{"id":305,"date":"2021-12-24T07:48:46","date_gmt":"2021-12-24T13:48:46","guid":{"rendered":"https:\/\/demosites.royal-elementor-addons.com\/nature-v1\/?page_id=305"},"modified":"2023-03-23T12:03:33","modified_gmt":"2023-03-23T17:03:33","slug":"resources","status":"publish","type":"page","link":"https:\/\/www.budwitzmeyerjack.com\/wp\/resources\/","title":{"rendered":"Resources"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"305\" class=\"elementor elementor-305\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4de688ae elementor-section-height-min-height elementor-section-full_width elementor-section-items-top elementor-section-content-top elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"4de688ae\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-55c4105c\" data-id=\"55c4105c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-39cc168d elementor-widget elementor-widget-heading\" data-id=\"39cc168d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.5 - 14-03-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Resources<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-91263d3 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"91263d3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-94e5193\" data-id=\"94e5193\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-38c3e5f elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"38c3e5f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-614cbfd\" data-id=\"614cbfd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-524716d elementor-widget elementor-widget-heading\" data-id=\"524716d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Tax Tips<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9857df elementor-widget elementor-widget-text-editor\" data-id=\"c9857df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.5 - 14-03-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><strong><span style=\"color: #003366;\">Consider Maximizing Your 401(K) Contribution<\/span><\/strong><\/p><p>For 2023, 401(K) contribution limits for individuals are $22,500, or $30,000 if you are age 50 or older.<\/p><ul><li style=\"list-style-type: none;\"><ul><li class=\"x_MsoNormal\">Starting January 1, 2023, the standard\u00a0business mileage rate\u00a0used for vehicles used in business is 65.5 cents per mile. This is an increase of 3 cents from the second half of 2022 (62.5 cents) which had already gone up 4 cents from the first half of 2022 (58.5 cents). Guess what? This rate even applies to hybrid and electric vehicles, not just gas and diesel powered vehicles.<\/li><li class=\"x_MsoNormal\">While 100%\u00a0bonus depreciation\u00a0will be ending in 2022, it will phase down 20% annually. This means you will still be allowed to use bonus depreciation for first year qualified assets, it will just be a smaller amount in year one. This may apply to vehicles, computers, software, machinery, equipment or even office furniture.<\/li><li class=\"x_MsoListParagraph\">The required minimum distribution (\u201cRMD\u201d) age increased from 70\u00bd to 72.<\/li><\/ul><\/li><\/ul><p><br \/>If you convert non-deductible interest expense such as interest on credit cards and automobile loans into deductible home mortgage interest, you may be able to deduct the interest on your tax return.<\/p><p>In most cases, you can deduct the interest on a home equity loan or line of credit on Schedule A of your 1040, no matter how you used the proceeds. Inquire of your Budwitz &amp; Meyerjack professional as to the restrictions on the deductibility.<\/p><p><strong><span style=\"color: #003366;\">If you hold appreciated stock in your portfolio, consider donating the stock instead of cash to your favorite charity.<\/span><\/strong><\/p><p>You can get a charitable deduction for the fair value of the stock and avoid paying any tax on capital gains. For example, if you donate 100 shares of Acme Company that you purchased five years ago for a total of $5,000 but had a value of $25,000 on the day the donation was made, you get a charitable deduction of $25,000 and you avoid paying tax on the $20,000 capital gain you would have recognized if you had sold the stock. NOTE: You must give the stock directly to the charity. Don\u2019t sell the stock and give the money to the charity.<\/p><p><strong><span style=\"color: #003366;\">Take advantage of your company\u2019s cafeteria plan and other tax-free benefits.<\/span><\/strong><\/p><p>For example, medical expenses can rarely be taken as an itemized deduction on Schedule A due to the AGI limitation, but through your company\u2019s cafeteria plan, you can fully deduct your medical expenses from your W-2 wages. The only catch is that if your unreimbursed medical expenses for the year are less than what you set aside from your wages, the difference is forfeited. Another example is dependent care. You may elect to have dependent care costs deducted from your W-2 wages in lieu of claiming the dependent care credit on your tax return. This may be more advantageous based on your personal tax situation. You should consult your Budwitz &amp; Meyerjack professional as to which alternative is best for you.<\/p><p><strong><span style=\"color: #003366;\">If you are a stockholder in a closely-held business, consider taking a dividend rather than a year-end bonus.<\/span><\/strong><\/p><p>The 15% tax rate on dividends makes this option more appealing than in the past. NOTE: The dividends will still be subject to \u201cdouble taxation,\u201d so taking a dividend may not be the right option for you. You should engage your Budwitz &amp; Meyerjack professional to assist you in making the correct decision.<\/p><p><strong><span style=\"color: #003366;\">529 college savings<\/span><\/strong><\/p><p>529s offer potential tax savings in two ways: While contributions are made with after-tax dollars, earnings are tax-deferred while invested\u2014and money you use for qualified educational expenses isn\u2019t taxed. Those 529 contributions may also qualify for state income tax deductions or credits.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-cc6fcf9 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"cc6fcf9\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-775db13\" data-id=\"775db13\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ddf0f5 elementor-widget elementor-widget-text-editor\" data-id=\"1ddf0f5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b>Useful Links:<\/b><\/p><p><a href=\"http:\/\/www.irs.gov\/\" target=\"_blank\" rel=\"noopener\">Internal Revenue Service<\/a><\/p><p><a href=\"http:\/\/www.ct.gov\/drs\" target=\"_blank\" rel=\"noopener\">CT Department of Revenue Services<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Resources Tax Tips Consider Maximizing Your 401(K) Contribution For 2023, 401(K) contribution limits for individuals are $22,500, or $30,000 if you are age 50 or older. Starting January 1, 2023, the standard\u00a0business mileage rate\u00a0used for vehicles used in business is 65.5 cents per mile. This is an increase of 3 cents from the second half [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_canvas","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"_links":{"self":[{"href":"https:\/\/www.budwitzmeyerjack.com\/wp\/wp-json\/wp\/v2\/pages\/305"}],"collection":[{"href":"https:\/\/www.budwitzmeyerjack.com\/wp\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.budwitzmeyerjack.com\/wp\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.budwitzmeyerjack.com\/wp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.budwitzmeyerjack.com\/wp\/wp-json\/wp\/v2\/comments?post=305"}],"version-history":[{"count":70,"href":"https:\/\/www.budwitzmeyerjack.com\/wp\/wp-json\/wp\/v2\/pages\/305\/revisions"}],"predecessor-version":[{"id":1809,"href":"https:\/\/www.budwitzmeyerjack.com\/wp\/wp-json\/wp\/v2\/pages\/305\/revisions\/1809"}],"wp:attachment":[{"href":"https:\/\/www.budwitzmeyerjack.com\/wp\/wp-json\/wp\/v2\/media?parent=305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}