• JSF Market Updates

Recent Updates

12 January

The Year of the Fed’s Inflation Showdown

By in highlights, Market Update

Quick Take: The Federal Reserve capped off a year of aggressive rate hikes by raising its benchmark interest rate to the highest level in 15 years.[1]

As central banks raced to fight inflation by hiking interest rates, 2022 ended with a dismal record – the worst year in more than a decade for global equities and bonds.[2]

Source: https://www.yahoo.com/now/asia-stocks-rise-p-500-233248167.html

 

The benchmark S&P 500 equity index shed 19.4% for the year, losing roughly $8 trillion in market cap.[3] Tech-heavy Nasdaq saw heavy losses, losing a third of its value.[4] Bonds were also not spared, with Treasuries and corporate bonds logging miserable returns as the Bloomberg Aggregate US Bond Index had its worst year since its inception in 1977.[5] Treasury yields rose (prices lower) on the final trading day, with the 10-year US Government Bond rate touching a seven-week high.[6]

 

Source: https://www.reuters.com/legal/government/inflation-recession-earnings-among-factors-drive-us-stocks-2023-2022-12-30/

 

This year’s market moves were largely driven by a hawkish Federal Reserve (Fed) tightening monetary policy in response to the unexpected spike in inflation. Market expectations remain somewhat hopeful, as a possible peak in interest rates appear on the horizon, possibly in March.[7] Markets have also priced in expectations that the Fed may start cutting rates by the end of 2023.[8] This view is relatively optimistic, and before that happens, we still need to reach the end of this rate hike cycle.

 

The Fed’s Unwavering Commitment

The Fed capped off a year of aggressive rate hikes by raising its benchmark interest rate to a target range of 4.25%-4.5%, the highest level in 15 years.[9] The committee also raised its median estimate of its favored core inflation measure to 4.8%, up 0.3% from the September projections.[10]

Despite a challenging year in financial markets, the Fed’s actions suggest they are committed to keeping inflation under control. Their messaging on interest rates is essentially “higher for longer.”

To continue fighting inflation, Fed officials forecast that they could raise rates as high as 5.1%, which is more than the 4.6% projected in September.[11] Note that this is the median level projected by the Fed. In addition, officials indicated they expect to keep rates higher throughout the year, with no reductions until 2024. The Fed expects rates only to fall to 4.1% in 2024, which is also higher than previous indications.[12]

“The historical record cautions strongly against prematurely loosening policy. We will stay the course, until the job is done,” Fed Chairman Jerome Powell reiterated.[13]

 

Covid – Again

The Fed has had such a tough job fighting inflation largely because of the supply and labor disruptions from the pandemic. Although it’s been three years, Covid is still making headlines. The pandemic is now spreading in China after the country definitively started easing its Covid zero-tolerance policy in December following widespread protests.[14]

Covid’s rapid spread is in danger of causing additional supply chain disruptions. China’s government has stopped releasing official case counts, but it’s estimated that up to 248 million people (18% of the population) may have contracted the virus in the first 20 days of December.[15] The US is requiring travelers from China to show negative Covid-19 test results before flying.[16]

As a result of the outbreak, the world’s second-largest economy will likely experience disruptions in the coming months, though that can also increase the possibility of a faster and a stronger rebound in growth later in the year.[17]

 

Themes for the New Year

In the rest of the world, central banks have notably tried to trigger demand slowdowns in order to crush inflation. However, tighter financial conditions still need time to filter through the economy. As we look ahead to the new year, several themes stand out.

Economic Slowdown

Most predictions for a recession in 2023 expect that it will be shallow and mild.[18] Recessions tend to hit stocks, though declines are often followed by a strong rebound.[19] Stubbornly high inflation or a deeper recession are the top concerns for fund managers surveyed by Bloomberg.

 

Source: https://www.bloomberg.com/news/articles/2022-12-09/world-s-money-managers-see-double-digit-stock-gains-in-2023

 

Earnings

According to Morgan Stanley Chief US Equity Strategist Mike Wilson, the final chapter of the bear market is all about the path of earnings estimates, which could be optimistic.[20] Analyst estimates still project S&P 500 earnings to rise 4.4% in 2023, although earnings tend to fall during recessions.[21] The market will be paying close attention to corporate earnings for any signs of weakness.

