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Blattel Newsletter: Inflation and Tax Season

Blattel Newsletter: Inflation and Tax Season

February 13, 2023

This week, football fans are gearing up for one of the biggest sporting events of the year—Super Bowl LVII. You might be looking forward to the friendly rivalries, tasty appetizers, tailgating, the halftime show, or bank-breaking commercials. No matter which parts of Super Bowl Sunday you’re excited about, we hope you enjoy the game!


This time of year isn't just about football season. It's also tax season, which is a good time to update and organize your files. Here are some helpful timelines to keep in mind as you prepare your documents prior to filing taxes:

Keep for 1-3 Months

Utility bills

Sales receipts for minor purchases

ATM & bank deposit slips


Keep for 1 Year

Checkbook ledgers

Paycheck stubs

Monthly mortgage statements

Expired insurance records


Keep for 7 Years

Bank statements

W-2 & 1099 forms

Receipts for tax purposes

Cancelled checks

Disability records

Unemployment income stubs

Medical bills/claims


Keep Indefinitely

Annual tax returns

Deeds, mortgages & bills of sale

Year-end statements for investments

Legal documents

Home improvement docs & receipts

Receipts for major purchases

Wills

Living wills

Power of attorney designation

Medical & burial instructions

Beneficiary directions

Real estate certificates

Automobile titles

Current insurance policies

Medical records

Education records

Pension plan records

Retirement plan records


As always, please don't hesitate to contact us by phone (636) 397-8303 or email info@blattels.com. Thank you.

Resources

Market Update

Stocks were mixed last week following better-than-expected corporate reports and increasing optimism over a slowdown in interest rates.Read more market & economic insights.


Q4 Market Review

SEI's Chief Investment Officer provides an overview of the global financial markets during the fourth quarter and SEI's perspective on them. Learn more in SEI's Q4 Market Review video.


Identity Theft

Being careful with your personal data means more than just shredding your documents. Learn more ways to help protect against identity theft.

Taxes

For the 2022 tax year, the dates for printing and mailing recipient copies are as follows:

  • 1099-Rs (IRAs)
  • SEI mail date: January 31 (Currently available online)
  • FCC mail date: January 31
  • 1099-Bs (non-Qualified)
  • SEI mail date: February 17, February 24 and/or March 10 (Available online one week prior)

(These are produced & mailed in three batches; date depends on when SEI receives the information on the holdings within your account)

  • FCC mail date: February 15 (May be amended if additional income or distribution information was provided after the original mailing deadline.)


Please note: the USPS lengthened its service standards to five days for delivery of first-class mail. To receive your tax documents quicker, consider signing up for online access. If you or your tax preparer need us to help gather any information, please give us sufficient notice to fulfill your request. Call our office at (636) 397-8303 with any questions. Blattel & Associates does not provide tax advice. Please consult with your tax advisor with regard to your personal situation.

"Thinking about what you can't control only wastes energy and creates its own enemy."

– Sandy Fries

The Two Types of IRS Volunteer Programs

Every year, IRS-certified volunteers help people file their tax returns accurately. This volunteer opportunity is perfect for people who want to learn more about tax preparation, need to earn continuing education credits, or want to give back to their community. 

The IRS offers the Volunteer Income Tax Assistance program (VITA) and the Tax Counseling for the Elderly program (TCE). VITA offers free help to people who generally earn $60,000 or less, people with disabilities, and limited English-speaking taxpayers. TCE is mainly for people aged 60 or older. Although the program focuses on tax issues unique to seniors, most taxpayers can get free assistance.

*This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov5

4 Potential Benefits of Aloe Vera

Aloe vera is quite a robust plant! Not only is it safe to eat and used in many cosmetic products, but it also has many benefits that stem (pun intended) outside its typical uses. 

Here are four potential benefits of Aloe vera:

  • One study found that Aloe vera is just as effective as mouthwash at reducing plaque.
  • Aloe vera flower and leaf extracts may have antioxidant properties.
  • Aloe vera may help lower blood sugar levels for people with type 2 diabetes.
  • Aloe may help with burn wounds. Patients with burn wounds treated with Aloe vera healed significantly quicker compared to a group not treated with Aloe vera.

In addition to the above benefits, many people use Aloe vera to soothe sunburns, dry skin, and cuts.

Tip adapted from Every Day Health6

They have no bodies, but you could say they have tails and heads. What are they?

Last week’s riddle: What is the beginning of sorrow and the end of sickness? Something you cannot express happiness without? Something that is always in risk, but never in danger?  Answer: The letter "s."

 Hana HIghway, Maui, Hawaii 

Footnotes and Sources


1. The Wall Street Journal, February 10, 2023

2. The Wall Street Journal, February 10, 2023

3. The Wall Street Journal, February 10, 2023

4. The Wall Street Journal, February 7, 2023

5. IRS.gov, October 20, 2022

6. EveryDayHealth.com, July 8, 2022

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.

The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.

U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.

Please consult your financial professional for additional information.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.

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