Illustration: Qianhui Yu The Best Gifts for Mom in 2023, From $33 to $9,500 By Lisa Fleisher May 8, 2023 When you ask moms what they really want for Mother’s Day, you’ll inevitably get a wide variety of responses, such as a day to myself; a night at a hotel, alone; a spa getaway, alone; and maybe, some wine and cheese. I…
Ron Carson, Contributor March 15, 2023 The U.S. debt crisis continues to capture headlines—and rightly so. Servicing the nation’s $31.38 trillion in debt is one of the federal government’s biggest expenses. According to the Office of Management and Budget, net interest payments on the debt are estimated at $395.5 billion this fiscal year, comprising 6.8% of all…
Celebrating Financial Literacy Month This month at The H Group, we are celebrating Financial Literacy Month and will highlight free financial educational programs available online. We are dedicated to providing the tools needed to make smart financial decisions for you and your family. Let’s begin with teaching our children about money. Visit Financial Literacy for Kids: Lessons, Activities, Delivery Tips…
Bank Failures Shine Light on Interest Rate Risks Financial markets reacted turbulently to the collapse of Silicon Valley Bank (SVB) on March 10, 2023, followed two days later by the failure of Signature Bank of New York. With $209 billion in assets and $175 billion in deposits, SVB was the nation’s 16th largest bank and…
3 Simple Steps to Building Wealth By THE INVESTOPEDIA TEAM Building wealth is a topic that can spark heated debate, promote quirky get-rich-quick schemes, or drive people to pursue transactions that they might otherwise never consider. But is “three simple steps to building wealth” a misleading concept? The simple answer is no. Basically, to accumulate…
Daniel Mangena Nov. 4, 2022 “You can’t take it with you” — how often have you heard that? It’s an oft-abused phrase employed, usually within the context of a person amassing wealth or assets beyond their needs. What it speaks to is intent, and that’s what building multi-generational wealth is all about:…
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act) included new gift, estate, and generation-skipping transfer (GST) tax provisions. The 2010 Tax Act provided that in 2011 and 2012, the gift and estate tax basic exclusion amount was $5 million (indexed for inflation in 2012), the GST tax…
Here are some key numbers associated with estate planning, as well as the federal gift tax and estate tax rate schedules for 2022 and 2023. 2022 2023 Annual gift tax exclusion: $16,000 $17,000 Gift tax and estate tax applicable exclusion amount: $12,060,000 1 + DSUEA 2 $12,920,000 1 + DSUEA 2 Noncitizen spouse annual gift tax exclusion: $164,000 $175,000 Generation-skipping…
Alternative minimum tax (AMT) 2022 2023 Maximum AMT exemption amount $118,100 (MFJ), $75,900 (Single/HOH), $59,050 (MFS) $126,500 (MFJ), $81,300 (Single/HOH), $63,250 (MFS) Exemption phaseout threshold $1,079,800 (MFJ), $539,900 (Single/HOH/MFS) $1,156,300 (MFJ), $578,150 (Single/HOH/MFS) 26% rate applies to AMT income (AMTI) at or below this amount (28% rate applies to AMTI above this amount) 206,100 (MFJ/Single/HOH),…
By Ashlea Ebeling Oct. 27, 2022 Many Americans will see their tax burden drop next year because of inflation adjustments made by the Internal Revenue Service. Some will benefit more than others. The inflation adjustments affect tax deductions for workplace benefits such as 401(k) retirement accounts and commuter accounts./PHOTO: GETTY IMAGES The IRS makes annual…