Energy Efficient Tax Credits, US Stock Market Hits High, Health Savings Accounts Limits Increase

In this episode of the Planned Solutions Incorporated Podcast, The federal tax code offers several tax credits for the purchase and/or installation of energy-efficient property. These credits generally fall into three categories: Residential Clean Energy Credits (credits for clean energy generation), Clean Energy and Vehicle Credits (credits for buying electric or fuel cell vehicles), and Energy Efficient Home Improvement Credits (credits for improving the energy efficiency of home heating or cooling). Also, The S&P 500 has rallied recently and is now at a new high for the year. The index needs to increase less than 5% to reach a new all-time high. However, several other market indexes have further to go to achieve a full recovery. Yet the overall market momentum has been positive causing some to speculate that a full market recovery may be just around the corner. And, The amount that can be contributed to a Health Savings Account will increase in 2024. To contribute to a Health Savings Account an individual must be enrolled in a Health Savings Account (HSA) eligible High Deductible Health Plan which typically have a lower cost but require the insured to contribute more toward the cost of their care, up to a certain limit. However, money saved in an HSA can be used to pay these higher costs tax-free. Plus a look at the Planned Solutions Incorporated Office Bulletin Board - As we near the end of the year we have been busy making sure all Required Minimum Distributions (RMDs) are processed before the deadline. In addition, we have been reviewing taxable investment accounts to see if there are any opportunities for tax loss harvesting or other tax strategies that could save taxes on upcoming 2023 income tax returns. We are currently in the process of getting our tax software set up for the upcoming 2023 tax filing season. We will be sending out our annual tax packets at the beginning of January. This year we plan to send the tax packet digitally to save on paper and postage costs. However, if you prefer to receive a paper tax packet in the mail, please give us a call or send us an e-mail and we will be happy to mail the information in addition to sending it digitally. 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 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. Planned Solutions, Inc.