Money Talks

There's several advantages to maintaining good credit, and it's important to review your credit report periodically to ensure that the information it contains is accurate. Today, in between your personal finance questions, Dr. Nancy Lottridge-Anderson, President of New Perspectives, Ryder Taff, portfolio manager and Kevin Farrell discuss credit. Email the show: money@mpbonline.org.

Are you looking to buy a house in 2023? We don’t know the future, but we can learn about the possibilities. Our guest is Senior Mortgage Loan Specialist, Adam Black from First Commercial Bank. We talk about interest rates, applying for a mortgage, and the housing market. Our regular experts take personal finance questions.Adam BlackSenior Mortgage Loan SpecialistNMLS 1213841076 Highland Colony Parkway Ridgeland, MS 39157Main 601.487.9120www.firstcommercialbk.comOur guest Adam Black a mortgage specialist has taught us a thing or two over the years. He joined us to talk about various aspects of home buying four times over the last four years.062122 http://moneytalks.mpbonline.org/episodes/money-talks-mortgages-2022071420 http://moneytalks.mpbonline.org/episodes/money-talks-first-mortgage061119 http://moneytalks.mpbonline.org/episodes/money-talks-refinancing-mortgages061918 http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d7eAccording to the US Census Bureau: the number of New Houses Sold in November of 2022 were 640,000 with a Median Sales Price: $471,200 https://www.census.gov/construction/nrs/pdf/newressales.pdfAccording to the website Red Fin dot com, in November of 2022 1,107 homes were sold in Mississippi with a median sales price of $244,000 https://www.redfin.com/state/Mississippi/housing-market

Happy New Year! Welcome to 2023. We’ll talk today about information you might need for this new year. We learn about new tax amounts; ways to save money, ways to get back lost money, and ways to win money. Our experts take questions concerning personal finance.2023$66,000 - Defined contribution plan (401k, 403b) total limit per participant $66,000 - SEP IRA contribution limit $22,500 - 401k, 403b, 457 contribution limit (Salary deferrals)$7,500 - 401k, 403b, 457 catch up$6,500 - IRA contribution limit$1,000 - IRA catch up $15,500 - SIMPLE IRA contribution limit$3,500 - SIMPLE IRA catch up$27,700 - Standard deduction (MFJ)$20,800 - Standard deduction (Head of Household)$13,850 - Standard deduction (Single, MFS)$44,625 - Taxable income limit for 0% long-term capital gains (single)$89,250 - Taxable income limit for 0% long-term capital gains (MFJ)$17,000 - Gift tax exclusion $Unlimited - Brokerage account contribution limit$160,200 - Social security wage base (No longer pay social security tax after this)The amount of your taxable Social Security benefits depends on your combined income or the sum of:50% of all your Social Security benefits for the yearThe adjusted gross income (AGI), which is your total income minus adjustments to that income, such as deductions and exclusionsTax-exempt interest income, such as interest received on municipal bondsUnearned / Earned incomeStrategies for minimizing taxesRegistration is now open for the 10th Annual College Savings Mississippi Art Contest. The contest will run from January 1 through February 28. Students from across Mississippi will be competing for over $3,000 in Mississippi Affordable College Savings (MACS) scholarships by submitting an original piece of art based on the theme, “What do you want to be when you grow up?” https://treasury.ms.gov/artcontest/The weather and other operational delays and cancelations that occurred at the end of December and the beginning of January show the importance of knowing your rights and keeping receipts. Southwest airlines has a website where you can make claims due to flight cancellations. We’ll have a link to their website and also the US Department of Transportation’s website where you can learn more about your customer rights. https://www.southwest.com/traveldisruption/ https://www.transportation.gov/airconsumer/airline-customer-service-dashboard  The United States Postal Service filed notice of Mailing Services price changes to take effect January 22, 2023. The new rates include a three-cent increase in the price of a First-Class Mail® Forever stamp from 60 cents to 63 cents. https://faq.usps.com/s/article/2023-Postage-Price-Changes