Mr. FireStation has been tied up with a family emergency over the last week. Coincidentally, regular reader, “Klaus” Wentzel offered to step in with a post, which was great. Klaus and I have never actually met in real life, but he often shares very insightful comments. This post is based on one of his observations from a couple years ago that is relevant today. Thanks, … Continue reading What is Your Household’s Largest Budget Item?
With inflation (CPI) running a hot 8.3% for the twelve months ended in August, the Federal Government is busy adjusting numerous spending & tax parameters for the new year. Social Security is leading the way with a 8.7% cost-of-living adjustment for 2023. Here are some of the other changes due to inflation: IRS tax bracket “break points” are going up 7.0%, on average. The standard … Continue reading IRS Changes Don’t Keep Up With Inflation
We didn’t cash in any stock or appreciated assets in 2021, which kept our income pretty low. We just had some dividend income and I earned some pay from board work. Mostly, we just lived off of savings. Our accountant pointed out that married couples with income less than $80K pay 0% long-term capital gains tax. I hadn’t paid attention to that before, so we … Continue reading Capital Gains Wrinkle
MrFireStation 