With year end barreling down on us, and our last post about next years tax rates garnering some really great comments… thank all of you for taking time to read, and especially to comment…. very honored… A Tax Savings Reminder was in order!
The following does not apply to those making charitable donations with their RMD’s (Required Minimum Donations)…
Donations and Standard Deduction Reminder
If you have made a few donations (again Not applicable to RMD Donations) and you are not sure if you are over your standard deduction – take a moment to tally up your donations as they are related to your standard deduction. If you are just shy, consider adding to something you may want to do next year…. If you are way shy of your standard, consider waiting until next year….
Oh the disclaimer, not tax advice see your tax professional!
This is your respective level for 2022:
Standard deduction for married couples filing jointly for tax year 2022 is $25,900
Single taxpayers and married individuals filing separately, the standard deduction is $12,950 for 2022
Have a Great “Donations and Standard Deduction” Reminder!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
October 2020 Podcast Video, Financial Planning and Capital Market Update – By John Kvale …
Hello and Welcome to our October 2020 Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
Newbies –
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!
Hope you enjoy!
October Video
(YouTube)
Financial Planning Tip (s) –
Social Security COLA Increase 1.3%
Social Security, one of the few Pension Like Benefits that has a Cost of Living Adjustment (COLA) announced an annual increase – there is not always an increase … which we discussed here in this post with links to the announcement for those wanting more detail!
Possible Realizing of Capital Gains
With year end tax planning in mind, here in this post we discuss the possibility of realizing Capital Gains if your are on the fence and may be thinking of pushing gains out to next year…. this with approval and knowledge of your tax professional – let’s not get reckless!
Capital Market Comments
Election Outcomes and Market Reactions
Here in this post we carefully tip toe into the Election outcomes and possible market outcomes ….
Have a Great October Update!
Talk to you at the end of November!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents
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Posted in General Financial Planning, Investing/Financial Planning, Market Comments, Retirement Planning, Social Security
Tagged Capital Gains, Cola, Election, Social Security COLA, tax planning, taxes