Cutter family finance
The 2022 midterm elections resulted in a change to local taxes that penalize those high earners with a so-called Massachusetts “millionaire tax” that state voters just approved by a margin of about 52% to 48%.
Whether you have an income plan in place or not, the so-called “number” that many Americans are striving for is increasing. In today’s uncertain economy, rising inflation and market volatility are causing many to become more conservative in their estimates.
While some folks have made huge profits investing in crypto, it’s a very volatile and high-risk asset and relying on it to help fund your retirement could be a dangerous move, especially because it isn’t as well regulated as most other investments you can purchase today. This week I’d like to dig into some of the risks you might face if you’re considering a crypto investment.
The IRS has announced that it is adjusting a number of current rules to help us better weather the impact of the current inflation, and this will mean some real tax savings for some taxpayers next year.
Now, new laws involving taxes always come with some questions, but usually the IRS clears these up promptly. But in the case of the SECURE Act, it seemed like the IRS was floundering for answers, leaving many at risk of paying penalties due to misinformation and in some cases, no information.