Monthly Tips February 2023

Monthly Tips

February 2023


TIP 1 IRS Is Accepting Returns

The IRS has started accepting returns for the 2023 tax filing season (processing 2022 returns), and the deadline this year is April 18th. The IRS has expanded the help available to taxpayers dealing with our complicated tax code by adding 5,000 telephone assisters as well as more in-person staff.

However, given the number of taxpayers that need help, they are still likely to have delays, so you might want to try the Interactive Tax Assistant first. The IRS also provides online tools to help answer questions such as the Earned Income Tax Credit Assistant. Those are listed on this IRS tools page.


TIP 2 Quantifying Risk

Did you know that we can (and do) statistical analysis not just for big risks, but small risks too? Regarding death, we can measure the additional risk incurred by behaviors and quantify them in terms of micromorts. Micromorts measure how likely one is to die out of a million occurrences of a behavior.

Perhaps surprisingly, some activities undertaken out of necessity are as risky as some daredevil recreation! Learn how particular behaviors compare, such as skydiving and driving, and more about quantifying risk in our blogpost, Quantifying Risk.


TIP 3 Tax Facts

We have posted our new Tax Facts tables to our website and incorporated several important changes for the 2023 edition that were affected by SECURE 2.0 Act.

If you’re curious about the new tax brackets and numbers for 2023, an overview is also available in our handy reference guide for 2023 on our website


TIP 4 Conflict of Interest Question

There are many questions one should ask a financial advisor or trust officer before working with them, and we encourage any prospects to ask us and others. Many simply assume there can be no conflicts of interest because staying in business generally means doing right by your customers. When it comes to trust services, trust officers must meet fiduciary standards, and are legally bound to put their client’s interests first.

One of the basic questions to ask a prospective advisor can also be an awkward thing to bring up: What do your services cost, and how do you make money? Don’t feel awkward! Good advisors always appreciate this question, it gives them an opportunity to justify their value.

At Garden State Trust Company, we are transparent regarding our fees and practices, and our fiduciary duty as a trust company legally obligates us to place our client’s interests ahead of our own. Why settle for anything less?