Did You Know… Civic Central Credit Union offers members low-cost Traditional & Roth IRA options.
Our custodial fees are the lowest in town:
IRAs are the perfect way to diversify your retirement savings. They can also be invested in IRA CDs which offer higher dividend rates at various terms.
Taxable Income – An Inflation Response
In case you missed it, inflation has bumped up prices for food, energy, and fuel. For the 2023 Tax Filing Season, the Internal Revenue Service has made some inflation adjustments that can help.
Here’s Some That Will Affect You:
What’s Changed
Federal income tax thresholds have increased by roughly 7% by bracket.
How Does It Affect Me
These increases will allow many to stay in a lower tax bracket.
What’s Changed
Standard deductions have increased across all filing statuses.
How Does It Affect Me
– Single and Married Filing Separately: The standard deduction will increase by $900. ($13,850)
– Married Couples Filing Jointly: The standard deduction will increase by $1,800. ($27,700)
– Head of Household/Ages 65 and Up: The standard deduction will increase by $1,500. ($20,800)
Example
In 2023, a married couple filing jointly could make a maximum of $89,450 to remain in the 12% bracket, compared to $83,550 in tax year 2022.
Bottom-line:
These increases and additional credits will allow taxpayers to reduce their taxable income and keep more income in their pockets.
See all Tax Bracket Adjustments and changes at irs.gov/newsroom
Consumer behaviors are changing – Online commerce is up nearly 43%.
With the increasing opportunities to spend online, the possibilities for identify theft and account fraud grow.
Here Are Five Tips to Help Keep Fraudsters at Bay:
Did You Know…
You have access to over 5,600 Shared Branches and over 30,000 surcharge-free ATMs. Visit a participating credit union in all 50 states.
Call 888-748-3266 OR Text your zip code to 91989 for locations that are nearest you!