Recent Blog Posts

Maximizing Deductions

Maximizing deductions on your taxes is a crucial strategy for reducing your taxable income and minimizing your tax burden. Here are some tips to help you maximize your deductions:

President's Day

President's Day was established as a federal holiday to honor George Washington, the first President of the United States, born on February 22nd. The holiday was originally called "Washington's Birthday" and was celebrated on February 22nd each year. Over time, the holiday has evolved to recognize all U.S. Presidents, past and present, and has been moved to the third Monday in February as part of the Uniform Monday Holiday Act of 1968. This act aimed to provide more three-day weekends for the nation's workers by moving the celebration of several federal holidays to Mondays. The holiday serves as a reminder of the critical role that Presidents play in shaping the course of the nation and serves to honor the contributions made by Presidents throughout history. It is a day to reflect on the significance of the presidency, the democratic process, and the ideals of freedom and equality at American society's heart. Whether you are a history buff, a patriotic American, or just looking for a day off, President's Day is a holiday worth celebrating. Call us today at 901-435-4250

What is a recession?

One popular definition of a recession is two consecutive quarters of economic contraction. Recessions are always caused by imbalances in the market, triggered by external or internal factors. 

Sec. Janet Yellen sees economic growth slowing and lower inflation on the horizon

United States Secretary of the Treasury Janet Yellen says, barring any unanticipated shocks to the global economy, inflation in the United States should continue to recede over the next year.

How Do Americans View Higher Inflation?

1. Worry about inflation has now risen to the point where it is perceived by Americans as the top problem facing the nation. As my Gallup colleague Jeff Jones recently reviewed, mentions of inflation as the most important problem facing the nation averaged only 1% between 1990 and 2021. But such mentions zoomed to 18% in our latest May Gallup poll. Inflation is thus now essentially tied with issues relating to the way the nation is being governed as the top problem facing the nation.

There are several year-end tax tips to keep in mind. These include:

1. Maximize annual retirement plan contributions.Tax-advantaged retirement accounts are funded with pre-tax dollars and compound over time. You may make pre-tax contributions to a 401(k) up to $20,500 if you are under 50 and $27,000 for those 50 and over. If it is not possible to contribute the maximum amount, you can try to contribute any amount matched by your employer. The maximum yearly contribution for an Individual Retirement Account (IRA) is $6,000 (under age 50) and $7,000 (50 and over).

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