For the last several months, economists have debated whether a U.S. recession is imminent and if so, when it will take hold of the economy. Meanwhile, investors anxiously anticipate what an economic downturn may mean for their portfolios.

Until Friday, March 10, 2023, Silicon Valley Bank (SVB) was the 16^th largest bank in the United States, worth more than $200 billion. Over the course of four decades, SVB became the tech sector’s preferred bank and saw its deposits grow rapidly during the Covid-19 pandemic as consumers ramped up their spending on technology and digital services. Unfortunately, a series of poor investment decisions ultimately led to the bank’s demise.

Although tax season is behind us, you may still be feeling the sting of an unexpectedly high tax liability. If you were caught off guard this year, now can be a great time to take steps to proactively reduce next year’s tax bill.

Indeed, most people tend to wait until year-end to implement tax savings strategies. However, by making smart money moves now, you can avoid the last-minute rush and ensure you’re financially prepared for next tax season. 

Consider these five tips to avoid unnecessary headaches this 2023 tax season.

The 2023 tax season is officially here, which means most taxpayers will be filing their tax return within the next two months. If you tend to stress about squaring up with Uncle Sam, there are steps you can take to help ensure the process goes as smoothly as possible this year.

April is National Social Security Month. With the future of Social Security in question, financial planning will become increasingly important for those seeking a secure retirement.

On Thursday, January 19, 2023, Treasury Secretary Janet Yellen announced that the United States had hit its debt ceiling of $31.4 trillion and is now relying on “extraordinary measures” to continue paying its bills. These measures should carry the U.S. through early June, at which point the government risks default if lawmakers can’t reach a deal to raise the national debt limit.

Defaulting could have potentially disastrous consequences for the U.S. economy, such as higher interest rates, job losses, and a decline in GDP. It could also negatively impact those who rely on government benefits and services.