On this episode of the Planned Solutions Incorporated Podcast, The Social Security retirement program is now projected to exhaust its reserves by 2033. After that point the Administration will only have enough money to cover 76% of current projected benefits. Therefore, it is likely that changes will need to be made to Social Security benefits at some time in the future to put the program on firmer financial footing. However, how the program may be changed remains to be seen as there are many different ways lawmakers could change the program to fix its underfunding.

Also, The IRS has been sending out far more tax notices than it did in 2020 or even before the pandemic in 2019. However, the level of IRS customer service has continued to leave much to be desired as the IRS has been unable to keep up with the processing responses to its notices and is only able to answer 8% of the phone calls that come into its call centers.

And, Home improvement projects on a personal residence often fall into two tax categories. There are improvements that do not create a current tax benefit but increase the tax basis in the home which may reduce the tax owed when the home is sold in the future and there are projects that qualify for a tax credit which may reduce a taxpayer’s tax liability in the current year. It is important to keep accurate records and discuss any home improvement expenses with a tax professional to make sure the expenses are recorded properly.

Plus a look at the Planned Solutions Incorporated Office Bulletin Board- Chase was recently a guest on the Can I Get That Software in Blue podcast. The podcast is intended for listeners who are in software sales or support and focuses on methods that professionals in software sales can use to learn more about potential customers.

Chase Armer's book- Financial Planning Insights is now available at:

store.bookbaby.com/book/financial-…anning-insights

www.amazon.com/Financial-Plannin…1586894022&sr=8-1

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 on a biweekly basis by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action.

Planned Solutions, Inc.

ADDRESS: PHONE:

1130 Iron Point Road, Suite 170 (916) 361-0100

Folsom, CA 95630 (800) 750-2111

E-MAIL: FAX:

[email protected] (916) 361-0191

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www.PlannedSolutions.com

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