Resources & Tools
Federal Deposit Insurance, Silicon Valley Bank Failure and You
As you are undoubtedly aware, Silicon Valley Bank was taken over by the FDIC this past Friday, shocking the banking industry and the economy as a whole. On Sunday afternoon, the Federal Government stated the “all deposits by all depositors would be available on Monday March 13th”
Crisis averted? Hopefully, but bank stocks continue to lose value during Monday trading.The purpose of this memo is to review your insured cash limits as provided for by FDIC insurance and what you can do to strengthen that.
“SALT” Limitation Work Around is Available in Many States
As part of the Trump tax legislation passed in 2017, the itemized deduction for state and local taxes (SALT) was limited to $10,000. For many people living in high tax states, this lost deduction has been costly. 29 states have adopted regulations that allow Pass-Through Entities, to pay the income tax associated with these entities at the entity level as opposed to the individual level, resulting in a deduction at the federal level.
The Millionaire’s Tax
On November 8th, 2022 Massachusetts residents voted in favor of what is being referred to as the “Millionaire’s Tax.” Taxable income up to $1 million will continue to be taxed at 5%. However, taxable income over $1 million will now be taxed at 9%.
New Tax Cuts Ahead!
New 2023 income tax brackets and a higher standard deduction may mean tax cuts for many Americans. In addition to tax savings, the IRS made adjustments to numerous other parts of the tax code that have an impact on retirement savings and more.
Should You Take Social Security Payments Early At Age 62?
Common reasons to take Social Security at age 62 include: Health issues, You need extra income now, Get out of debt, Leverage the stock market, Coordinate payments with a spouse.
Employee Retention Credit
Learn the details about how The Consolidated Appropriations Act, 2021 has effectively extended the Employee Retention Credit (“ERC”) to businesses that were previously excluded.