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With the hustle and bustle of the holiday season, it's easy to overlook that tax season is right around the corner. To help you make the most of potential tax saving moves before the end of 2022, this month's newsletter features several year-end tax cutting ideas.
Also have fun with the entire family by testing your holiday song knowledge! Plus, read about how to protect yourself from identity thieves during the upcoming tax season, and how to look at whether it is time to replace your old vehicle versus paying for another costly repair.
Please feel free to forward this newsletter to someone who may be interested in a topic and call with any questions you may have.
Read the Client Update Newsletter: December 2022
Here are moves you can make to reduce your taxable income. But the year is quickly coming to a close, so plan accordingly.
While the year is quickly coming to an end, there is still time to reduce your 2022 tax liability, but only if you act now.
As you gather with family and friends this holiday season, have fun with our annual holiday quiz. This year's edition focuses on popular holiday songs. Get one point for each correct answer, except as noted. Good luck and good cheers!
Want some more fun? Have the songs ready to play and start them as you ask the question.
Bonus – Who sang it? (2 points)
Double Bonus – In what year? (2 points)
Link to song
[Hint: Play Doye O'Dell's version of the song, while asking this question.]
Give yourself a point if you can get within 2 years.
(One point for each answer up to 3 points)
[Suggestion: Play Gene Autry's Rudolph the Red-Nosed Reindeer during this question.]
Grandma Got Run Over by a ReindeerRudolph the Red-Nosed ReindeerThe Night Before ChristmasLittle Saint NickUp on the HousetopRun Rudolph RunThe Christmas Song
Bonus – Name the artists who sing the most popular recording of this tune.
Bonus – The artists on the most popular recording of this tune are Bing Crosby and the Andrew Sisters.
Second place goes to Kenny G’s Miracles: The Holiday Album, which has sold over 7.3 million albums. (Link to album)
Total possible points: 17 points
14 or more points: You are a holiday genius! You must be in a musical group.
9 to 13 points: It's in you, just bring it out!
4 to 8 points: Take heart. Even the Grinch needed to start someplace.
0 to 3 points: Pay attention and stop eating the cookies!
Disclaimer: All songs mentioned here are to be used solely as part of this quiz for personal use. All songs mentioned here are the rights of their respective copyright holders. No ownership rights or other rights are intended or implied. If you love the songs, please support the respective artists and their respective owners.
The vast amount of information shared online during tax season makes it a haven for identity thieves, and they're doing everything they can to take advantage of the opportunity! Here are several ways that identity thieves are targeting you, common signs of ID theft and steps to take if you become a victim.
Here are some of the common signs of identity theft according to the IRS:
Other signs of identity theft include:
If you discover that you’re a victim of identity theft, consider taking the following action:
Deciding whether to put more money into an aging car or to replace it with a new or used vehicle is rarely a simple decision. Plus skyrocketing vehicle prices and economic uncertainty are making the decision process even tougher.
To help you decide if it is time to replace your vehicle, look for these signs:
If none of these apply to you, congratulations! Your car might still be street legal, but there are other things to consider. All joking aside, making the final call can be difficult. Here’s a few helpful ideas:
While a new, shiny car is fun, all too often it can create future financial hardship. So also consider the long-term financial impact of your decision. This includes:
Cars are unpredictable, but taking an analytical approach and making the best decision with the facts that you have will pay off more times than not.