The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. From the IRS website: Highlights of Changes for 2022 “The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift…

The rules are very stringent, but your financial advisor can help navigate Life insurance, which can help to provide for your heirs in the event of your death, can be an important estate planning tool. It can provide funds to loved ones when they need it most and help meet your family’s financial obligations. One…

An economic downturn may not seem like the best time to increase charitable giving, but at the same time, the need for funding at many nonprofits is especially acute as a result of the current economy. In addition to supporting a worthy cause, you or your business can help lower your tax bill through cash…

It’s important that as you build your plan, you think about some strategies to reduce or defer your taxes now or in the future. Here are some strategies to consider helping your financial plan become more tax-efficient: 1. Tax harvesting Usually, this strategy is implemented near the end of the calendar year, but it can…

Without a doubt, income tax laws are complex. Yet, many individuals do their own income tax returns. Sure, the advent of personal income tax software has somewhat eased this burden. Tax preparation software is reasonably inexpensive. However, you still have to gather all the information. But, on the plus side, most software allows you to…

You can estimate your federal estate tax liability by developing your own worksheet. First, calculate the present value of your gross estate by adding up these assets: Stocks, bonds, real estate, and cash. Household furnishings, motor vehicles, jewelry, and collectibles. Proceeds from life insurance policies and annuities. Retirement benefits including Individual Retirement Arrangements (IRAs) and…