Kelley & Mullis Financial Updates

Fewer things are more reliable than Tax Day, even if the deadline has shifted around a bit in recent years. This year, it’s April 18th for most taxpayers, and recent legislation changes include substantial increases to standard deduction amounts and modifications to itemized deductions. Also, if you’ve reached age 72, you generally must start taking withdrawals from your qualified retirement plan. Your Required Minimum Distribution (RMD) will be reported as taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts) so be sure to include that information on your return, if applicable.

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Medicare’s annual open enrollment period begins October 15 and ends December 7. During this time, current Medicare beneficiaries have the option to adjust their coverage for the coming year. Any changes to your plan will go into effect on January 1, 2023.

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Making New Year’s resolutions has become almost cliché, because, let’s face it, most of us find it difficult to stay focused on these resolutions through the end of January. Financial goals can be especially difficult to stick with because our spending, saving and investing habits tend to be tied to our emotions more than our logic. Here are 5 Tips for Keeping Your Financial Resolutions:

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Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last.

When you are older, “and-a-half” birthdays start making a comeback.

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Every year, about 150 million households file their federal tax returns. For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer software to take advantage of every tax break the code permits.

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Birmingham, Ala. – Michael Mullis, managing partner and wealth manager for Kelley & Mullis Wealth Management, was recognized as one of Barron’s 2022 ‘America’s Top 1,200 Financial Advisors’ for the eighth consecutive year ranking number 7 among the ‘Top 10 Financial Advisors in Alabama.’

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When I get into conversations with people who are thinking about investing but haven’t quite made the commitment, I find that the most common reason they give for waiting is that they don’t have the money to get started.

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As the seasons change and we’re into the fall and winter months, it might seem odd to think about next year’s taxes, but now is a good time to review your financial situation before the books close on the year and take steps to try to avoid a large tax burden. It’s also a good time to consider possible year-end gifting strategies.

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How a 401(k) plan (which may be employer-matched), could help you prepare for a comfortable retirement.

There can be a lot of confusing numbers floating around when you try to invest: 529s, 401(k)s and 403(b)s. But your goal to retire in comfort is probably very clear. General George S. Patton once said, “I always believe in being prepared,” and while he may not have been talking about retirement specifically, his objective transfers well.

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College costs can be more than a little painful, but with the proper financial planning, you could be whistling your child’s college fight song all the way to the bank.

Although federal and state financial aid for college students have decreased, published in-state tuition costs and fees at public four-year institutions increased 2.2 percent per year beyond inflation over the last 10 years, according to the College Board, a nonprofit representing colleges and universities.

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