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The Latest from TrekInsights.com

If you are a business partner, S corporation shareholder, or an investor in a limited partnership and certain ETFs, there’s a possibility you will receive a Schedule K-1 document. Read more to learn what a Schedule K-1 one is, and if you might be issued one during the tax filing season.  What is a Schedule K-1? A Schedule K-1 is a federal tax document used to report the income, losses, and dividends for business’ or financial entity’s partners, or an S corporation shareholder. The document is also used to report income distributions from trusts and estates to beneficiaries, and it’s… [...]

On December 23, 2022, Congress passed the bill containing the Secure 2.0 Act retirement provisions. This Act will reshape retirement tax incentives for years to come through changing existing retirement account rules and related tax breaks.  Here is a list of some important highlights explaining these new changes.  1. Increased RMD Age The age for required minimum distributions (RMD) from an IRA increased from 72 years of age to 73 years of age, effective on January 1, 2023. It will later increase to 75 years of age, effective on January 1, 2033.1 2. Reduced Penalty for RMD Failures The penalty… [...]

Financial Resolutions for 2023

Many Americans are planning ahead for uncertain times by adopting financial resolutions for the new year. According to a 2023 financial resolutions study by Fidelity, more than half of Americans are considering a financial resolution. About half are ready to make practical resolutions and focus on balancing short-term and long-term financial goals.1 Image Source 1 A generational breakdown of who is considering a financial resolution in the new year. By reflecting on the challenges of 2022, here are financial resolutions we recommend you consider for 2023.  Build an emergency fund Although you aren’t capable of forseeing future disasters, fortunately you… [...]

What Really Matters Now

Written by: Benjamin Bimson CIMA®, CMT® / CIO, Trek Financial As we head into the end of 2022, most investors can probably agree that it has been a very difficult year in the market. And as we look forward to 2023, there are still several things that could be concerning, including raising rates, concerning macro-economic data, persistently high inflation, and continuing volatility in the markets. Despite the ongoing struggle to decern whether a bottom is or not, there are a few things that likely need to be worked out before recession risk can abate. This question is important because markets… [...]

Hey there new parent! With the excitement of a new baby, it’s easy to overlook some key financial steps to take, like updating beneficiary designations. Here are a few steps you should consider. Update your health insurance policy Unfortunately, this process does not happen automatically. You’ll need to do it manually and quickly or you could lose out on insurance benefits.  If you have insurance through an employer, you may have limited time to add your child to your policy. Switching to a lower deductible plan is an option if you are concerned about your baby’s potential health care costs.… [...]