Take a look at our January newsletter!
119 Old State Rd., Ellisville, MO 63021 THE WEALTH ZONE DON’T FORGET ABOUT YOUR FINANCES! AS YOU CREATE YOUR NEW YEAR’S RESOLUTIONS … CapitalAdvisoryGrp.com January 2023
Two Ways to Start Fresh Financially in 2023 1. Revisit your budget. Reviewing your budget is extremely valuable — especially with increasing inflation. At the start of each year, it’s best to check how much you spent last year and see if anything will change in the near future. Assess your monthly income and determine what financial trends you made the previous year and set this year’s priorities. Adjust your budget as needed to ensure you’re hitting your financial goals and are prepared for any price increases. 2. Increase your savings accounts, retirement plans, and emergency funds by 1%. It’s best to save money in accounts that aren’t your checking account. Creating and saving money in various savings accounts, retirement plans, and emergency funds is one of the best ways to keep more of your wealth. While increasing these funds by 1% may not seem like much, it will go a long way when you review these accounts at the beginning of next year. If you continually increase your savings by even this small amount, over the next few years your finances will grow exponentially. Just remember, slow and steady wins the race! How to Prepare for the Upcoming Tax Season 1. Organize your tax documents. Depending on your filing status and employment, there are different documents you should bring when filing
Happy New Year, everyone! Can you believe it’s already 2023? As the holidays are ending, most of us take the first month of the new year to create goals and establish strategies to accomplish our resolutions. There are many resolutions you can pursue this year. But as you outline what you want this year to look like, be sure you’re considering your finances. The decisions you make now on how to manage your finances, money, credit, and taxes can affect you in the future. Therefore, you must review your accounts, spending habits, and budget to ensure they still fit your needs and goals. In honor of January being Financial Awareness Month, here are a few strategies to help you keep more of your wealth during the new year. Have You Heard Us on the Radio Yet? Tune in to KTR 550 AM radio every Saturday from 3–4 p.m. as Jeff Zufall and Josh Gilbert discuss all things taxes and financial planning. From innovative strategies to optimize your benefits to breaking down proposed and current legislative measures, Jeff and Josh guide you through today’s most pressing topics in the financial world. If you have financial or tax questions you would like answered during our radio show, please email your questions to jeff@capitaladvisorygrp.com.
your taxes for the upcoming year. Some of the documents you need to organize can include a copy of last year’s tax return, W-2 forms, 1099 forms, forms 1098 or 1099-DIV, form 1098-E, form 5498, and more. If you’re concerned about which documents to prepare for the upcoming tax season, I will be happy to help. Please reach out to me, and we can review what documents to organize and if any tax changes will affect you.
2. Consider filing an extension or adjusting your withholding.
Sometimes important tax information can get lost in the mail, or these records were never mailed to you. To give yourself a buffer, consider filing an extension to ensure your documents are in order before filing your taxes. Additionally, it’s a good idea to check your W-4 withholding. If your employer gives you a W-2, they may have you fill out a W-4 every January that determines how much tax to withhold from your paycheck. Look at this form and see if there are necessary adjustments before filing your taxes later this year. 2023 brings a fresh start to our years, goals, and aspirations. Please call me today if you plan on focusing on your finances this year. I can help you as you review your budget, spending habits, and vulnerabilities and help you create a plan that works best for you and your family.
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Throughout winter, we have the opportunity to participate in many activities that are only possible during this season. We can ski, snowboard, snowshoe, sled, and more. While some people fly south for winter vacations to escape the cold weather, others travel to extraordinary winter destinations within our country. Plenty of options are available if you’re looking for a truly unique experience this winter. Here are three winter activities that will leave you with long-lasting memories. Snowmobile Tours in Alaska Alaska is one of America’s hidden gems, even though it’s the biggest U.S. state. If you’re looking for unique winter experiences, you’ll want to visit Alaska. One of the coolest adventures you can experience is CHECK OUT THESE 3 UNIQUE ACTIVITIES WANT TO TRY SOMETHING NEW THIS WINTER?
ANOTHER CHANCE TO GET IT RIGHT With Focus and Support!
