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Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Advisor and fiduciary to its clients. Agemy Financial Strategies, Inc. is a franchisee of Retirement Income Source®, LLC. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC are associated entities. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC entities are not associated with Retirement Income Source®, LLC.
Toll-Free: 800.725.7616
Office: 203.738.0026
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1570 Boston Post Road
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Toll-Free: 800.725.7616
Office: 203.738.0026
Office: 303.524.2293
Fax: 203.738.0029
Connecticut Office Address: 1570 Boston Post Road, Suite 400, Guilford, CT 06437
Colorado Office Address: 7900 E Union Ave Ste. 1100 Denver, CO 80237
Email: office@agemy.com
Investment advisory services are offered through Agemy Wealth Advisors, LLC, a Registered Investment Advisor and fiduciary to its clients. Agemy Financial Strategies, Inc. is a franchisee of Retirement Income Source®, LLC. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC are associated entities. Agemy Financial Strategies, Inc. and Agemy Wealth Advisors, LLC entities are not associated with Retirement Income Source®, LLC.
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Your Full-Service Financial Planning for the Year Ahead
NewsDecember 22, 2021
For over 31 years, Agemy Financial Strategies has helped our clients plan and prepare. This way, when the unforeseen occurs, their clients are uniquely positioned for success. As we enter the new year, here’s what you need to keep on top of for financial success in 2022.
At Agemy Financial Strategies, our firm exists for the purpose of helping people achieve their personal and financial goals. Our philosophy is to deliver quality financial programs and teach principles for successful living.
With 2022 around the corner, now is the best time to plan for the new year. An annual financial plan can determine where you are financially at that particular moment. Consider all of your assets such as—how much you get paid, what’s in your savings and checking accounts, how much is in your retirement fund—as well as your liabilities, including loans, credit cards, and other personal debts.
Here’s how Agemy Financial can assist in being your full service financial planning firm to help you plan for your year ahead.
Annual Financial Plan Check-Up
In your financial plan check up you should include things like your mortgage or rent, utility bills and other monthly expenses. This snapshot should also factor in what your goals are and what you’ll need to accomplish in order to get there. This can include things such as retirement planning, tax planning, and investment strategies.
Check off each step that you’ve considered. The idea is to make sure you’ve looked at the issue. It’s vital for you to cover every item in the above section, so that you have a full financial inventory. Here’s what your inventory should look like:
Set Financial Goals
Once you have a personal financial inventory completed, you can move on to setting goals for the remainder of the year or and for the next 12 months. Your goals will be divided into short-term, mid-term, and long-term ones.
Among your short-term goals might be to:
Your mid-term goals might include:
Then review your long-term goals, including:
Review Your Retirement Savings Plans
Saving for retirement in an individual retirement account IRA or a 401(k) is a smart way to enjoy some tax advantages. As you put together your annual financial plan, you should consider whether you need to:
Get Set For Financial Success with Agemy
The most important step in reaching any goal is to develop a plan to achieve it. That’s why it’s so important to plan ahead for your financial future. We work hard to deliver a dependable retirement income strategy, in any market, so that clients can enjoy the “best” of their lives during retirement.
Agemy Financial Strategies provides retirement planning services designed to educate clients as to their best options for meeting their current financial needs, achieving their long-term financial goals, avoiding common retirement-planning mistakes, and enjoying a lifetime of financial stability.
Our goal is to give clients confidence in a custom developed robust retirement portfolio and provided investment options designed to generate interest and dividends regardless of market conditions. This is income that can be spent or reinvested for dependable “organic” portfolio growth.
As a fiduciary and Registered Investment Advisor, you can be confident AFSi will recommend only what is in your best interest.
Five Star Professionals
There are a hundred reasons to work with Agemy Financial Strategies, but winning the Five Star Professional award for 10 consecutive years are at least ten of those reasons. Celebrating 31 years, we are dedicated to educating retirees through retirement planning, legacy planning, wealth management and more. Our goal is to help retirees achieve their personal and financial goals. Our education-driven financial advisors, Daniel Agemy in Denver, Colorado and Andrew Agemy in Guilford, Connecticut, are delighted to win the Five Star Wealth Management award for three and 10 years!
Are your most important decisions being made with the advice and guidance of a Five Star Professional?
