IRS announces a slew of changes for the 2022 tax year

The only certainties in life, Ben Franklin once wrote, are death and taxes. You could probably add a third certainty to his list: Taxes are complicated. The Internal Revenue Service has released its list of inflation-related adjustments for tax year 2022. The changes, which reflect the impact of rising inflation this year, cover 60 tax…

Read More

Elevage Partners Welcomes New Team Members

We are pleased to welcome three new people to the Elevage Partners team: Lori Powell, president; Mark Zembo, wealth management advisor; and Nicole Devane, client service associate. Lori Powell President Throughout my career, I have been motived by the quest to help clients – especially women – make informed and confident decisions regarding their money.…

Read More

Year-End Financial Planning Opportunities

As the end of the year approaches, we want to help you spot planning opportunities that are time-sensitive. Perhaps you… Are considering making year-end gifts to charitable organizations or family members, and need to determine your optimal funding strategy; Are looking to reduce your income tax liability this year, and are seeking loss harvesting and…

Read More

Three types of retirement and how to plan for each

There used to be a singular notion of retirement: Walk away from your career one day and begin a life of leisure the next. You never envision working another day in your life. When planning for the retirement date circled on your calendar, you saved as much as you could for decades to ensure that…

Read More

What the Coronavirus Relief Act Means for You

The $2 trillion coronavirus financial stimulus that Congress approved last week contains several important provisions that may affect you, your family and your small business. The measure includes a range of financial benefits, including loans and outright payments or tax credits aimed at helping individuals, businesses, healthcare entities and state and local governments. Key items…

Read More

There’s still time to contribute to an IRA for 2019

Even though tax filing season is well under way, there’s still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on Dec. 31, 2019). For most taxpayers, the contribution…

Read More

Pay off your mortgage or invest?

Owning a home outright is a dream that many Americans share. Having a mortgage can be a huge burden, and paying it off may be the first item on your financial to-do list. But competing with the desire to own your home free and clear is your need to invest for retirement, your child’s college…

Read More

Major changes to IRA rules make it time to reconsider your strategy

Legislation that passed Congress at the end of 2019 makes three significant changes to the way you can contribute to and withdraw from your IRAs. The changes in the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act, make it worthwhile for everyone with IRAs to re-evaluate their retirement savings strategies.…

Read More

What will you pay for Medicare this year?

Medicare premiums, deductibles and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2020 if you’re enrolled in Original Medicare Part A and Part B. Medicare Part B premiums According to the Centers for Medicare & Medicaid Services, most people with Medicare who receive Social Security benefits will…

Read More