Posted in Triplett & Carothers on February 1, 2024
The beginning of the new year is the time for taxpayers to start gathering their documents for filing their 2023 returns. And the IRS has announced some important enhancements taxpayers should be aware of to ease the yearly burden. It’s hoped taxpayers will find that the enhancements made by the IRS to the online filing… read more
Posted in Triplett & Carothers on January 31, 2024
Below are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023. Self-employed people must pay 12.4% on the first $168,600. Medicare tax In… read more
Posted in Triplett & Carothers on January 6, 2024
Most mortgage lenders reserve their lowest rates for borrowers with FICO credit scores of 800 or higher. But what if your score is significantly lower? What are some reasons explaining why you are stuck with a FICO score of 620, 660 or 680? The answers can be found in your credit reports. You have three… read more
Posted in Triplett & Carothers on January 5, 2024
There is no shortage of opportunities for those inclined to provide their time and effort for volunteering. These opportunities exist at every nonprofit organization for both retirees and younger generations. Define opportunities The first step is to work out what motivates you, what you want to do and when you will be available to do… read more
Posted in Triplett & Carothers on January 4, 2024
I say “Choose a guardian for your children,” and your knee-jerk answer is your parents or a very close friend. How about choosing alternates in case your first choice is unable to take on the role? What attributes do you want in a guardian? A married twosome—Seems like a stable arrangement, but divorce happens. Which… read more
Posted in Triplett & Carothers on January 3, 2024
ON A PERSONAL NOTE … The Legendary Count Basie Orchestra! Don’t miss this epic event on Monday, February 5th presented by my alma mater, the U of L School of Music. I’ll be there and I wanted to share the event details. “The University of Louisville School of Music proudly presents the 29th annual African… read more
Posted in Triplett & Carothers on December 1, 2023
Wishing the happiest of holidays to all of our clients, colleagues and friends … and a new year of peace, health and joy.
Posted in Triplett & Carothers on December 1, 2023
To find meaning in retirement, consider becoming a teacher. This change need not necessarily involve training young people to take exams in a traditional context. The activity can take place in a classroom one-on-one. From kindergarten to high school to college level, from leisure activities and hobbies to sports, all offer opportunities to enrich others’… read more
Posted in Triplett & Carothers on December 1, 2023
If you have not yet had a serious conversation with your children about your plans and hopes for retirement, you are not alone. According to a survey by GOBankingRates, 73% of over 1,000 respondents had never addressed it with their families. Why not? Money is often a taboo subject. Twenty-two percent felt it was not… read more
Posted in Triplett & Carothers on December 1, 2023
It’s never too early to think about taxes! The IRS has already issued numbers to help you understand what the 2024 tax situation will be like. Below is a summary. The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single… read more
