Planned Solutions

In this episode of the Planned Solutions Incorporated Podcast, As the last several months have demonstrated, the future path of interest rates is unknown. However, the expected path of interest rates can be discerned by examining the futures markets where investor thinking is reflected in prices and expectations for rate changes. Currently, the market is predicting that the current interest rate cycle has peaked and the Federal Reserve will start to lower interest rates by May 2024. Also, The federal standard deduction for income taxes will increase for all tax filers in 2024. However, many of the itemized deductions may have also increased due to increased mortgage rates and property taxes. Therefore, it is important for taxpayers to review their filing options, especially when it comes to state taxes, which often have a lower standard deduction than the federal level. Plus, The amount that an individual can gift to another individual in a given tax year without owing gift taxes, or being required to file