Tax Time—Tips to Cut Your Bill

Written by Jeff Schlotterbeck, CFP® on 03 March 2023.

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.

If you have yet to file, 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 18.

Is your business organized as a partnership, are you a part of a multi-member LLC, or do you own an S-Corporation? If so, you must file the appropriate business form by March 15, 2023. C-Corps abide by the traditional April 18 deadline.

For most deductions, deadlines to minimize taxes have already passed. For example, you can no longer take a tax loss on the sale of an asset for tax year 2022. The same holds true for charitable contributions.

But as you prepare to file, I want to remind you that opportunities to harvest tax savings are still available.

How the Change in Retirement Laws Will Affect You

Written by Jeff Schlotterbeck, CFP® on 10 January 2023.

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Whether you reached your personal goals last year or faced challenges, a new year brings new opportunities and a fresh start.

Let’s jump right into this month’s topic. The Setting Every Community Up for Retirement Enhancement Act of 2019, popularly known as the SECURE Act, was signed into law in late 2019.

Now called SECURE Act 1.0, it included provisions that raised the requirement for mandatory distributions from retirement accounts and increased access to retirement accounts.

But it didn’t take long for Congress to enhance the landmark bill that was enacted barely three years ago.

Tucked inside a just-passed 4,155-page, $1.7 trillion spending bill are plenty of goodies, including another overhaul of the nation’s retirement laws.

Dubbed SECURE Act 2.0, the bill enjoys widespread bi-partisan support and builds on SECURE Act 1.0 by strengthening the financial safety net by encouraging Americans to save for retirement.

9 key takeaways on SECURE Act 2.0

A Handy Checklist for Year-End Planning

Written by Jeff Schlotterbeck, CFP® on 05 December 2022.

The holidays are a busy time of year. Shopping, family events, company holiday parties, and more may dot your calendar. But I strongly suggest that you carve out some time for year-end financial planning so that you will be better positioned as the new year begins.

9 smart planning moves for year-end

A College Education Minus the Debt

Written by Jeff Schlotterbeck, CFP® on 08 August 2022.

Fully funding a college education without debt is no simple task. It’s no secret that the cost of a four-year degree has soared. But do you realize how much it has risen?

According to Education Data Initiative, the average cost of college tuition and fees at four-year public schools has risen 179% over the last 20 years. It’s an average annual increase of 9.0%.

The average cost of tuition and fees at private four-year schools has risen 124% over the same period for an average annual increase of 6.2%.

That is an increase from an annual cost of $3,349 to $9,349 for a public university and $14,616 to $32,769 for a private school.

The statistics are sobering, and students are piling up unmanageable debts to secure a degree.

But there are ways to reduce out-of-pocket expenses and avoid or at least minimize the need to take on debt.

Uncertainty vs Reality

Written by Jeff Schlotterbeck, CFP® on 08 June 2022.

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