Low and middle income tax payers can take advantage of the saver’s credit to save on their 2023 tax burden. This is on retirement contributions such as 401k, 403b or IRA contributions. For the IRA contributions they can be made up until april 2024 to qualify. Read more about it here:
https://content.govdelivery.com/accounts/USIRS/bulletins/37c514b?reqfrom=share
Don’t fall for a scammer pretending to be from the IRS and asking you for a gift card to pay anything. It is a scam. Watch this video from the IRS if you have any doubts:
Time is running out to file your 2020 and 2021 tax returns to get the Recovery Rebate credit. The timer will run out in 2024 and 2025 respectively to file for these stimulus monies. If you were not required to file you can still file and get these stipends but you only have till next spring for 2020 and spring of 2025 for the 2021 filing. Contact me right away if you need help filing or you can read more from the IRS here:
https://content.govdelivery.com/accounts/USIRS/bulletins/37b8b93?reqfrom=share
No not that one. The one I am referencing is the list of the top 12 scams being perpitrated on taxpayers and citizens in the United States. Each year the IRS tracks the various schemes that bad actors use to fleece unsuspecting people out of their money. They then select the 12 most prevalent or damaging and produce a list to warn us. Knowledge is half the battle so take a few minutes and familiarize yourself with what these rapscallions are planning to do to you:
The IRA and 401k limits are going up again but just slightly again. The new caps will be $7000 for IRA and $23000 for 401k. This is an increase of $500 again this year and is not remotely keeping up with inflation. With the cost of everything going through the roof these miniscule increases won’t make a dent in the costs as we begin to consider retiring. With the present view on taxation and massive overspending at the federal level I don’t see this getting any better as we move forward past 2024. These gradual increases will probably continue and realistically those in my generation won’t see the bulk of the consequences it is our kids and especially our grandkids. Most in my generation will not live long enough to see the collapse. (Hopefully Jesus will return and make all of this moot). It is critical to set aside all that you can and hedge your retirement on your own strength, there may not be much else left for us otherwise. For the particulars on the increases read on here:
https://content.govdelivery.com/accounts/USIRS/bulletins/378da04?reqfrom=share