Final Thoughts
An annual financial plan is an exceptionally valuable tool for your life (and peace of mind) today and for your future. Best-case scenario: You’ve checked off all the items on this punch list by now. If not, don’t hesitate to put time on your calendar to do so.
Finding the right financial advisor that fits your goals and lifestyle doesn’t have to be hard. The trusted team at Agemy Financial Strategies is here for your every step of the way to make some real progress on your journey to financial freedom this coming year.
When the hustle and bustle has passed and the holiday dust has settled, talk to one of our wealth management professionals so we can make sure you’re starting 2022 off on the right foot.
The entire team at Agemy Financial Strategies would like to wish you a safe, happy and healthy New Year!
Financial New Year’s Resolutions to Keep
NewsDecember 15, 2021
2021 is winding down, which means it’s time to think about resolutions for the coming year. With the rising taxes and out-of-control inflation, financial resolutions are foremost in the minds of many pre-retirees and retirees alike.
If you’re someone who likes to make New Year’s resolutions, you already know how hard it is to stick to them. One report puts the failure rate at 80%. Yet, more than 55% of U.S. adults think they’ll follow through on their resolutions this year, a recent survey by the Finder found.
This year however, why not embrace the fresh start the new year brings? 65% of Americans age 18 and older are considering a financial goal for the new year, according to this 2021 financial resolutions study. It’s a great time to commit to your money goals, budget better, pay down debt, plan your taxes, ditch bad habits and improve your financial picture to reach your goals.
Here are a couple of resolutions that could help increase your financial planning strategy and hopefully inspire you to stay committed to them throughout the new year.
Create a Budget
Saving and investing during your working years should lead to a rising net worth over time, helping you to achieve many of life’s most important goals. Creating your own budget and net worth can help you build your road map and stay on track. Here are steps that can help:
Manage Your Debt
For most people, some level of debt is a practical necessity, especially to purchase an expensive long-term asset to pay back over time, for example the purchase of your first home. However, problems arise when debt becomes more of a burden than a tool. Here’s a couple tips on how to stay in control.
Protect Your Estate
An estate plan may seem like something only for the wealthy. But there are simple steps everyone should take. Without proper beneficiary designations, and a will, the fate of your assets or minor children may be decided by attorneys and tax agencies. These fees can eat away at these assets, and delay the distribution of assets just when your heirs need them most. Here’s how to protect your estate—and your loved ones.
Put Yourself First
It’s all too easy for you to become engrossed in the day-to-day demands of life, work and family. Paying yourself first generally means “paying” your future self money. It’s important to do it first because if you pay yourself last, chances are you won’t pay yourself at all. An easy way to pay yourself first is by contributing to a 401(k), especially if your employer offers matching contributions.
Set a goal of setting aside 10% of your income each month for a future need such as retirement. If your employer matches up to 4% of your annual income, then you would only need to contribute 6% of your income to pay yourself 10% of your income for retirement.
Finally, invest in your financial future by making an appointment with your wealth management advisor. Financial advisors can be a great help in getting a handle on debt. They’re experts at helping their clients get their finances in shape for today and the future. They may provide several services, such as investment management, income tax preparation, and estate planning. When you meet with your advisor, ask them (and yourself):
Hiring a reputable financial advisor to help draft a debt reduction strategy and a financial plan going forward is an extremely beneficial way to get your debt under control.
Final Thoughts
Lastly, remember you don’t have to do everything at once. There’s a lot you can do to improve your financial health by taking one step at a time and think of these resolutions as a checklist. It’s all about taking the time (no matter how hard it may be to squeeze it in), doing some planning and keeping your eye on the prize.
There’s no one-size-fits-all financial plan. Your situation is unique, and your goals are your own. Our financial advisors can help you create a personalized plan that fits your life. Want to gain better control of your finances? The trusted team Agemy Financial Strategies is here for your every step of the way to make some real progress on your journey to financial freedom this coming year.
When the hustle and bustle has passed and the holiday dust has settled, talk to one of our wealth management professionals so we can make sure you’re starting 2022 off on the right foot.
Do You Need to Rebalance Your Portfolio?
NewsDecember 07, 2021
After a second year of a bull market in stocks, the end of the year could be a great time to rebalance your portfolio. However, be sure to manage the levels of risk in your portfolio, which is often a major concern for those in or near retirement. Here’s what you need to know.
