Our Blog

Mallory Vincent, CPA, MBA has written the following article for the Greater Concord Chamber of Commerce, Chamber Review Newsletter. 

Why set up a trust, even if you have a will?
​
"There are many reasons why creating a trust is crucial for wealth transfer, even if you have a will. These reasons can include asset protection and control, minimizing probate time and costs, and potentially minimizing tax obligations. This article is a general overview to highlight the reasons, and the value in creating a trust. Read on to see if you’ve got any of these reasons:"
​

With inflation running at 30 year highs the IRS has been busy updating various items that are tied to inflation. ​On October 21, 2022, the Internal Revenue Service issued Notice 2022-55 announcing retirement plan cost-of-living adjustments (COLAs) applicable to 2023.
​

Over the summer the Inflation Reduction Act (oxymoron anyone?) was passed by Congress and signed into law by President Biden.  Although most of the provisions affect Business taxpayers, there are some items of interest to the individual taxpayer. 

As stocks have taken a dip in 2022, with potential for the market to become a bear market, this may be a good time to consider converting retirement assets to a Roth IRA. Transferring funds from a traditional IRA or 401 (k) plan into a Roth account can be beneficial over the long-term because the assets grow tax-free in a Roth account, whereas in a traditional account an investor owes the taxes at distribution time.

Looking to save for retirement and maybe even save on you 2021 taxes?
 
While you cannot contribute more to your employer sponsored retirement account after year end, you may be able to contribute to an Individual Retirement Account. The deadline to contribute to an IRA for 2021 is April 18, 2022. Depending on your adjusted gross income, you may be able to take a deduction for a portion of your contribution, even if you are offered a retirement plan at your employer. If only your spouse is covered by a retirement plan at work, the income limits are more generous.
​