{"id":16489,"date":"2024-01-29T11:22:29","date_gmt":"2024-01-29T17:22:29","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=16489"},"modified":"2024-01-29T11:23:55","modified_gmt":"2024-01-29T17:23:55","slug":"protecting-yourself-from-the-dangers-of-inflation","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation","title":{"rendered":"Protecting Yourself From the Dangers of Inflation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16489\" class=\"elementor elementor-16489\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-40a35f36 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"40a35f36\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5815c50b\" data-id=\"5815c50b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12e53644 elementor-widget elementor-widget-text-editor\" data-id=\"12e53644\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p class=\"p1\">After more than a decade of hovering at normal-to-below-average levels, inflation became a hot topic again in 2021 when it rose to over 4%. By March 2022, it had hit a 40-year high of 8.5%. This prompted the Federal Reserve to take its usual course of action to combat inflation: raising short-term interest rates. Over the next 18 months, the Fed hiked rates at a historically aggressive pace. As usual, this created extreme volatility in the financial markets, but ultimately inflation did come down again to just over 3% by late 2023.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cb0e893 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cb0e893\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-317a72e\" data-id=\"317a72e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-71568ec uael-gf-ajax-true uael-gf-style-box uael-gf-input-size-sm uael-gf-enable-classes-no 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That\u2019s why it\u2019s always good to meet with your CPA or financial advisor on an annual basis to talk about potential tax savings strategies as they exist under current tax rules and guidelines. While it\u2019s generally best to have that meeting in November or December to beat all the IRS\u2019s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars.<\/p>\n<p>The tax savings strategies discussed in this report are primarily geared toward filers in the 12% to 24% income tax brackets and are strategies related to retirement contributions, investments, savings, healthcare expenses, charitable donations, and other key areas. But first, let\u2019s go over some basic tax guidelines as they stand for the tax year 2023.<\/p>\n<p>Deductions &#038; Exemptions: The standard deductions for the tax year 2023 are:<\/p>\n<p>\u2022 Singles get $13,850, plus an additional $1,850 if age 65 or over<br \/>\n\u2022 Married couples get $27,700, plus $1,500 per spouse if both are 65 or over<br \/>\n\u2022 Heads of household get $20,800, plus $1,850 if age 65 or over<\/p>\n<p>Personal exemptions were eliminated with The Tax Cuts and Jobs Act and remain at 0. Most people know how basic tax preparation works: your adjusted gross income minus deductions and exemptions equals your taxable income. Beyond your standard deductions and personal exemptions, you and your advisor may want to explore and possibly implement some of the following additional strategies:<\/p>\n<p>401(k)s and Other Qualified Plans<br \/>\nIt is generally a good idea to maximize tax-deferred 401(k) contributions whenever possible. If you feel you can\u2019t afford to put in the maximum amount of money allowed, try to contribute at least the amount that will be matched by employers\u2019 contributions. Contribution limits for 401(k), 403(b), and 457 plans are $22,500, with an additional $7,500 catch-up contribution limit if you are over age 50. You might even consider taking an entire paycheck in December and putting it into your 401(k), if that\u2019s feasible, or taking the equivalent amount from a savings account and putting that into the 401(k) to maximize the contribution.<\/p>\n","protected":false},"author":4,"featured_media":16490,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4,5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Protecting Yourself From the Dangers of Inflation - Johnson Wealth and Income Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Protecting Yourself From the Dangers of Inflation - Johnson Wealth and Income Management\" \/>\n<meta property=\"og:description\" content=\"It seems that tax laws and regulations are constantly changing. That\u2019s why it\u2019s always good to meet with your CPA or financial advisor on an annual basis to talk about potential tax savings strategies as they exist under current tax rules and guidelines. While it\u2019s generally best to have that meeting in November or December to beat all the IRS\u2019s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars.  The tax savings strategies discussed in this report are primarily geared toward filers in the 12% to 24% income tax brackets and are strategies related to retirement contributions, investments, savings, healthcare expenses, charitable donations, and other key areas. But first, let\u2019s go over some basic tax guidelines as they stand for the tax year 2023.  