- IRS Unveils Retirement Plans Inflation Adjustments for 2023
- Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the issue until late in life and then have to scramble at the last minute to fund their retirement. Others may think that the Social Security benefits they’ll receive in retirement will be enough, but may have an expectation that their benefits will be higher than they’ll actually be and also fail to consider how the future viability of the Social Security program may impact their monthly payments.
- Video Tips: The IRS Is Sending Out Reminder Letters
- More than 9 million individuals and families who appear to qualify for a variety of key tax benefits but did not claim them by filing an income tax return are being contacted by the Internal Revenue Service. Watch our video to learn more.
- Inflation Reduces Income Tax
- As the country emerges from the COVID pandemic and supply chain issues, along with the fallout from the war in Ukraine, the country has been experiencing high inflation rates that negatively impact the cost of everyday living, including food, gas for your vehicle, utilities and more.
- 2023 Social Security Cost-Of-Living Increase Highest In 40 Years
- The Social Security Administration recently announced that Social Security beneficiaries will get an 8.7% increase to their benefits in 2023. Thanks to the current high inflation this is the highest increase in 40 years, and the second year in a row that there’s been a substantial increase, 5.9% in 2022 and now 8.7% for 2023. The table below reflects the COLA benefits going back to 1976. As you will note, the COLA increases have been relatively stable in recent years except for 2008.
- Video Tips: The IRS Warns Taxpayers of Increasing IRS Scams
- The Internal Revenue Service warned taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information.
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