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  2. Archived Blog
  3. January 2022

January 2022

Another Challenging Tax Season for IRS and Taxpayers?

Submitted by Desmond Wealth Management, Inc. on January 31st, 2022

This could be another challenging tax season for the IRS and taxpayers. Although this year’s filing season opens on January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has a backlog of prior year returns to process and is plagued by staff shortages due to the pandemic and reduced funding in the last few years.

Tags:
  • Stimulus Payments
  • Tax Credit
  • tax return
  • Read more

Protecting What’s Yours (After You Pass) Part 1: The Importance of Estate Planning

Submitted by Desmond Wealth Management, Inc. on January 17th, 2022

Fact: When you pass, you will leave behind an estate, and somebody will need to settle it. Your estate may be worth a little or a lot, but there’s no escaping death and taxes.

So why do so many families put off their essential estate planning until push comes to shove?

 

Estate Planning Is an Act of Love

Tags:
  • Estate Planning
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Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return

Submitted by Desmond Wealth Management, Inc. on January 13th, 2022

Early in 2021, Congress passed the American Rescue Plan Act which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Under ARPA, the maximum amount for the Child Tax Credit (CTC) was increased from $2,000 to $3,600 for each child 5 years old and under. For children ages 6 - 17, the maximum increased to $3,000.

Tags:
  • Stimulus Payments
  • Tax Credit
  • tax return
  • Read more

QUARTERLY MARKET REVIEW - Q4 2021

Submitted by Desmond Wealth Management, Inc. on January 6th, 2022

Today, in a whole new year, let’s talk about parts versus wholes. The theme is hardly new, but it bears repeating, lest we forget how essential they both are — to each other, to us, and to our financial well-being.

Tags:
  • investment
  • Portfolio goals
  • Quarterly Market Reviews
  • Stock Market
  • Read more

SPACs, NFTs and Other Jungle Creatures

Submitted by Desmond Wealth Management, Inc. on January 4th, 2022

“The American marketplace is an economic jungle. As in all jungles, you easily can be destroyed if you don’t know the rules of survival… but you also can come through in fine shape and you can even flourish in the jungle — if you learn the rules, adapt them for your own use, and heed them.” — Sylvia Porter

Tags:
  • investment
  • NFTs
  • Portfolio goals
  • SPACs
  • Stock Market
  • Read more

Tax Planning in Turbulent Times Part 3: Tax-Wise Financial Planning

Submitted by Desmond Wealth Management, Inc. on January 3rd, 2022

In our last two pieces, we covered some tools of the tax-planning trade, as well as how to deploy them for tax-efficient investing.

However, tax planning isn’t just for your investments. Life happens. Often, we cannot predict its next moves, but we can weave each event into the tax-planning fabric of your financial life.

Tags:
  • Financial
  • Tax Planning
  • Read more

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