New Year’s resolutions and goals seem to be on everyone’s radar, but they cannot be achieved without action! Resolutions tend to get a bad rap because of how many people fail to get past January before they give up altogether. So, it may be time to take a new approach! Start with a specific goal. Millions of people resolve to lose weight, be more productive, or give up bad habits for the new year. But instead of choosing a general, ambiguous goal, focus on something more concrete you can realistically measure and achieve! What about that new promotion, career opportunity, or even an advanced degree? Getting specific on how the goal is essential to your career will get you past the inevitable obstacles and failures. It will be worth the time, energy, and heart you invest in a career enhancement. Commit to developing your networks. Your professional network influences your career potential. You don’t have to attend every event and mixer, but choosing a few opportunities to connect with others or meet new people can be a building block of your resolution. Get those events on your calendar for a greater chance of sticking with the plan! Create an accountability system. Consider choosing a trusted person — personally or professionally — to check in periodically to see how you are progressing on your goals. This way, they can offer encouragement, brainstorm ideas, and hold you accountable for sticking with it. Putting thoughts on paper is also a great way to hold yourself accountable! In a journal, you can write down everything you want to accomplish within a set time frame and continuously check off the things you finish! Strive for progress, not perfection. Striving for perfection can derail your progress in the long run, so it’s important to frame your goals in terms of knowledge, networks, and experiences you collect along the path to success. No one is perfect, and everyone has setbacks along their road to success. Still, if you set your sights on the goals and take it one step at a time, you are that much closer to achievement.
a snowmobile tour. You can hop aboard a snowmobile and ride the same path as the Iditarod Trail Sled Dog Race or visit some beautiful mountains and glaciers. Many of these tours will lead you right past moose, bears, and caribou as you take in the beauty of Alaska’s environment.
Skating on Mirror Lake at Lake Placid Lake Placid, New York, had the privilege of hosting the Winter Olympics twice, so it’s no surprise they have some amazing cold weather activities to showcase. A truly exceptional experience is skating on Mirror Lake. They have a 2-mile-long ice track where you can test your speed and areas for people to skate openly or play a game of ice hockey. You can even participate in dog sledding there. It’s a beautiful area filled with various winter activities. Ice Fishing Excursions in Brainerd, Minnesota While fishing might be more commonly known as a spring or summer activity, you can get plenty of fishing done in the winter if you know where to go. Brainerd is considered one of the best places to visit for ice fishing enthusiasts. There are over 300 fishing lakes near the city, and you can expect to catch bluegill, walleye, largemouth bass, yellow perch, northern pike, and many others. If you like to fish throughout the year, check out Brainerd.
With the right tools, focus, and support, you can stick with your New Year’s resolutions and make this year the best!
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CapitalAdvisoryGrp.com
7 Tax Inflation Adjustments to Look Out For CHANGES FOR 2023 TAX SEASON
As we start 2023, now is the time to prepare your taxes for the upcoming tax return season. By collecting the necessary documents early, you’ll have an easier time when you begin filing. As you prepare, there are a few changes you need to be aware of for the upcoming tax season. On Oct. 18, 2022, the IRS announced several changes to 2023’s tax year and made adjustments due to inflation. Here’s what you need to know. Standard Deductions For married couples filing jointly , the standard deduction rose to $27,700 . Likewise, single filers can now claim $13,850 .
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32% for incomes over $182,100 (single) and $364,200 (married) 24% for incomes over $95,375 (single) and $190,750 (married) 22% for incomes over $44,725 (single) and $89,450 (married) 12% for incomes over $11,00 (single) and $22,00 (married)
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You can now contribute $22,500 to your 401(k) and IRA plans beginning in 2023.
The Alternative Minimum Tax exemption starts at $81,300 and phases out at $578,150. Exemptions for married couples filing jointly will begin to phase out at $1,156,300. For Earned Income Credit , the maximum amount is $7,430 for qualifying taxpayers who have three or more qualifying children. The Educator Credit went from $250 to $300 for the upcoming tax season if you’re a teacher.
The gift tax exclusion in 2022 was $16,00, but now in 2023, the maximum will be $17,000. Many increases have occurred for the upcoming tax season. If you have questions or concerns about these changes and how they affect you, please call your friends at Captial Advisory Group today. We will be happy to review these adjustments and ensure all of your information is prepared and correct.