Employment

The job market remains a bright spot, as the Bureau of Labor Statistics reported another month of higher-than-expected hiring in November. Wage growth increased 5.1% year-over-year, also higher than estimates.[22] Without a slowdown in the job market, an immediate recession is relatively unlikely. Job market resilience keeps the Fed on its monetary policy tightening path, probably at least through the beginning of 2023. The next Federal Open Market Committee meeting will be in February.[23]

 

What’s Next

2022 was full of surprises ranging from Fed hawkishness to the horrific ongoing war between Russia and Ukraine. Under this backdrop, stocks and bonds have illustrated that they can move in tandem, which makes tactical and granular investment approaches more appealing, according to Blackrock.[24]

It’s important to take a big picture view without getting caught up trying to predict exactly what comes next. While uncertainty remains in markets, bear markets also create opportunities. We appreciate your ongoing confidence and support through ups and downs. We treasure the opportunity to work together with you over the long term to hopefully turn your goals and aspirations into reality. Please reach out if you would like to start the year out with a call, zoom or in-person meeting to catch-up, refocus, and work together to collectively determine the optimal path forward.

Wishing you and your family a happy, healthy, and prosperous 2023!

 

Your Friends at JSF

 


The information expressed herein are those of JSF Financial, LLC, it does not necessarily reflect the views of NewEdge Securities, Inc. Neither JSF Financial LLC nor NewEdge Securities, Inc. gives tax or legal advice. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation or recommendation for the purchase, sale or holding of any security. Investing involves risk, including possible loss of principal. Indexes are unmanaged and cannot be invested in directly.

Historical data shown represents past performance and does not guarantee comparable future results. The information and statistical data contained herein were obtained from sources believed to be reliable but in no way are guaranteed by JSF Financial, LLC or NewEdge Securities, Inc. as to accuracy or completeness. The information provided is not intended to be a complete analysis of every material fact respecting any strategy. The examples presented do not take into consideration commissions, tax implications, or other transactions costs, which may significantly affect the economic consequences of a given strategy. Diversification does not ensure a profit or guarantee against loss. Carefully consider the investment objectives, risks, charges and expenses of the trades referenced in this material before investing.

Asset Allocation and Diversification do not guarantee a profit or protect against a loss.

The Bloomberg Barclays U.S. Aggregate Bond Index measures the investment-grade U.S. dollar-denominated, fixed-rate taxable bond market and includes Treasury securities, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities.

The S&P 500 Index is an unmanaged, market value-weighted index of 500 stocks generally representative of the broad stock market.

The Nasdaq Composite is a market-capitalization-weighted index consisting of all Nasdaq Stock Exchange listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds or deben­ture securities.

Treasury Bond- is a U.S. government debt security with a fixed interest rate and maturity between two and 10 years.

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. GDP is the most commonly used measure of economic activity.

By clicking on these links, you will leave our server, as they are located on another server. We have not independently verified the information available through this link. The link is provided to you as a matter of interest. Please click on the links below to leave and proceed to the selected site.­­

[1] https://www.cnbc.com/2022/12/14/fed-rate-decision-december-2022.html

[2] https://www.yahoo.com/now/asia-stocks-rise-p-500-233248167.html

[3] https://www.reuters.com/markets/us/futures-slip-last-trading-day-torrid-year-2022-12-30/

[4] https://www.yahoo.com/now/asia-stocks-rise-p-500-233248167.html

[5] https://www.cnn.com/2022/12/30/investing/dow-stock-market-2022

[6] https://www.yahoo.com/now/asia-stocks-rise-p-500-233248167.html

[7] https://gulfnews.com/business/markets/after-18-trillion-rout-global-stocks-face-more-hurdles-in-2023-1.92943083

[8]  https://gulfnews.com/business/markets/after-18-trillion-rout-global-stocks-face-more-hurdles-in-2023-1.92943083

[9] https://www.cnbc.com/2022/12/14/fed-rate-decision-december-2022.html

[10] https://www.cnbc.com/2022/12/14/the-fed-projects-raising-rates-as-high-as-5point1percent-before-ending-inflation-battle.html

