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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
As we are about to turn the page (click the arrow?) on the calendar to move into 2023, there are many changes that happen around taxes. These include tax bracket changes, changes in the limits of what you can contribute to various retirement accounts, and a variety of other changes. The following is by no … Continue reading 2023: New Year, New 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
I wrote last year about asking around about alternatives to TurboTax and someone suggested FreeTaxUSA. After reading some reviews, it looked very promising but, since I had already filed my taxes for last year, I didn't have personal experience with it. Well, now I do, and I highly recommend giving it a try. For me, … Continue reading Filing Taxes for Free with FreeTaxUSA
There's been increased interest in I Bonds lately, due to a combination of low interest rates on savings and CDs and a recent increase in inflation. Physician on Fire has an excellent article on the ins-and-outs of I Bonds, including great step-by-step instructions on how to purchase them. Since he's done such a nice job, … Continue reading I Bonds: A Safe Short-Term Investment with Some Yield
Each year at about this time the IRS announces various changes to the upcoming tax year, which are based on formulas that typically revolve around inflation. To be clear, these are not changes to tax policy, Congress passes those, and there are certainly many of them in the Build Back Better Act that may end … Continue reading Some 2022 Tax Changes
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