HIPAA Authorization Once your child turns 18, their health information can no longer be released to you or anyone under the Health Insurance Portability and Accountability Act (HIPAA). This is where the HIPAA Authorization comes in. This document allows your child’s medical team to provide information to the individuals named in the document. Imagine a […]
Best Practices: Data Security
Cyber security and data protection are something that we take very seriously at Boston Standard. We retain a firm that monitors our systems 24/7 and works continually to ensure our cyber security systems remain up-to-date. While we work hard to keep client information safe on our end, it’s equally important that our clients do the same […]
2023 Plan Limits
The IRS announced fairly large increases to the plan contribution limits for next year: 2023 2022 2021 2020 RETIREMENT PLANS Elective Deferrals 401(k), 403(b), etc $22,500 $20,500 $19,500 $19,500 with over-50 catch-up $30,000 $27,000 $26,000 $26,000 Defined Contribution Limits $66,000 $61,000 $58,000 $57,000 with over-50 catch-up $73,500 $67,500 $64,500 $63,500 IRAs IRA […]
Pleasant Surprise for MA Taxpayers
Massachusetts law requires that when tax revenue collections in a given fiscal year exceed an annual tax revenue cap, the excess revenue is returned to taxpayers. The result: between early November and mid-December of this year, taxpayers will receive a refund check (or direct deposit) from the Massachusetts Department of Revenue labeled “MASTTAXRFD.” Your refund […]
I Bonds: Inflation’s Silver Lining
What Are I Bonds I bonds are low-risk savings bonds issued by the U.S. Treasury that adjust for inflation. The “I” stands for “inflation.” I bonds earn interest for 30 years or until you cash them out. Like other Treasury bonds, they are tax-free at state and local levels. Unlike other bonds, there is no […]
Rebalancing your 401(k) can be Confusing
The financial services industry loves confusing jargon. Workplace retirement plans, like 401(k)s, 403(b)s, and 457s are no exception. At this point, you have a recommended allocation for your plan that looks something like this: Institutional 500 Index – 34%Extended Market Index – 7%Developed Markets Index -15%Emerging Markets Index – 4%Real Estate Index – 5%Total Bond […]
2022 Plan Limits
See the below table to see the 2022 plan limits: 2022 2021 2020 2019 RETIREMENT PLANS Elective Deferrals 401(k), 403(b), etc $20,500 $19,500 $19,500 $19,000 With Catch-Up Contributions $27,000 $26,000 $26,000 $25,000 Defined Contribution Limits $61,000 $58,000 $57,000 $56,000 IRAs IRA & Roth Contribution Limit $6,000 $6,000 $6,000 $6,000 With […]
The Psychology of Money
Morgan Housel is appointment reading. His blog posts, Twitter musing, and The Psychology of Money reveal simple but powerful truths about investing and personal finance. This book’s format, 20 short chapters full of accessible narrative, reflects his “simple, but powerful” perspective that success with money has as much to do with your behavior as it […]
Massachusetts Paid Family and Medical Leave
Massachusetts is now operating an innovative paid family and medical leave (PFML) benefits system for employees and eligible self-employed individuals. What is Massachusetts Paid Family and Medical Leave (PFML)? The state of Massachusetts passed an Act providing paid family leave and medical leave to covered individuals. MA PFML is providing most benefits to employees and […]
Few Changes in the 2021 Plan Contribution Limits
The IRS has updated contribution limits for pension plans and other retirement accounts for the 2021 tax year. As you’ll see in the chart below, most of these limits remain unchanged from last year. 2021 2020 2019 2018 RETIREMENT PLANS Annual Compensation Limits 290,000 285,000 280,000 275,000 Elective Deferrals 401(k) & 403(b) […]
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