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Inflation has been making every area of our lives more expensive as the costs of the goods and services we use every day have skyrocketed. The Federal Reserve is attempting to lower inflation by using the bluntest tool in its arsenal – raising the key short-term interest rate.
This has meant that as prices have continued to increase, they are being followed by higher costs for debt. If you’re carrying a credit card balance, you’ve likely noticed the difference. And hopefully, you have a fixed-rate mortgage.
But there may be a small silver lining. The IRS pegs tax brackets, tax deductions, 401(k), and other tax-efficient vehicle contribution amounts to inflation. A careful review of your financial picture, combined with some proactive tax planning, may save you money and set you up for increased savings growth in the years to come.
Tax brackets are increased due to inflation to ensure... ...
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