[11] https://www.cnbc.com/2022/12/14/the-fed-projects-raising-rates-as-high-as-5point1percent-before-ending-inflation-battle.html

[12] https://www.cnbc.com/2022/12/14/the-fed-projects-raising-rates-as-high-as-5point1percent-before-ending-inflation-battle.html

[13] https://www.cnbc.com/2022/12/14/live-updates-fed-rate-hike-december.html

[14] https://www.nytimes.com/2022/12/07/world/asia/china-zero-covid-protests.html

[15] https://www.cnn.com/2022/12/23/china/china-covid-infections-250-million-intl-hnk/index.html

[16] https://www.cnn.com/2022/12/28/politics/us-covid-measures-travelers-china/index.html

[17] https://economictimes.indiatimes.com/small-biz/trade/exports/insights/charting-the-global-economy-chinas-slump-deepens-into-year-end/articleshow/96657949.cms

[18] https://finance.yahoo.com/news/labor-market-still-really-strong-150809064.html

[19] https://www.reuters.com/legal/government/inflation-recession-earnings-among-factors-drive-us-stocks-2023-2022-12-30/

[20]  https://gulfnews.com/business/markets/after-18-trillion-rout-global-stocks-face-more-hurdles-in-2023-1.92943083

[21] https://www.reuters.com/legal/government/inflation-recession-earnings-among-factors-drive-us-stocks-2023-2022-12-30/

[22] https://finance.yahoo.com/news/labor-market-still-really-strong-150809064.html

[23] https://www.federalreserve.gov/newsevents/calendar.htm

[24] https://www.blackrock.com/corporate/literature/whitepaper/bii-global-outlook-2023.pdf

 

Read more

09 December

Signs of Peaking Inflation

By in highlights, Market Update

Quick Take: As markets focused on the possibility of slower rate hikes, stocks experienced their first back-to-back monthly gains since 2021, and bonds rallied.[1]

Despite remaining elevated, inflation growth as measured by the October consumer-price index eased to the slowest pace since January, a welcome relief in the Fed’s ongoing battle to tame prices.[2]

Stocks trended higher over the month, topped off by a strong rally on the final day, after the Fed confirmed slower interest rate hikes may be appropriate.[3] The S&P 500 index rose 5.4% in November for back-to-back monthly gains, and Treasury yields fell (prices higher) across maturities.[4]

The result of the mid-term elections, with Republicans gaining control of the House of Representatives while Democrats held the Senate, is likely to limit major policy shifts and cause gridlock.[5] This outcome is seen as positive for markets.

In this note, we’ll review the latest Fed updates, opportunities in bonds, and easing supply chain pressures.

 

A Pivot Mirage?

Earlier in the month, markets careened in both directions as hopes for a Fed pivot to rate cuts came and went.[6] Senior Bloomberg editor John Authers called it a “pivot mirage” that has been enticing investors (and perhaps been somewhat overdone) all year.[7] Markets have been eager for the Fed to tap the brakes on tightening monetary policy.

After delivering a rapid four consecutive interest rate hikes of 75bps (including the November hike), Fed chair Jay Powell confirmed that smaller interest rate hikes are likely ahead, as soon as December.

Although Powell’s remarks ignited a rally in equity and bond markets, he reiterated that monetary policy would stay restrictive for some time and “Despite some promising developments, we have a long way to go in restoring price stability.”[8][9] He was quick to highlight that what matters most is the level rates rise to and how long they remain elevated.[10]

Markets expect the fed funds rate to reach just below 5% by May 2023 and that the Fed may cut half a point by the end of next year.[11] These expectations will continue to adjust as data emerges.

Source: https://www.chase.com/personal/investments/learning-and-insights/article/tmt-december-two-twenty-two

 

Bonds are Back

Global bonds enjoyed their best month of performance since the great financial crisis.[12] Investors see value in bonds for the first time in a decade, according to Bob Michele of JPMorgan Chase, as higher yields (lower prices) make fixed-income investments look more appealing.[13]

For context, yields on the benchmark Bloomberg bond aggregate index soared to 4.7% from 1.75% at the end of 2021 during the Fed’s aggressive rate hikes.[14] Bonds issued at higher interest rates offer income-seeking investors appealing streams of income.