With 2022 around the corner, now is the perfect time to tune up your stock portfolio. As we close out 2021, most people are in the midst of figuring out what they need to change as they enter the new year. As most people know, a new year calls for a fresh perspective.
When it comes to your retirement income planning, investing well requires you to get your head around some pretty unique (and sometimes counterintuitive) concepts. Common wisdom tells us that we should periodically rebalance our investment portfolio, but it might not always make sense.
Advantages of Rebalancing
Part of the purpose of an asset allocation is to dilute the impact of each asset class by limiting both the upside and downside impact of the investments. But, when a particular investment grows in value faster than the other investments, you are exposed to more risk than you originally intended. Rebalancing your portfolio returns your investments to your original risk tolerance and reduces the risk that your portfolio will drop in value.
Disadvantages of Rebalancing
Rebalancing is an uninformed strategy that assumes that high-flying investments have nowhere to go but down or, at best, have no room for further growth. But, past performance does not predict future results. Rebalancing also conflicts with other common strategies, such as buy-and-hold and harvesting losses to offset capital gains. The decision to rebalance should be forward-looking, based on expectations about where the stock and bond markets will head in the future.
Be Responsible with your Investments
Your investments should be in line with your financial goals, starting with where you are currently sitting at and where you’d like to be down the line. As long as you are on your path towards your goals, you should try not to let emotions get involved when you see the latest downward trend. When investing in the stock market, the responsibility is on you to make the most of the information available to you.
A great way to do some internal housekeeping is to tally up the total dollar value of the stocks, bonds and cash you hold in your taxable and retirement accounts. If you own a fund that invests in both stocks and bonds, such as a balanced fund or target-date fund, review the fund’s latest holdings to see how much it holds in each major asset class. To find out your current asset mix, calculate the percentage of each asset class relative to your total portfolio.
There is a lot of internal and external environment that influences equity prices. Equity prices today are linked to expectations of profits for tomorrow. Sectors like consumer technology, financial services, healthcare, technology services, infrastructure could continue to see new investments each year. But again, you must…
Do Your Research
Overall, one of the most overlooked aspects of updating your portfolio or getting into stocks in general, is doing your research. Looking at a range of factors to evaluate a stock, and then decide whether it deserves attention in your portfolio. Stocks are considered long-term investments because they carry quite a bit of risk; you need time to weather any ups and downs and benefit from long-term gains.
Key steps in evaluating any stock includes:
A majority of the population needs to understand that financial markets move in cycles. Profitability of companies influences stock markets. Fixed income markets move on the back of the inflation and interest rate trends. You need to keep yourself informed and make calculated decisions. At the end of the day, before you buy any stock, you want to build a well-informed narrative about the company and what factors make it worthy of a long-term partnership.
Tweaking and Rebalancing
If you determine you need to make some changes to your current portfolio from your research, you may want to go back to your saved portfolio and do some amendments. Conventional wisdom holds that there are two ways to rebalance–either you can rebalance on a set schedule, say, every December, or you can rebalance whenever your portfolio gets dramatically out of whack with your targets.
Rebalancing can require that you sell, so it’s important to factor in rebalancing efforts on your tax-sheltered accounts to help reduce tax costs. In some cases, the alterations you need to make might be obvious–if you’re heavy on bonds, for example, trimming your bond funds should resolve the problem. Getting to the bottom of other bets might take a little more research. This is where advice from a financial professional can help.
Hire A Trusted Financial Advisor
When planning your financial future, it’s always a good idea to seek professional guidance. A financial advisor should be the first member that you add to your team. With the right financial advisor, you can ask them any money-related issues and gain answers to your most sought-after financial questions. Your advisor is there to help you succeed on your financial journey. Some choose to delay this decision for a multitude of reasons. If you are not into finance, it is good to discuss the standards of all possible investment avenues with your financial professionals.
Another part of internal housekeeping would be to keep your personal finances in check. You should discuss your insurance needs and check if the health insurance plan you are currently enrolled in is adequate for you. The same should be done with your life insurance policy. Your life insurance should comfortably cover any liabilities. In short, these housekeeping tips must be a regular feature for all things finance. Your financial advisor will help you with all of the things mentioned above in order to organize your finances in a simple manner.
Final Thoughts
Maintaining ideal levels of risk and the correct asset allocation is a critical component of any long-term financial plan. Taking the time to rebalance your portfolio on a regular basis can help achieve both these goals. Meeting with an advisor to perform regular maintenance now may help you avoid major headaches during the next market correction.
