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Tax Deductions

Marie Deary

Jan 11, 2023

Make more money and keep more of the money you make!

So how much is the standard deduction worth? It depends on your filing status, whether you're 65, and whether another taxpayer can claim you as a dependent on their tax return. It's also adjusted annually for inflation, so your 2022 standard deduction is larger than it was for 2021, and your 2023 amount will be higher than your 2022 amount.

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Big raise for those 65+

8.7% Social security payments extend far beyond the millions of Americans who receive benefits. Thanks to an 8.7 cost of living adjustment in social security benefits, the average monthly social security will increase $146.00 per month, to $1,827 in 2023. The maximum for a worker who retires at full retirement age in 2023 will be $3,627 a month.

Take the money and run?

Early retirees or those who are considering retiring this year, may be tempted to file for benefits as soon as possible to take advantage of this generous cost- of- living increase (COLA). You are eligible to file for benefits at 62; however, filing for benefits before your full retirement age will permanently reduce your benefits by up to 30%.

Whatever your personal or business financial need

Wealth Management Financial Advisors, can help!

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