If you think you may have a requirement to file 1099s for 2022, here is some helpful information regarding the filings and deadline. The IRS is focusing heavily on taxpayer compliance with information reporting laws. Beginning with tax year 2020, the IRS has revised Form 1099-MISC and created a new form, Form 1099-NEC, for reporting non-employee compensation and attorney fees (NEC). Form 1099-MISC will still be used to report miscellaneous paymen..

As we near the end of 2022 (believe it or not!) now is the time to consider your last-minute tax moves that may save you some hard-earned dollars. The following items are a consolidation of planning ideas that we come across often and can be implemented before the end of the year. This advice is general in nature, and you should consult with your tax advisor. Harvest capital losses – 2022 has been an awful year in the stock and bond markets. Ma..

Investment Market Update-September 29, 2022     We continue to monitor what is happening in the US and world markets. Much of what happens in the markets is correlated with global markets and the past week has been no exception. Yesterday, September 28, 2022, had all the indices ending on an up note but only after a brutal 6 days of losses. The markets dropped last week on the hawkish tone taken by Jerome Powell, the Fed chairman, but also dr..

The recent volatility in the markets has created a lot of questions and concerns for investors. In the past  few days, we have had swings that went from steep losses to recovering by the end of day for the  major indices. The markets are pricing in the Federal Reserve’s decision to start tightening monetary  policy and raise rates. In addition, they are pricing in the geopolitical news, lingering concerns  surrounding the virus and concerns..

Building a higher net worth is a high priority goal for many people.  It is often a top contender in New Year’s Resolutions.  Building wealth requires a long-term plan and patience.  Warren Buffett considers patience the cornerstone of his winning investment strategy as he states, “There is nothing wrong with getting rich slowly”. Here are our top 9 recommendations to improve your financial success:   1.   Use debt wisely.   This is..

Tax Compliance Alert - 1099 Filing Deadline     If you think you may have a requirement to file 1099s for 2021, here is some helpful information regarding the filings and deadline.   The IRS is focusing heavily on taxpayer compliance with information reporting laws.   Beginning with tax year 2020, the IRS has revised Form 1099-MISC and created a new form, Form 1099-NEC, for reporting non-employee compensation and attorney fees (NEC). Form 109..

The Social Security announcement is big news! It is quite rare to see a large amount like this. In 1975, Congress initiated the automatic annual COLAs. This is the biggest Cost of Living Adjustment since 1983 when it was 7.4%. In fact, there were three years that the benefits hadn’t been raised at all!  In contrast, in 2021 the increase that went into effect was 1.3%. The COLA amounts depend on the CPI-W (Urban Wage Earners and Clerical Worker..

1. Realized Retirement is more expensive than expected.   Wished they had started saving earlier and more aggressively.  Used the power of compounding interest to allow savings to grow.  Had amounts deducted directly from their paycheck to retirement plans/savings and, if they had their own businesses, paid themselves first. 2. Focused on financial and physical fitness.  They recognized that keeping finances and health in good shape leads to ..