If you’re interested in learning more about stock portfolios and financial advising strategies for 2022, contact us today!
No Increase in IRA Limits? Here’s How You Can Still Save in 2022.
NewsDecember 01, 2021
If you’re proactive about retirement savings or want to up your savings game this year, you may already know that retirement contribution limits stayed the same for 2022. Here’s what you need to know on how you can still save more for retirement.
High earners have a variety of options for saving for retirement—but income limits mean that direct contributions to Roth IRAs may not be among them. Roth IRAs offer tax-free earnings growth and withdrawals in retirement. This makes them a potentially valuable part of a broader investing and tax-planning strategy. Having both Traditional and Roth accounts can help with tax diversification in retirement. Let’s break down what this and other recent changes can mean for your retirement plans, whether you’re already saving or just getting started.
Are you getting the most from your 401(k)s?
Maxing out contributions to a traditional 401(k) is a good place to start. These accounts have no income phase-out limits, so you can generally contribute the lesser of your income or $19,500 (plus an additional $6,500 if you are 50 or older). Pre-tax contributions will reduce your taxable income and in turn, your earnings will grow on a tax deferred basis.
If your employer also offers access to a Roth 401(k), then you could consider using one to set aside some post-tax retirement savings. Like their traditional 401(k) counterparts, Roth 401(k)s don’t have income phase out limits. So even if you don’t qualify for a Roth IRA because your income is above IRS income limits you can make after taxes contributions to a Roth 401(k). Your earnings will grow tax-free, and you will pay no taxes when you take withdrawals after 5 years and over the age of 59½.
The annual contribution limit applies across all of your 401(k) accounts, not on each account individually. The IRS broke down the amount of Roth IRA contributions you can make for 2022. This table shows whether your contribution to a Roth IRA is affected by the amount of your modified AGI as computed for Roth IRA purpose.
< $204,000
up to the limit
> $204,000 but < $214,000
a reduced amount
> $214,000
zero
< $10,000
a reduced amount
> $10,000
zero
< $129,000
up to the limit
> $129,000 but < $144,000
a reduced amount
> $144,000
zero
Amount of your reduced Roth IRA contribution
The IRS stated that If the amount you can contribute must be reduced, figure your reduced contribution limit as follows.
See Publication 590-A, Contributions to Individual Retirement Accounts (IRAs), for a worksheet to figure your reduced contribution.
What about non-deductible IRAs?
Does it ever make sense to contribute to a Traditional IRA even if you can’t deduct the contributions? At the very least, you could still enjoy the potential for tax-deferred growth in the account.
You wouldn’t be getting any upfront tax break, and future withdrawal of growth on your original contribution would be taxed at your ordinary income tax rate. It’s possible that the future tax rates you’d pay would be higher than what you would owe if you’d invested in a tax-efficient way in a regular taxable brokerage account. With today’s low long-term capital gains and qualified dividend rates, non-deductible contributions to a traditional IRA may make less sense.
In 2022, long-term capital gains are taxed at a federal rate of either:
It’s important to have money in taxable accounts as well as tax-advantaged accounts because it can give you flexibility and access to savings for needs prior to age 59½. At 59½, you can withdraw from traditional IRAs and retirement accounts without a 10% early withdrawal penalty. These methods can also provide flexibility in managing your tax bracket as you plan for post-retirement cash flows.
What about Medicare Tax?
In addition to the above, filers may have to pay the Medicare surtax.
The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees and self-employed workers — one for Old Age, Survivors and Disability Insurance, which is commonly known as the Social Security tax, and the other for Hospital Insurance, which is commonly known as the Medicare tax.
There’s a maximum amount of compensation subject to the Social Security tax, but no maximum for Medicare tax. For 2022, the FICA tax rate for employers is 7.65% — 6.2% for Social Security and 1.45% for Medicare (the same as in 2021).
2022 updates
For 2022, an employee will pay:
For 2022, the self-employment tax imposed on self-employed people is:
Final Thoughts
Contribution limits didn’t increase for the 2022 tax year, but through understanding your contribution limits and future taxes, you can still continue to make good progress toward saving for retirement. Where will your retirement money come from? If you’re like most people, qualified-retirement plans, Social Security, and personal savings and investments are expected to play a role. Once you have estimated the amount of money you may need for retirement, a sound approach involves taking a close look at your potential retirement-income sources. What’s more, understanding tax strategies can potentially help you better manage your overall tax situation.
