In this episode of the Planned Solutions Podcast, the price of oil per barrel surged in response to the war with Iran. Businesses are understandably hoarding oil, often by buying futures contracts, to ensure they have access to a critical input. This, combined with oil's unique nature that demand often remains steady even when prices rise, makes it a market that is especially volatile in response to an increase or a decrease in the level of supply.
The amount of money that can be allocated to a Flexible Spending Account (FSA) to pay for childcare expenses increased from $5,000 per year to $7,500 per year in 2026. Using this type of plan to pay for childcare expenses on a pre-tax basis is typically attractive for high-income taxpayers who know they will incur childcare expenses within the FSA plan year.
Income tax planning often involves balancing many factors that may not be related directly to income taxes. For example, income tax planning following the recent tax law changes may involve increasing income to take advantage of new tax deductions. However, additional income may result inphased-out deductions, credits, or additional costs, such as the Medicare IRMAA (a means-testing surcharge) that increases monthly Medicare premiums for higher-income taxpayers.
Plus, a look at the Planned Solutions Incorporated Office Bulletin Board -
There is approximately one month remaining in tax season. So, if you have not already done so, now is the time to start gathering your tax information and making plans to have your income taxes prepared. Many tax preparers are inundated in late March and early April by clients who delay submitting their tax documentation. If the backlog is too large, the preparer may not be able to play catch-up and may have to put clients on extension.
Joel attended an economic update symposium put on by River City Bank. The event features speakers discussing both the local Sacramento economy and the national economy.
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