income tax brackets Archives - CTS Financial Group

Goldilocks Returns; Market Ends Week “Just Right.”

jmuch2025-01-21T10:48:52-06:00January 21, 2025|Categories: Weekly Update|Tags: 401(k), AI, alternative energy, alternative investments, artificial intelligence, chicago, college education, CPI, debt, Fed, financial planning, financial strategy, income tax brackets, income taxes, Interest Rates, investing, investment, market volatility, markets, retirement, retirement planning, risk, risk management, social security, sustainability, taxes, wealth management, wealth transfer, women|

The Weekly Update

Week of January 20th, 2025
By Christopher T. Much, CFP®, AIF®

Stocks roared back last week, fueled by upbeat Q4 corporate reports and economic news that stalled inflationary fears.

The Standard & Poor’s 500 Index rose 2.91 percent, while the Nasdaq Composite Index advanced 2.45 percent. The Dow Jones Industrial Average led, picking up 3.69 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, added 2.00 percent.

Goldilocks is Back
The “Goldilocks” narrative—an economy that’s neither too hot nor too cold—made a comeback last week.

Tuesday’s Producer Price Index report showed that wholesale prices rose less than expected in December—one piece of evidence suggesting a cooling economy.

Stocks jumped out of the gate Wednesday after the December Consumer Price Index (CPI) report showed core inflation (minus volatile energy and food prices) rose less than expected. Investors also cheered Q4 reports from a handful of money center banks and positive news out …

Holiday Spending Up

jmuch2024-12-30T10:10:07-06:00December 30, 2024|Categories: Weekly Update|Tags: 401(k), artificial intelligence, chicago, CPI, debt, estate planning, Fed, financial planning, financial strategy, income tax brackets, insurance, Interest Rates, investing, market volatility, markets, retirement, social security, wealth management, wealth transfer, women|

The Weekly Update

Week of December 30th, 2024
By Christopher T. Much, CFP®, AIF®

Stocks notched a slight gain over the holiday week. A tech-driven rally in the first half of the week was clawed back in the second half as investors took profits following the market holiday.

The Standard & Poor’s 500 Index advanced 0.67 percent, while the Nasdaq Composite Index rose 0.76 percent. The Dow Jones Industrial Average added 0.35 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 1.54 percent.

Ho-Ho, Then No-Go
Stocks rallied during the first half of a shortened holiday trading week. Holiday cheer won out despite news of declining consumer confidence in December, a drop in durable goods, and new home sales reporting below expectations.

The “Santa rally” lost its ho-ho-go after the midweek holiday. Megacap technology stocks led markets down on Friday, giving back most of the gains from the first half of the …

Updated For 2024

jmuch2023-12-08T21:28:45-06:00December 7, 2023|Categories: Resource Center, Uncategorized|Tags: 2024, income tax brackets, income taxes, retirement contribution limits, standard deduction|

The Internal Revenue Service recently released updated income tax brackets, standard deduction, and retirement contribution limits for the 2024 tax year. While these taxes are not due for some time, it may benefit you to start thinking ahead.

Overall, more than 60 provisions have changed. Here are a few of the most critical tax bracket and retirement contribution limit changes.

Tax Bracket Inflation Adjustment

Overall, tax brackets have been adjusted upwards by 5.4% for 2024. The primary purpose of this adjustment is to account for inflation, which is based on the Consumer Price Index. The government’s goal is to keep income taxes in sync with consumer buying power.

Standard Deduction

The standard deduction has increased to $29,200 for married couples filing jointly, up $1,500 from the previous year. For single filers, this number increased by $750 to $14,600.

Individual Retirement Accounts (IRAs)

IRA contribution limits are up $500 in 2024 to $7,000. Catch-up contributions for those over …