Planned Solutions

In this episode of the Planned Solutions Incorporated Podcast, With interest rates are significantly higher than they were last year, this is a good time for savers to review their cash management strategies to ensure that they are maximizing the interest rates they are earning on their savings. This may involve shifting money to account types that pay higher yields, comparing the rates that are offered by different institutions, and ensuring that accounts are earning the highest amount offered by the institution. Also, Investment tax losses may allow taxpayers to claim a tax deduction on their income taxes. However, the impact of these losses is often somewhat muted. Tax losses are first used to offset taxable gains. Then up to $3,000 of any remaining net loss may be used to offset the taxation of other income. Finally, any excess unused losses are carried forward to the following tax year. And, When an individual passes away their non-retirement assets often receive a step up in tax basis. This means thei