Saver’s Credit: An Overlooked Tax Credit for Many Beginning Teachers

Correction 1-21-23: The original version of this post contained a mistake. The credit rate (50%, 20%, 10%) only applies to the first $2,000 you contribute to a qualified plan. Amounts above $2,000 don't get the credit. In the original post, I assumed that as long as the credit rate times the amount contributed didn't exceed … Continue reading Saver’s Credit: An Overlooked Tax Credit for Many Beginning Teachers

Taking Advantage of the Enhanced EV Tax Credit

When many financial folks talk about spending they often mention the three "big rocks" of food, shelter, and transportation. That's not to say that the rest of your spending isn't important, it is, but if you get the three big rocks right (or wrong) they will have a much larger impact on your financial well … Continue reading Taking Advantage of the Enhanced EV Tax Credit

Some Notable Retirement Account Changes

Last week Congress passed - and the President signed - the Consolidated Appropriations Act of 2023 (pdf). This is the huge omnibus spending bill that funds the government, but also includes many changes to retirement accounts that were originally knows as the Secure Act 2.0. Jeffrey Levine does his usual wonderful, incredibly in-depth job of … Continue reading Some Notable Retirement Account Changes

Increase in 2023 HSA Contribution Limits

The IRS recently announced the contribution limits for HSAs for 2023. So when January 1st rolls around, check the amount you (and possibly your employer) are contributing and make adjustments if necessary. As I've written about before, maxing out your HSA contributions and using it as a stealth retirement account can be a great idea … Continue reading Increase in 2023 HSA Contribution Limits