Financial News

Key Retirement and Tax Numbers for 2023

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2023. Estate, Gift, and Generation-Skipping Transfer Tax The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2023 is…

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Team Spotlight: Jordan Harriz

When did you start at Koss Olinger?  September 2022 What is your role at Koss Olinger?  Client Service Associate Where did you grow up? Greenville, SC Do you have pets? If yes, tell us about them. I have three dogs and three snakes. My dogs are Remington, Jasper, and Annabelle. Remington is a stoic yellow husky/lab mix who…

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Three Stretch IRA Alternatives

The passage of the SECURE Act in 2019 effectively eliminated the stretch IRA, an estate planning strategy that allowed an inherited IRA to continue growing tax deferred, potentially for decades. Most non-spouse beneficiaries, including children and grandchildren, can no longer stretch distributions over their lifetimes. Moreover, proposed IRS regulations require most designated beneficiaries to take…

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