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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
November/December 2023
Three Ways To Lower Your Taxes
Delayed RMD Start Date
The age at which you must start taking required minimum distributions from qualified plans increased from 72 to 73 in 2023. So, if you don’t need the distribution, you can wait the extra year to begin taking RMDs.
"Qualify" Your Contributions
Speaking of qualified plans, make the maximum contribution to lower your taxable income for the year. If you own a business and were considering adding a qualified plan for employees, do so by year-end for possible tax credits and deductions. Your financial professional can help in this area.A "Capital" Idea
The markets were volatile this year. If you sold investments for a loss, deduct them from gains. If your capital losses exceed your capital gains, you can deduct up to $3,000 in realized losses. Remember, you can use losses carried over from previous years and carry over losses exceeding $3,000 to the next tax year. Talk to your tax professional to learn more.GE- 5843537.1(7/23)(Exp.7/25)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
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