Deductions &amp; Exemptions: The standard deductions for the tax year 2023 are:  \u2022 Singles get $13,850, plus an additional $1,850 if age 65 or over \u2022 Married couples get $27,700, plus $1,500 per spouse if both are 65 or over \u2022 Heads of household get $20,800, plus $1,850 if age 65 or over  Personal exemptions were eliminated with The Tax Cuts and Jobs Act and remain at 0. Most people know how basic tax preparation works: your adjusted gross income minus deductions and exemptions equals your taxable income. Beyond your standard deductions and personal exemptions, you and your advisor may want to explore and possibly implement some of the following additional strategies:  401(k)s and Other Qualified Plans It is generally a good idea to maximize tax-deferred 401(k) contributions whenever possible. If you feel you can\u2019t afford to put in the maximum amount of money allowed, try to contribute at least the amount that will be matched by employers\u2019 contributions. Contribution limits for 401(k), 403(b), and 457 plans are $22,500, with an additional $7,500 catch-up contribution limit if you are over age 50. You might even consider taking an entire paycheck in December and putting it into your 401(k), if that\u2019s feasible, or taking the equivalent amount from a savings account and putting that into the 401(k) to maximize the contribution.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation\" \/>\n<meta property=\"og:site_name\" content=\"Johnson Wealth and Income Management\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-29T17:22:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-29T17:23:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/01\/JWIM-Protect-Yourself-From-the-Dangers-of-Inflation.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"654\" \/>\n\t<meta property=\"og:image:height\" content=\"846\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"oxydigital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"oxydigital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation#article\",\"isPartOf\":{\"@id\":\"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation\"},\"author\":{\"name\":\"oxydigital\",\"@id\":\"https:\/\/johnsonwim.com\/#\/schema\/person\/2f232eb5356ffddebb1b1c5f27528772\"},\"headline\":\"Protecting Yourself From the Dangers of Inflation\",\"datePublished\":\"2024-01-29T17:22:29+00:00\",\"dateModified\":\"2024-01-29T17:23:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation\"},\"wordCount\":102,\"publisher\":{\"@id\":\"https:\/\/johnsonwim.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2024\/01\/JWIM-Protect-Yourself-From-the-Dangers-of-Inflation.jpg\",\"articleSection\":[\"Reports\",\"Resources\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation\",\"url\":\"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation\",\"name\":\"Protecting Yourself From the Dangers of Inflation - 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Johnson Wealth and Income Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/johnsonwim.com\/protecting-yourself-from-the-dangers-of-inflation","og_locale":"en_US","og_type":"article","og_title":"Protecting Yourself From the Dangers of Inflation - Johnson Wealth and Income Management","og_description":"It seems that tax laws and regulations are constantly changing. That\u2019s why it\u2019s always good to meet with your CPA or financial advisor on an annual basis to talk about potential tax savings strategies as they exist under current tax rules and guidelines. While it\u2019s generally best to have that meeting in November or December to beat all the IRS\u2019s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars.  The tax savings strategies discussed in this report are primarily geared toward filers in the 12% to 24% income tax brackets and are strategies related to retirement contributions, investments, savings, healthcare expenses, charitable donations, and other key areas. But first, let\u2019s go over some basic tax guidelines as they stand for the tax year 2023.  Deductions & Exemptions: The standard deductions for the tax year 2023 are:  \u2022 Singles get $13,850, plus an additional $1,850 if age 65 or over \u2022 Married couples get $27,700, plus $1,500 per spouse if both are 65 or over \u2022 Heads of household get $20,800, plus $1,850 if age 65 or over  Personal exemptions were eliminated with The Tax Cuts and Jobs Act and remain at 0. Most people know how basic tax preparation works: your adjusted gross income minus deductions and exemptions equals your taxable income. Beyond your standard deductions and personal exemptions, you and your advisor may want to explore and possibly implement some of the following additional strategies:  401(k)s and Other Qualified Plans It is generally a good idea to maximize tax-deferred 401(k) contributions whenever possible. If you feel you can\u2019t afford to put in the maximum amount of money allowed, try to contribute at least the amount that will be matched by employers\u2019 contributions. Contribution limits for 401(k), 403(b), and 457 plans are $22,500, with an additional $7,500 catch-up contribution limit if you are over age 50. 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