March 14, 2022 – Inflation is currently running very hot, back to levels we haven’t seen in 40 years. And, as we’ve been arguing since 2020, it’s likely to remain persistently high for years to come. Question is, what are the financial implications of high inflation when you are planning for your taxes not just in 2022 but also for the years to come? Two weeks ago, we discussed this issue from the standpoint of individuals. Today, we look at this from the perspective of retirees and businesses. Topics discussed: changes to the standard deduction, the “widow’s penalty,” phasing of deductions, community property states vs. non, sunsetting of Tax Cuts and Jobs Act, estate planning, charitable contributions, and much more.
If any of you aren’t aware, Financial Sense Wealth Management provides comprehensive financial planning services covering everything from retirement and taxes to executive and business planning. We do it all, including asset management, and have been named as one of the top 300 investment advisory firms in the US by the Financial Times. So, as always, if you’d like to get more information on any of the topics we discussed today and how to plan around them for this year and beyond, especially in light of the very high inflation rates we see today, you can give us a call at 888.486.3939 or click here to Contact Us.