prices and stock market indexes, taxpayers that invest regularly are most likely...
by KNSS | Dec 1, 2022 | 2022 December newsletter
For Electric Vehicles (EV) purchased in 2022 – new rules take effect after August 16. In our September article available at: Energy and EV Credits in Recent Inflation Reduction Act – Schwartz & Schwartz PC (schwartzaccountants.com), we highlighted the new...
by KNSS | Dec 1, 2022 | 2022 December newsletter
We first wrote about I-Bonds in an article included with our November Newsletter available...
by KNSS | Dec 1, 2022 | 2022 December newsletter
As the year winds down, now is the time to take steps to cut your 2022 tax bill while also not deferring too much taxable income into 2023 to push you into the next tax bracket. Prior to December 31st: Increase your 401(k) and 403(b) contributions if you haven’t been...
