Last year, President Biden signed the Inflation Reduction Act into law, and one of the items that received many of the headlines was the $80 billion allocated to the Internal Revenue Service.
Not only is that a huge amount, but it also included adding nearly 90,000 new IRS agents. That news concerned quite a few people, which makes sense, but it’s also not a surprise when you consider that the IRS has its fewest auditors than at any point since World War II. So the help is clearly needed and the technical infrastructure can certainly use an upgrade as well.
This will impact every taxpayer but what does it mean specifically for CRNAs and other nurses? Your work earns a nice paycheck every year so tax changes will have an impact on you. Plus, there’s a lot to pay attention to if you’re a business owner or a 1099 worker, which is a group that many CRNAs will fall into.
There’s much more to the budget than just adding more auditors, but that is an obvious concern for many Americans. Keep in mind that we expect audits for anyone making under $400,000 to likely increase at a slower rate than for people making more than that amount. Not that it should impact you if you’re doing the right things, tracking your business, and getting the right advice.
Now is a great time to work with a Certified Financial Planner® like Jeremy to make sure you’re doing all the necessary tax planning so that you are keeping as much of your money as possible in retirement.
If you can take advantage of the tax laws while staying within the confines of the law, that’s exactly what you want to do and what Jeremy can help you with. That will also keep you from worrying too much about this recent legislation. But as always, reach out with any questions you have – tax-related or not – and we’ll be happy to answer them.
If you want to learn more about building your financial plan, connect with us at CRNA Financial Planning.
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With decades of experience working exclusively with CRNAs, CRNA Financial Planning® has the knowledge to help you save more of your hard-earned money and determine appropriate decumulation strategies. Schedule a free introductory phone call to discuss your current situation and needs. You can also call our office at 855.304.3748 or email us at firstname.lastname@example.org.
The opinions voiced in this material are for general information only and are not intended to provide specific financial or tax advice or recommendations for any individual. Investment Advice offered through Private Advisor Group LLC, a Registered Investment Advisor