April 29th topics for Your Safe Money Show

 Here's what we're working on for this Saturday's April 29th Your Safe Money Show. Todd has common myths that could be hurting your retirement planning. Also he will cover The Longevity Economy", and 401(k) withdrawals and early IRA’s now have more options for account holders. You can listen at Nice 95.5FM KBEK at 8 a.m. They stream live at kbek.com. Go to yoursafemoneyshow.com to hear recent shows.

FDIC limits

 These days getting lawmakers to agree on “anything” is no easy task but when it comes to the Federal Deposit Insurance Corporation or FDIC-insured amount of $250,000 at banks, they see a need to expand the protection amount. The FDIC’s deposit insurance guarantees that your money is safe in the event of a bank failure. For many Americans, the $250,000 limit is high enough to cover their deposits, and you can also get much more than $250,000 of FDIC coverage by keeping money in multiple different banks or having different types of accounts with the same bank. Businesses, however, often need to have much more than that amount in their accounts, and in light of mounting concerns about bank failures in the aftermath of the Silicon Valley Bank (SVB) collapse, they've been moving money out of banks they feel might be risky and into banks where they think their uninsured deposits will be safest. But lawmakers and others are worried this shuffling of money could destabilize the banking system. Several lawmakers are worried that small and medium-sized banks are getting burned as businesses move their money into some of the country’s largest banks, where they feel their money is safer. And former Treasury Secretary Steven Mnuchin suggested expanding protection to $10 or $25 million and not because we have that much in our bank accounts but to level the playing field between larger and smaller financial institutions. Advocates of a higher FDIC limit say that urgent action is needed to restore Americans' confidence in banks.

Considering Unretiring 4-22-23

 

Your Safe Money Show April 22nd highlights

 For this Saturday's (April 22nd) segment of Your Safe Money Show. You know sometimes in estate planning it’s hard to keep an inheritance “equal” Todd will explain and offer insight. Also, new numbers show 1 in 6 retirees consider “unretiring”, we'll find out why and is that a good idea. And we’ll have the latest news on Social Security and Medicare. Listen at 8 a.m. at Nice 95.5FM, KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Legacy Planning

 

P2P payment platforms and the IRS

 Well anyone who uses P2P payment platforms be aware that the IRS is cracking down and has implemented a new $600 reporting threshold for all P2P platforms. That’s right: If you’re taking in more than $600 in business income via Venmo or any P2P platform—regardless of the total number of transactions—you’re going to receive Form 1099-K at the end of the 2023 tax year. The P2P payment threshold only applies to business income—like if you’re a hairdresser and get paid through Venmo. How does the IRS know if it’s taxable or not? If you send someone money on a P2P platform, you generally have the option to categorize the transfer as going toward either “friends or family” or “goods and services”. Don't try to pull a fast one on the IRS if you omit more than 25% of your income they will audit you, so be honest when using P2P platforms.

Your Safe Money Show IRS tax bracket changes 4 15 23

Your Safe Money Show April 15th topics

 Listen to Your Safe Money Show at 8 a.m. Saturday's at Nice 95.5FM KBEK. They stream "live" at kbek.com. For our April 15th show Todd has how to handle retirement savings if you're laid off around age 60. If you've been frustrated trying to cancel a subscription there may be relief coming. And the IRS has changed it's tax brackets for 2023. What does that mean for us? Go to yoursafemoneyshow.com to hear recent shows and other information.

Tax deadline

 Just a reminder with tax day April 18th this year, whether you file on time or request an extension, you need to pay taxes owed by the original due date to avoid racking up penalties and interest. The penalty for failure to file is 5% of your unpaid balance per month, capped at 25%, plus interest. By comparison, the late payment penalty is 0.5%, also levied monthly and limited to 25%, with interest. If you have questions call 320-679-5183 or go to yoursafemoneyshow.com.

Your Safe Money Show Disability Insurance 4 8 23

Topics for Your Safe money Show 4-8-23

 Coming up on this Saturday's (April 8th) Your Safe money Show. Todd will help us understand disability insurance. He'll also break down Federal, State, and Local taxes for us. And right now you can't contribute to an HSA once you go on Medicare but that might change down the road. Listen at 8 a.m. at Nice 95.5FM KBEK. To hear recent shows go to yoursafemoneyshow.com.

Closed Good Friday

 A reminder that Sjoberg & Holmstrom Financial Services will be closed on Good Friday. You can leave a message at 320-679-5183.

We hope you have a wonderful Easter!

Tax deadline information

 Here’s my usual reminder this time of year.

April 18, 2023, is tax day, the federal deadline for filing a 2022 federal income tax return. This is also the last day to request a six-month tax extension using Form 4868. The IRS began to accept and process tax returns on Jan. 23, 2023.

Self-employed workers and other people who pay estimated taxes have another set of deadlines to keep in mind. Estimated taxes are typically collected four times a year, in January, April, June and September. If you file Form 4868 to request a tax extension, your federal tax return will be due Oct. 16, 2023. You must file Form 4868 by tax day (April 18) to be eligible for the extension. Getting a tax extension gives you more time to file, but it does not give you more time to pay your taxes. You will still need to estimate your taxes owed and pay the sum by April 18.

Retirement Budget 4-1-23