The good news is that the Federal Reserve’s preferred measure of inflation may be bottoming, but the bad news is the American consumer’s purchasing power declined by -4.8% in the 12 months ended August 31.
Start Thinking About Year-End Tax Planning Now
Start Thinking About Year-End Tax Planning Now
It’s only mid-September, but please begin to think about year-end tax planning. This is an unusual year for tax planning. Not only has the stock market been volatile but new rules about distributions from IRAs and federally qualified retirement plans (QRPs) – such as 401(k), 403(b) and defined benefit plans –became effective this year, and the newly-enacted Inflation Reduction Act also adds some planning opportunities.
Tax And Financial Planning Are Not So Simple
If you are like most people, you probably wouldn’t feel comfortable performing surgery to remove your spouse’s appendix. You probably would not fix the brakes on the family car. You probably would not risk tutoring your child to prepare for the SATs.