Our Investment Advisory Team is proud to announce the addition of three new members who will become part of our integrated and personalized approach to how we serve our clients. As a team, we build customized portfolios tailored to each client’s unique situation. We also provide ongoing independent supervision, monitoring, investment screening, detailed performance reporting and tax-sensitive rebalancing recommendations.
The IRS recently announced annual inflation adjustments to several tax provisions for tax year 2023. These changes are applicable to returns that will be filed in year 2024. It is important to know how changes in the tax rates and taxable income thresholds affect your personal situation. The most notable changes are listed below for single and married filing jointly filers and estates and trusts, in comparison to tax year 2022.
With the passing of the Inflation Reduction Act of 2022, there are some possible tax planning opportunities relating to green energy credits. The majority of the spending in the Act is for tax credits encouraging renewable energy and reducing emissions. This includes an expansion of energy credits available to individual taxpayers: however, one source of funding for the Act that will affect individual taxpayers is the stated goal of increasing Internal Revenue Service audit rates. This has raised concerns of increased audit rates for individuals.
You see and hear it everywhere: “Individual stock or fund performance is the most important element of investing.” To us, this approach is counterproductive to long-term financial success because study after study has concluded that the critical factor is the ‘mix’ of stocks, bonds, and other assets owned. This mix, called asset allocation, is vital to the success or failure of your investment plan.
Investment advisory services are offered through The Fairman Group, LLC. The Fairman Group, LLC is registered with the Securities and Exchange Commission under Section 203(c) of the Investment Advisers Act of 1940.
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