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With the 2022 tax-filing season in the rear-view mirror, it's time to focus on the 2023 tax environment and the changes that could make a big difference to your return. Nancy Murphy, a senior wealth strategist at Charles Schwab with a focus on estate planning, joins host Mike Townsend to discuss how higher inflation has had a big impact on individual tax brackets, the estate tax, retirement savings contribution limits, and more. Nancy walks through some key opportunities and decision points for investors, including whether the time is right to make a Roth conversion, how to handle new rules for inherited IRAs, how to plan amid the uncertainty as several major tax provisions are set to expire at the end of 2025, and the difference waiting to take Social Security can make.
Mike also provides updates from Washington on the latest twists and turns in the debt ceiling drama and highlights key takeaways from SEC Chair Gary Gensler's recent contentious testimony before House committee.
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