Marginal Rates •
37% for incomes over $578,125 (single) and $693,750 (married) 35% for incomes over $231,250 (single) and $462,500 (married)
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We Would Love to Hear From YOU!
EASY CHERRY COBBLER
Directions
Ingredients On a cold winter night, few things are better than warm bites of yummy cobbler. This recipe’s sweet and fluffy crust perfectly balances the tart cherry filling to create the ultimate after-dinner treat. • 1/4 cup salted butter, melted • 1 cup cake flour or all- purpose flour • 1 cup granulated sugar • 1 tsp baking powder • 1 cup milk • 1 21-oz can cherry pie filling
If you have questions you would like answered in our upcoming newsletter; please submit all inquiries to ellen@capitaladvisorygrp.com . We would also love to highlight your experience with Capital Advisory Group. If you have success stories or instances you would like to share, please send those submissions to the email above.
1. Preheat oven to 350 F. 2. In the bottom of a 2.5-qt baking dish, pour melted butter. 3. In a medium bowl, whisk together flour, sugar, baking powder, and milk until combined. 4. In the baking dish, pour batter over the butter, and don’t stir. Then, pour the cherry pie filling over the batter, and don’t stir. 5. Bake 45 minutes, or until crust is golden brown. Let stand 10 minutes before serving.
Thank you for your continued support!
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119 Old State Rd. Ellisville, MO 63021 CapitalAdvisoryGrp.com
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ISSUE INSIDE THIS
page 1
4 Ways to Keep More of Your Wealth
page 2
Stick to Your New Year’s Resolutions
page 2
3 Unique Winter Activities to Experience
page 3
Changes for 2023 Tax Season
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Easy Cherry Cobbler
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Be Warm on the Outside and Inside
BE WARM ON THE OUTSIDE AND INSIDE IT’S NATIONAL HOT TEA AND SOUP MONTH!
The Fountain on Locust 3037 Locust St. | FountainOnLocust.com
Winter is in full swing! Most of us are bundling up with sweaters, jackets, scarves, and other winter gear as we venture outside. While we may be warm with a few layers of clothing, one of the best ways to stay warm is by sipping a bowl or cup of hot and delicious soup or tea. In honor of January being National Hot Tea Month and National Soup Month, here are a few places to go this winter to get an extra boost of warmth.
Fountain on Locust’s building used to house The Supreme Car Co. in 1916. The company sold the Stutz Blackhawk and the Stutz Bearcat — two top-of-the-line sports sedans. If a customer wanted one of the vehicles, they would custom-build the car to fit the customer’s liking. Like The Supreme Car Co, Fountain on Locust creates its food from scratch. Fountain on Locust has won several awards, such as best soup in St. Louis, the best place to get engaged, bring family, and eat in St. Louis. The restaurant was also listed by Tripadvisor as one of the top four best restaurants in St. Louis. Visit today and see why everyone speaks so highly of Fountain on Locust!
Pickleman’s Gourmet Cafe 3722 Laclede Avenue | Picklemans.com
The London Tea Room 1900 Locust St. | TheLondonTeaRoom.com
Look no further if you’re craving soup, salad, or a sandwich! Pickleman’s Gourmet Cafe is one of the best places to dine for made-from-scratch food. Food is Pickleman’s Gourmet Cafe’s love language, so they ensure everything they create is mouth-watering and nutritious. Every meal is made without hazardous chemicals, antibiotics, and preservatives. So, stop by and try some of their delicious subs, pizzas, soups, and salads.
Have you ever wanted to sip tea like they do in Great Britain? Then, The London Tea Room will give you the experience you’re looking for. You can get the British experience by participating in three different tea offerings: Afternoon Tea, High Tea, or Cream Tea. You can also reserve a room for special events and occasions for all your party needs.
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Securities offered through Kestra Investment Services, LLC, (Kestra IS), member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC, (Kestra AS) an affiliate of Kestra IS. Capital Advisory Group, Inc. is not affiliated with Kestra IS or Kestra AS. Neither Kestra IS or Kestra AS provide legal or tax advice and are not certified public accounting firms. KestraFinancial.com/disclosures
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