As we surpass the halfway mark of 2023, the lingering question remains whether a recession is on the horizon. Current short-term interest rates are now higher than long-term rates. Historically, that relationship has been a recession indicator. Interest rate increases implemented by the Federal … [Read more...] about Economic Outlook – Mid-2023
The Federal Reserve aggressively raised its key federal funds rate seven times in 2022 in an effort to slow down the economy and moderate price growth. However, these actions also had the effect of more than doubling the prime rate, an interest rate set by banks and other lending institutions that … [Read more...] about Switch to a Fixed-Rate Loan – or Not?
On Wednesday, February 1, 2023, the Federal Reserve Board raised the Federal Funds rate by 0.25%. In turn, banks typically follow by raising their "prime lending rates" by the same 0.25%, which would make the new "Prime Rate" 7.75%. By comparison, the Prime Rate last year at this time was 3.25%. … [Read more...] about Federal Funds Rate Increased by 0.25%
The Inflation Reduction Act was signed into law on August 16, 2022. It includes several expanded or extended tax credits, and it also includes additional funding for the IRS. Many provisions within this Act relate to tax incentives available to taxpayers and their families. Tax credits you may have … [Read more...] about Energy Credits and the Inflation Reduction Act
By a narrow margin in August 2022, Congress passed, and the President signed into law, the Inflation Reduction Act of 2022. The bill has been the subject of much debate and many experts claim that in the long run, the bill may actually worsen inflation by constraining the productive capacity of the … [Read more...] about Inflation Reduction Act of 2022: Key Tax Provisions
For small business owners, the last few years have not been easy to say the least. The ongoing pandemic has created a myriad of supply chain shortages that are coupled with economic struggles and challenges. To add more fuel the fire, inflation reared its ugly head in 2021 and has continued to surge … [Read more...] about Inflation-Fighting Tips: A Small Business Combat Plan