The IRS announced that January 23 was the start of the 2023 tax season—or the date the IRS began accepting 2022 tax year returns. Most taxpayers have until Tuesday, April 18, 2023, to submit their tax return or request an extension. Taxpayers requesting an extension have until October 16, 2023, to file. Even if you file for an extension, you are still required to pay the taxes you owe by April ...
With all the turmoil in the banking industry today, it may be a good time to revisit what the FDIC is, how it works, and how you can make sure you are covered. What is the FDIC? The Federal Deposit Insurance Corporation protects bank depositors as an independent agency of the US government against the loss of their insured deposits. The FDIC protection is initiated when an FDIC-insured bank or ...
To have a health savings account (HSA), you generally must be covered by a high-deductible health plan (HDHP) at work. HDHPs have become popular in recent years as employers have struggled to keep health benefit costs down. If you're not covered by one now, you might be soon, as more employers consider the advantages. Also, if your employer gives you multiple health plan options, one of them might...
Seniors who must take withdrawals from their IRAs may be able to benefit from a special tax provision for qualified charitable distributions (QCDs). Briefly stated, this provision allows people in their 70s and older to transfer funds directly from an IRA to a charity without any adverse tax consequences. The new SECURE 2.0 law enhances these tax benefits, beginning in 2023. The Basics Normally, ...
PKS Investment Advisors LLC, is pleased to announce that Gigi G. LeKites, CFP®, CRPC®, has been admitted as a partner with the firm. Her admission is a direct result of her continued commitment to client service, business acumen and technical proficiency. Dan O’Connell, managing partner of PKS, is proud to have Gigi join the partner team. “It’s a privilege to recognize Gigi on this ...
Stocks have been battered by the Federal Reserve’s quest to rein in the highest rate of inflation in 40 years. So far, however, investors have expressed little concern over the crisis that has rocked cryptocurrencies. It’s a far cry from the reaction to Lehman’s demise in 2008, which sparked the financial crisis and nearly wrecked the global financial system. MTD% YTD% ...
Bonds have a reputation as a "safe" investment compared to stocks. In some respects, that's true. But they can also be risky, which is why investment advisors generally recommend that people in typical circumstances keep a balanced portfolio -- in other words, one that includes both stocks and bonds. If you have a retirement savings account, you probably do own stocks and bonds, contained within ...
An IRA rollover is usually a tax-smart move, because it allows you to continue to defer taxes on the amount you roll over. But Congress has laid traps for the unwary. Here's how to avoid the most common IRA rollover tax pitfalls. Arrange Direct Transfers from Company Plans After leaving a job, you may want to roll over funds from your former employer's qualified retirement plan (or plans) into ...
Wills aren't one-and-done deals. In fact, it's common for people to update their wills more than once. After all, a life event — or even a change of mind — can alter who you want to name as beneficiaries. However, we usually recommend reviewing your will every ten years. Below are four circumstances that require you to act promptly and update your will. Revisions vs. Codicils First, a ...
