Zane Akin - Baker Financial Group

01/18/2025

12/03/2024

Many of us rely on payment apps for convenience, but it's important to understand their limitations. While these apps make transferring money easy, storing funds in them might not be the wisest financial move. 📱

Did you know that money left in most payment apps isn't FDIC-insured? This means your funds could be at risk if something goes wrong. Plus, you're missing out on potential interest from high-yield savings accounts.

Consider promptly transferring money out of payment apps. It's a simple step that can help protect your funds and potentially earn you more over time.

Interested in learning more about maximizing your money's potential? Let's discuss strategies that align with your financial goals. 💼


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More and more people are using payment apps to send and receive money. As use has grown in recent years, the Consumer Financial Protection Bureau and Consumer Reports have issued guidance on best practices to avoid pitfalls consumers may not expect.

11/27/2024

🔄 2025 IRS Update Alert!

Your workplace retirement contribution limits are getting a boost. Here's what you need to know:
↗️ Basic limit: $23,500
↗️ Age 50+ catch-up: $7,500
⭐ NEW! Ages 60-63 super catch-up: $11,250

What this means: If you're between 60-63, you could contribute up to $34,750 in 2025!
These increased limits will apply to most workplace retirement accounts, including 401(k)s, 403(b)s, and government TSPs. While IRA limits remain at $7,000 ($8,000 if you're 50+), this extra room in workplace accounts opens up new possibilities for your retirement strategy.

Just keep in mind that employers will need to opt in to offer the super catch-up provision. 💪


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Contribution limits for 401(k) and other workplace retirement plans rise for 2025. Sixty- to 63-year-olds get a super contribution for the first time.

11/12/2024

The IRS has released the 2025 tax brackets with a 2.8% inflation adjustment—the smallest increase in several years.

Here's what's changing:
➡️ Standard deduction for married couples filing jointly rises to $30,000
➡️ Single filers' standard deduction increases to $15,000
➡️ Annual tax-free gift limit grows to $19,000 per recipient
➡️ Estate tax exclusion reaches $13.99 million (up from $13.61 million)
➡️ Earned Income Tax Credit maximum increases to $8,046 for qualifying families

Understanding how tax brackets work remains crucial: you're only taxed at higher rates for income above each threshold, not your entire earnings. For example, if you're married filing jointly, you'll pay 10% on the first $23,850 of taxable income, then 12% on earnings above that amount.

Important note: Some provisions aren't changing in 2025, including the $10,000 SALT deduction cap and the $2,000 Child Tax Credit. ⚖️


Source:

The IRS has adjusted tax brackets and dozens of other provisions for inflation. Here's how that will impact your taxes.

10/21/2024

Recent data shows bearish sentiment at its lowest this year. While this doesn't change long-term strategies, it might signal some short-term turbulence—especially as we approach the election.

Remember: Market volatility is normal. Stay focused, stay informed, and keep your long-term goals in sight!