Protect Wealth Academy

Posted on

Nov 07, 2022

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Protect Wealth Academy offers reliable asset protection and wealth creation plans for your estate. Whether your attorney has helped protect you against lawsuits and your accountant has helped reduce your taxes, are you certain that you are maximizing both strategies without overpaying? Our webinars let you learn hard-earned asset protection by holding a discussion to help determine if you are truly well-protected. Let yourself be totally guilt-free when it comes to worrying over being financially wiped out in the event of being slapped with a lawsuit. Call us at 800-276-1430 to protect your wealth today!

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Business Email: support@protectwealth.com

Business Phone Number: (800) 276-1430

Hours of Operation: 8AM-6PM MST


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Still Time to Reduce any Tax Surprises!

Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started.Review your income. Begin by determining how your income this year will compare to last year. Since tax rates are the same, this is a good initial indicator of your potential tax obligation. However, if your income is rising, more of your income could be subject to a higher tax rate. This higher income could also trigger phaseouts that will prevent you from taking advantage of certain deductions or tax credits formerly available to you.Examine life changes. Review any key events over the past year that may have potential tax implications. Here are some common examples:Purchasing or selling a homeRefinancing or adding a new mortgageGetting married or divorcedIncurring large medical expensesChanging jobsWelcoming a babyIdentify what tax changes may impact you. Some of the major changes this year include the lowering of the child tax credit and the lowering of dependent care credit for working couples. This year also marks the first year in the last two with no pandemic related payments. If you think this could impact your situation it may make sense to conduct a tax planning review.Manage your retirement. One of the best ways to reduce your taxable income is to use tax beneficial retirement programs. So now is a good time to review your retirement account funding options. If you are not taking full advantage of the accounts available to you, there is still time to make adjustments.Look into credits. There are a variety of tax credits available to most taxpayers. Spend some time reviewing the most common ones to ensure your tax plan takes advantage of them. Here are some worth reviewing:Child Tax CreditEarned Income Tax CreditPremium Tax CreditAdoption CreditElderly and Disabled CreditEducational Credits (Lifetime Learning Credit and American Opportunity Tax Credit)Avoid surprises. Your goal right now is to try and avoid any unwanted surprises when you file your tax return. It's also better to identify the need for a review now versus at the end of the year when time is running out. And remember, you are not required to be a tax expert. Use the tips here to determine if a review of your situation is warranted.

Inflation Spikes Social Security for 2023

The Social Security Administration announced a whopping 8.7% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2023. This is on the heels of a 5.9% increase last year. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2022.For those contributing to Social Security through wages, the potential maximum income subject to Social Security tax increases to $160,200. This represents a whopping 9% increase in your Social Security Tax! Here's a recap of the key dollar amounts:2023 Social Security Benefits - Key InformationWhat it means for youUp to $160,200 in wages will be subject to Social Security taxes, an increase of $13,200 from 2022. This amounts to $9,932.40 in maximum annual employee Social Security payments (an over $800 increase!) so plan accordingly. Any excess amounts paid due to having multiple employers can be returned to you via a credit on your tax return.For all retired workers receiving Social Security retirement benefits, the estimated average monthly benefit will be $1,827 per month in 2023, an average increase of $146 per month.SSI is the standard payment for people in need. To qualify for this payment, you must have little income and few resources ($2,000 if single, $3,000 if married).A full-time student who is blind or disabled can still receive SSI benefits as long as earned income does not exceed the monthly and annual student exclusion amounts listed above.Social Security & Medicare RatesThe Social Security and Medicare tax rates do not change from 2022 to 2023.Note: The above tax rates are a combination of 6.20 percent Social Security and 1.45 percent for Medicare. There is also a 0.9 percent Medicare wages surtax for single taxpayers with wages above $200,000 ($250,000 for joint filers) that is not reflected in these figures. Please note that your employer also pays Social Security and Medicare taxes on your behalf. These figures are reflected in the self-employed tax rates, as self-employed individuals pay both halves of the tax.