Bonds also look attractive because a recession is looking increasingly likely. PIMCO believes a shallow, mild-to-moderate recession, during which core bond returns have  historically been positive.[15] Higher quality bonds like investment grade corporate bonds and municipal bonds that exhibit lower default risk may look appealing during a slowdown.

Source: https://www.wsj.com/articles/fading-supply-chain-problems-signal-season-of-plenty-for-holiday-shoppers-11668681001

 

Easing Supply Chain Pressures

As we head into the thick of the holiday shopping season, consumers will be relieved to find supply chains have largely returned back to “normal” after two years of disruptions.[16] The Federal Reserve Bank of New York’s Global Supply Chain Pressures Index slid to its lowest level in nearly two years in October.[17]

In another sign that supply chain snarls have turned a corner, the cost of sending a standard 40-foot container from China to the US West Coast is down over 90% from a September 2021 peak of $20,586 to $1,935.[18]

There may still be pockets of difficulty – Bloomberg reports that Chinese Covid lockdowns and related disruptions may force Apple to lower expected production by 6 million iPhone Pros, though they expect to make up the deficit in 2023.[19] China is starting to ease its stringent Covid-zero policy to address frustrations and economic fallout.[20]

Consumers have been more than ready to welcome stocked shelves. Over the popular holiday shopping weekend, both Black Friday and Cyber Monday sales rose.[21] Because it powers two-thirds of the US economy, consumer spending is giving the economy a boost against the headwinds of tightening monetary policy.[22]

As supply chains function better and shipping costs moderate, key indicators suggest that global inflation has peaked.[23]

Source: https://www.ft.com/content/85498afc-43d3-4525-bee0-7ea7c6c05b34

 

What does this mean for the financial markets? According to Goldman, although nuances are present today, cooling inflation from a high level has historically been associated with positive real returns for both equities and bonds.[24]

 

Looking Ahead

Lower inflation prints are good news, but it’s still too early to declare complete victory over rising prices. Strength in the labor market will be monitored closely for signs of wage inflation. The Fed meets a final time for the year Dec 13-14, where they may hike interest rates another 50bps.[xxv]

As the impact of Fed rate hikes filters through the economy, market volatility will likely be driven by incoming data, Fed policy, and potential earnings readjustments.

While investors may seek a crystal ball, the next best solution is carefully managing risk and aligning your portfolio with long-term goals. To that end, please call to schedule your year-end review soon!

Before 2022 closes, you may also want to act on these tax strategies. Please don’t hesitate to contact us with any questions about your financial objectives or your investment portfolio.

Finally, we’d like to express our gratitude for being able to work with you to reach your financial goals. We appreciate the trust and confidence you have in us and hope the holiday season brings you a wealth of joy and happiness together with your family and friends!

 

Your Friends at JSF

 

 


The information expressed herein are those of JSF Financial, LLC, it does not necessarily reflect the views of NewEdge Securities, Inc. Neither JSF Financial LLC nor NewEdge Securities, Inc. gives tax or legal advice. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation or recommendation for the purchase, sale or holding of any security. Investing involves risk, including possible loss of principal. Indexes are unmanaged and cannot be invested in directly.

Historical data shown represents past performance and does not guarantee comparable future results. The information and statistical data contained herein were obtained from sources believed to be reliable but in no way are guaranteed by JSF Financial, LLC or NewEdge Securities, Inc. as to accuracy or completeness. The information provided is not intended to be a complete analysis of every material fact respecting any strategy. The examples presented do not take into consideration commissions, tax implications, or other transactions costs, which may significantly affect the economic consequences of a given strategy. Diversification does not ensure a profit or guarantee against loss. Carefully consider the investment objectives, risks, charges and expenses of the trades referenced in this material before investing.

Asset Allocation and Diversification do not guarantee a profit or protect against a loss.

The Bloomberg Barclays U.S. Aggregate Bond Index measures the investment-grade U.S. dollar-denominated, fixed-rate taxable bond market and includes Treasury securities, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities.

The S&P 500 Index is an unmanaged, market value-weighted index of 500 stocks generally representative of the broad stock market.

The Nasdaq Composite is a market-capitalization-weighted index consisting of all Nasdaq Stock Exchange listed stocks that are not derivatives, preferred shares, funds, exchange-traded funds or deben­ture securities.