At Agemy Financial Strategies, we have an array of will and retirement and tax planning solutions to guide you through the entire process, all with the help of our trusted financial planners.
For more information on IRA limits and how you can put your best foot forward in 2022, contact us today!
Understanding RMDs and What You Need to Know for 2022
NewsNovember 26, 2021
How well do YOU understand RMDs? With the RMD deadline looming, you need to take action now before it costs you big bucks.
A required minimum distribution (RMD) is the amount of money that must be withdrawn from an employer-sponsored retirement plan, traditional IRA, SEP, or SIMPLE individual retirement account (IRA) by owners and qualified retirement plan participants of retirement age. RMDs are calculated separately for each account and must come out of said account unless an exception applies.
There’s still time to withdraw your required minimum distribution (RMD) from your traditional IRA, 401(k) or other retirement account (except a Roth IRA) before the end of the year…but you should hurry! The 2020 RMD suspension was for one year only, so don’t think you can skip it again in 2021. And if you don’t take enough out of your retirement plans this year, you could be hit with a 50% penalty from the IRS on the amount not distributed as required. Here’s what you need to know for 2022.
RMD Tables for 2022
In 2022, various life expectancy tables used by owners and beneficiaries to calculate required minimum distributions (RMDs) from retirement plans, are being updated. This is being done to reflect the increase in life expectancies experienced since the current tables came out in the early 2000s.
These changes mean that smaller distributions will be required to be taken on an annual basis, resulting in less taxation and longer lasting account balances which in turn creates an opportunity to grow the funds that are in the account. You can calculate your 2022 RMD by taking your Dec. 31, 2021, account balances and dividing by a factor from an IRS table.
If you are single or married to someone not more than 10 years younger than you, use 2022 Table III, Uniform Life Table which lists the factor for a 72-year-old at 27.4. If your spouse is more than 10 years younger than you, use the factor in 2022 Table II, Joint and Last Survivor Life Expectancy.
Impact of RMDs in 2022
Beneficiaries of IRAs, retirement plans and nonqualified annuities who will start using their life expectancy to take out the annual RMD in 2022 will use the new factors from the Single Life table to start their payout schedule. Those beneficiaries who have been using their life expectancy to take out their annual RMD need to adjust the life expectancy used in 2022 to reflect these new tables.
For many owners and beneficiaries, the overall increase in life expectancy represented in the updated tables is a good change. These changes will reduce the taxation on required distributions and provide more opportunity for growth and longer lasting account balances. If you’d like to learn more about the payout options beneficiaries of IRAs and nonqualified annuities check out our RMD webinar on our website.
Planning for the Future
At this time of year, the most important thing is that you get the ball rolling now! Looking into the years ahead, your first RMD (for 2022) may be taken as late as April 1, 2023. Only this first RMD for 2022 can be delayed into the following year. Your second RMD will be for 2023 and will be due by Dec. 31, 2023. Your 2024 RMD needs to be out by Dec. 31, 2024 and so on every year for the rest of your life.
If you don’t take the first RMD in 2022 and delay it into spring of 2023, you will be taking two RMD in 2023 and reporting the income from both on your 2023 return. That may or may not be problematic; If your 2022 marginal tax rate will be lower than 2023, delaying is probably not wise. If your 2023 marginal tax rate is lower than 2022, delaying could save you some money. To avoid taking two RMD in 2023, don’t delay taking your 2022 RMD and take it during 20222. The 2022 RMD can be taken any time in 2022, even before you turn 72. The IRS automatically counts any distributions taken in a given year as part of the RMD for that year until the RMD is met.
If you have retirement accounts, you owe it to yourself to understand the rules that apply to distributions, such as the RMD rules discussed here. And at Agemy Financial Strategies, we can help with this often complicated process. Our experienced advisors carefully explain the calculations necessary to convert to the new RMDs, as well as a breakdown of all of the new tables for those looking for a by-the-numbers approach.
Final Thoughts
It’s important to note, a large RMD can push you into a higher tax bracket. One strategy for reducing the amount of RMDs is to make a qualified charitable distribution (QCD). If you’re 70½ or older, a QCD allows you to distribute up to $100,000 tax-free directly from an IRA to a qualified charity and to apply that amount toward your RMDs.
