Planned Solutions

In this episode of the Planned Solutions Incorporated Podcast, Interest rates have increased sharply in the past 18 months as the Fed attempts to slow the economy and bring inflation down to its 2% target. However, several areas of the economy have reacted in unusual ways as the job market has remained strong and single-family home prices remain elevated, while commercial real estate prices have dropped. In addition, the level of household debt, commercial business debt, and even government debt have all increased despite higher interest rates. Also, The interest rate applied to tax balances that were not paid within the quarter that the income was earned was 7% for the third quarter and increased to 8% for the fourth quarter. These high interest rates may lead to substantial tax underpayment penalties for taxpayers who do not monitor their taxable income and tax withholdings during the year, making it more important to engage in tax planning during the tax year Also, Collectibles can be an attractive inve