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Home Improvements: Tax Codes & Tax Breaks, Funds In Your Checking, Fixed Annuities vs CDs
Welcome to the @plannedsolutions Incorporated Podcast. We discuss how when it comes to home improvements there may be some tax implications that homeowners should be aware of. These include the deduction of interest on loans to finance improvements, the need to track the tax basis of a property, and some tax credits that may be allowed for energy efficient home improvements. Some of these benefits can be substantial while others are fairly minor, so it is important to understand the cost/benefit before committing to a project.
Also, A checking account is often the first financial tool that an individual will set up. However, it is also the financial account that gets the least amount of attention when it comes to financial planning. It is important to manage checking account balances by not having too high of a balance in order to reduce fraud risks and earn higher returns. It is also important to hold enough to cover monthly needs and possible financial emergencies.
As well, With interest rates nearing multidecade highs, there is more and more interest in investing in vehicles that offer competitive interest rates. Two common options for longer-term savings are Fixed Annuities and Certificates of Deposit (CDs). However, these investments each have their pros and cons which should be examined carefully as there are a number of issues that must be considered; including taxes, withdrawal penalties, and whether the interest rate is locked-in or fluctuates.
Plus a look at the Planned Solutions Incorporated Office Bulletin Board -
The IRS has confirmed that they have sent erroneous CP14 notices requesting the balance of tax due be paid for the 2023 tax year. The IRS is having a nationwide delay in processing tax payments. An error in their processing of these payments is causing these CP14 notices to be
mailed to taxpayers. The advice we are receiving is to have clients wait from six to eight weeks to see if the payments get posted to the taxpayer's account. Your IRS.gov account should show the reconciliation of the payments for 2023 in the recommended time frame. If the payments are not reconciled after the waiting period, we can help clients provide proof of payment to remove any penalties that have been accessed that were not removed by the IRS.
We are excited to welcome Carter Osborne (CSUS) and Matthew Young (Oregon State University) as our Summer Interns. They are both Juniors in college pursuing their undergraduate degrees in Business Administration with an emphasis on Financial Planning. They will be spending the next 12 weeks working closely with each of our team members learning all aspects of the financial planning process, including: administrative tasks, relationship management, investment management, financial planning, tax planning, and tax preparation.
To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail [email protected]
The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.
Chase Armer's book- Financial Planning Insights is now available at:
https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb
Intro 00:00
Home Improvements: The Tax Code and Tax Breaks 01:47
How Much Should You Keep in Your Checking Account 15:14
Fixed Annuities vs CDs 20:25
PSI Office Bulletin Board 21:22
Planned Solutions, Inc.
https://www.plannedsolutions.com/
View all episodes
By Planned Solutions
5
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Welcome to the @plannedsolutions Incorporated Podcast. We discuss how when it comes to home improvements there may be some tax implications that homeowners should be aware of. These include the deduction of interest on loans to finance improvements, the need to track the tax basis of a property, and some tax credits that may be allowed for energy efficient home improvements. Some of these benefits can be substantial while others are fairly minor, so it is important to understand the cost/benefit before committing to a project.
Also, A checking account is often the first financial tool that an individual will set up. However, it is also the financial account that gets the least amount of attention when it comes to financial planning. It is important to manage checking account balances by not having too high of a balance in order to reduce fraud risks and earn higher returns. It is also important to hold enough to cover monthly needs and possible financial emergencies.
As well, With interest rates nearing multidecade highs, there is more and more interest in investing in vehicles that offer competitive interest rates. Two common options for longer-term savings are Fixed Annuities and Certificates of Deposit (CDs). However, these investments each have their pros and cons which should be examined carefully as there are a number of issues that must be considered; including taxes, withdrawal penalties, and whether the interest rate is locked-in or fluctuates.
Plus a look at the Planned Solutions Incorporated Office Bulletin Board -
The IRS has confirmed that they have sent erroneous CP14 notices requesting the balance of tax due be paid for the 2023 tax year. The IRS is having a nationwide delay in processing tax payments. An error in their processing of these payments is causing these CP14 notices to be
mailed to taxpayers. The advice we are receiving is to have clients wait from six to eight weeks to see if the payments get posted to the taxpayer's account. Your IRS.gov account should show the reconciliation of the payments for 2023 in the recommended time frame. If the payments are not reconciled after the waiting period, we can help clients provide proof of payment to remove any penalties that have been accessed that were not removed by the IRS.
We are excited to welcome Carter Osborne (CSUS) and Matthew Young (Oregon State University) as our Summer Interns. They are both Juniors in college pursuing their undergraduate degrees in Business Administration with an emphasis on Financial Planning. They will be spending the next 12 weeks working closely with each of our team members learning all aspects of the financial planning process, including: administrative tasks, relationship management, investment management, financial planning, tax planning, and tax preparation.
To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail [email protected]
The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.
Chase Armer's book- Financial Planning Insights is now available at:
https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb
Intro 00:00
Home Improvements: The Tax Code and Tax Breaks 01:47
How Much Should You Keep in Your Checking Account 15:14
Fixed Annuities vs CDs 20:25
PSI Office Bulletin Board 21:22
Planned Solutions, Inc.
https://www.plannedsolutions.com/
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