In addition, the income-based limits on charitable deductions don’t apply. Any amount excluded from your income by virtue of the QCD is similarly excluded from being treated as a charitable deduction. If you haven’t withdrawn the necessary funds yet, don’t delay. Contact the financial advisors at Agemy right away for help setting up a distribution.
At Agemy Financial Strategies, we have an array of will and retirement planning solutions to guide you through the entire process all with the help of our trusted financial planners. If you have any questions on our company, services, values and more, contact the team at Agemy Financial here today. Our highly experienced financial advisors in both Denver, Colorado and Guilford, Connecticut are waiting for your call!
2022 Tax Inflation Adjustments
NewsDecember 08, 2021
On Nov. 10, 2021, the IRS announced inflation adjustments for 2022 affecting standard deductions, tax brackets, and more. The changes (effective when you file in 2023) are the result of higher inflation in 2021. There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits, among others.
Over the past few years, your tax bill has been affected by many law changes. These changes can be somewhat confusing at times. The best way to be prepared for these changes is to make year-round tax planning your top priority.
Overview
Recently, the IRS announced higher federal income tax brackets for 2022 due to the rise of inflation. The standard deduction is increasing to $25,900 for married couples filing together and $12,950 for single taxpayers. The consumer price index surged by 6.2% in October compared to the previous year, the biggest jump in more than three decades.
Here are a couple ways Agemy Financial Strategies can help you make the necessary adjustments for your tax planning in 2022 and beyond.
Last Chance for Deductions and Credits
Several deductions and credits will expire in 2021. It’s important to take advantage of these credits and deductions now to consider how their elimination could affect your income and corporate tax rate in 2022. The best way to do this is to consult with your tax advisor to see what credits and deductions you qualify for.
The Employee Retention Tax Credit is an incentive that was created within the Coronavirus Relief and CARES Act that was intended to encourage employers to keep employees on the payroll as they navigate the unprecedented effects of COVID-19. With ERTC, companies can get a maximum of $21,000 for keeping workers employed through September 30, 2021. However, if you started your business after February 15, 2020, it’s considered a recovery startup business, and the maximum credit is $50,000. Learn more by reviewing IRS Notice 2021-49.
If you paid qualified sick or family leave related to COVID-19 or vaccinations through September 30, 2021, you may be eligible for a credit due to the Families First Coronavirus Response Act (FFCRA) and American Rescue Plan (ARP). Review the IRS comparison chart to see how rules for time frames in 2021 differ.
As of now, you can deduct expenses paid for with PPP loans. Guidance may change before tax filing time, so it’s very important to track payroll and fees paid with PPP funds or other government grants or loans.
2022 Tax Year: Leverage these deductions before they expire
2022 will be the last year you can take the total deductions for Section 179, bonus depreciation, and qualifying business meals. Although this could change, it’s a good idea to take advantage of these deductions before the January 1, 2023 deadline to acquire and place assets into service.
For 2021, the maximum expense deduction is $1,050,000. This limit is reduced by the amount by which the cost of Section 179 property placed in service during the tax year exceeds $2,620,000. Although the TCJA offers deductions for 50% of qualifying client-related business meals, the Consolidated Appropriations Act (CAA) made an exception for 2021 and 2022.
Further Adjustments
The IRS also made other inflation adjustments, such as changes to the alternative minimum tax, a parallel system for higher earners, and an increased estate tax exemption. Moreover, there’s a boost for the earned income tax credit, a write-off for low- to moderate-income families, and higher flexible spending account limits, among other changes. The key takeaways of these changes include:
Workers may also save more to 401(k) plans in 2022, according to last week’s announcement. But there won’t be a higher limit for individual retirement accounts.
Final Thoughts
Lastly, before making any tax and/or business decision, you should always consult a professional who can advise you based on your individual situation. Understanding tax strategies and managing your tax bill should be part of any sound financial approach. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.
A strong tax planning strategy can save you money on retirement withdrawals, keep your investments efficient, help you give more to charity, maximize your estate, and put more money in your pocket. At Agemy Financial Strategies, our seasoned financial advisors are highly experienced in managing taxes and understand the importance of a well-executed tax plan for financial success. Click here to find forms, explanations, and other tools to help you manage your taxes.
For more information on 2022 tax inflation adjustments and tax advising services, contact us here today.