This week, we’ll take a look at how inflation will affect your taxes in 2023. Then, wondering which days are the best for air travel? We’ve got you covered.
Finally, some good news for inflation: it looks like it will lower your taxes, because the IRS has made adjustments for tax year 2023. Before we go any further in discussing this, we should let you know that we at Obsidian are not tax accountants or CPAs. The Obsidian team does work with CPAs with whom we can put you in touch, though, so let us know if you’d like a recommendation.
Okay, back to the show. For folks whose earnings have not kept up with inflation, the new cost-of-living adjustment to the tax code could mean paying less in income and estate taxes next year. Tax brackets will jump by 7% and the standard deduction is bumping up–both pieces of good news. While parts of the US tax code have been adjusted every year since 1985, the adjustments were small enough to be unnoticeable. But with inflation at its highest point in 40 years, the cost of living adjustment is correspondingly large. If you have questions about how this will affect you, contact your accountant or call us for a recommendation.
We all love traveling, but this year has been rough on air travelers, with cancellations, high prices, lost luggage, and more. It turns out that you can minimize both price and hassle by choosing your flight days carefully. Here’s what we found out:
- Tuesdays and Wednesdays are generally the cheapest days to fly
- When you book the ticket doesn’t actually matter nearly as much as the day your flight is scheduled for
- Tuesdays and Wednesdays are also the best days to fly in terms of crowds at the airport and avoiding cancellations
That’s it for us this week! Let us know what your lucky day to fly is, and we’ll be back in your inboxes next Friday.
How We Help
This week we worked with a family who is planning on making large gifts to their children, in the multiple hundreds of thousands of dollars. We’re valuing those assets and making those gifts with their attorney and CPA so a gift tax return can be filed and those assets transferred to their children. If you’re considering making a similar gift to a family member, give us a call and we’ll sort out the details with you.
Advisory Services offered through Obsidian Personal Planning Solutions, LLC. Securities are offered through Triad Advisors, member FINRA/SIPC. Obsidian Personal Planning Solutions, LLC, and Obsidian Personal Planning Solutions, Inc, are not affiliated with Triad Advisors