Powell says U.S. economy can handle the additional rate hikes that are coming

Jul 5, 2022 | Financial Planning, Retirement Planning, Taxes

Fed has ‘the resolve it will take’ to tackle inflation Federal Reserve Chairman Jerome Powell delivers remarks at a conference last week KEVIN DIETSCH/GETTY IMAGES     Federal Reserve Chairman Jerome Powell on Wednesday pushed back against economists who argue that...

There’s still time for 2021 IRA contributions,

Apr 1, 2022 | Taxes

but a tax break isn’t guaranteed. Here’s what to know     KEY POINTS The last chance for a 2021 individual retirement account contribution is April 18, the tax-filing deadline for most Americans. However, a deduction for traditional IRA deposits hinges on...

Fed Official Leaves Door Open to Larger Rate Increase in March

Mar 15, 2022 | Financial Planning, Investments, Taxes

Governor Michelle Bowman calls for ‘prompt and decisive action to lower inflation’   Michelle Bowman speaking at a Fed Listens event in Washington, D.C., in 2019; Ms. Bowman says she expects ‘uncomfortably high inflation’ will persist through the middle of 2022....

Made a profit selling your home?

Mar 11, 2022 | Taxes

Here’s how to avoid a tax bomb this filing season KEY POINTS Home sales profits may be subject to capital gains, taxed at 0%, 15% or 20% in 2021, depending on income. You may exclude earnings up to $250,000 if you’re single, while married homeowners may subtract up to...

Now’s the time to boost 401(k) contributions for 2022

Feb 1, 2022 | Financial Planning, Retirement Planning, Taxes

KEY POINTS You can funnel $20,500 into your 401(k) plan for 2022, up from $19,500 from 2021. Boosting your contribution rate now offers more time for growth, and may make it easier to meet yearly goals. But you need to know how your company’s 401(k) match works before...

Pre-tax vs. Roth 401(k): There’s more to consider than you think

Jan 28, 2022 | Taxes

KEY POINTS The start of the year is the perfect time to review your retirement savings, including pre-tax versus Roth 401(k) contributions. Pre-tax savings offers a write-off and tax-deferred growth, while Roth deposits may grow levy-free. However, there’s more to...