Treasury Bond- is a U.S. government debt security with a fixed interest rate and maturity between two and 10 years.

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. GDP is the most commonly used measure of economic activity.

By clicking on these links, you will leave our server, as they are located on another server. We have not independently verified the information available through this link. The link is provided to you as a matter of interest. Please click on the links below to leave and proceed to the selected site.­­

[1] https://www.ft.com/content/3c5bf724-8113-4755-bc35-7626e7e6f8f1

[2] https://www.wsj.com/articles/us-inflation-october-2022-consumer-price-index-11668050497?mod=article_inline

[3] https://www.ft.com/content/3c5bf724-8113-4755-bc35-7626e7e6f8f1

[4] https://www.chase.com/personal/investments/learning-and-insights/article/tmt-december-two-twenty-two

[5] https://news.yahoo.com/higher-rates-mean-bonds-back-000308874.html

[6] https://news.bloombergtax.com/tax-insights-and-commentary/the-pivot-mirage-keeps-running-into-macro-reality-john-authers

[7] https://news.bloombergtax.com/tax-insights-and-commentary/the-pivot-mirage-keeps-running-into-macro-reality-john-authers

[8] https://www.cnbc.com/2022/11/30/fed-chair-jerome-powell-says-smaller-rate-hikes-could-come-in-december.html

[9] https://www.reuters.com/markets/us/feds-powell-rate-hike-slowdown-possible-next-month-inflation-fight-far-over-2022-11-30/

[10] https://www.nytimes.com/live/2022/11/30/business/powell-fed-interest-rates

[11] https://www.cnbc.com/2022/11/30/fed-chair-jerome-powell-says-smaller-rate-hikes-could-come-in-december.html

[12] https://www.chase.com/personal/investments/learning-and-insights/article/tmt-december-two-twenty-two

[13] https://news.yahoo.com/higher-rates-mean-bonds-back-000308874.html

[14] https://news.yahoo.com/higher-rates-mean-bonds-back-000308874.html

[15] https://www.pimco.com/en-us/insights/blog/higher-bond-yields-can-be-fundamental-to-a-recession-investing-playbook

[16] https://www.wsj.com/articles/fading-supply-chain-problems-signal-season-of-plenty-for-holiday-shoppers-11668681001?mod=article_inline

[17] https://www.wsj.com/articles/fading-supply-chain-problems-signal-season-of-plenty-for-holiday-shoppers-11668681001?mod=article_inline

[18] https://www.washingtonpost.com/business/2022/12/04/inflation-prices-going-down/

[19] https://www.cnbc.com/2022/11/28/apple-stock-down-on-report-of-iphone-production-shortage.html

[20] https://www.wsj.com/articles/china-eases-some-covid-19-rules-even-as-cases-pass-10-000-11668150369

[21] https://www.cnbc.com/2022/11/29/shopper-turnout-hit-record-over-black-friday-weekend-trade-group-says.html

[22] https://www.reuters.com/markets/us/us-consumer-spending-solid-october-weekly-jobless-claims-fall-2022-12-01/

[23] https://www.cnbc.com/2022/11/28/apple-stock-down-on-report-of-iphone-production-shortage.html

[24] https://www.gsam.com/content/gsam/us/en/individual/market-insights/market-strategy/market-know-how/2022/market-know-how-edition2.html#section-knowhow_8292_4

[25] https://www.cnbc.com/2022/11/16/feds-waller-says-hes-open-to-a-half-point-rate-hike-at-december-meeting.html

Read more

30 November

Tax Moves to Consider in Light of 2022’s Economic Challenges

By in highlights, Market Update

Despite the roller coaster ride that has been 2022, there is still time to reduce this year’s tax burden. By planning and acting on the following tax moves now, you can stay ahead of the curve.

 

Consider a Roth IRA conversion or “Backdoor Roth”

Contribution limits apply to Roth IRAs based on modified adjusted gross income, which start kicking in when single filers earn over $129,000 and married filers make over $204,000.[i]

However, you can convert a traditional IRA to a Roth IRA by paying current income tax rates on the amount converted.[ii] Since this conversion can be done regardless of adjusted gross income, it is known as a “Backdoor Roth.” The major perk of this strategy is that in the future, all withdrawals from your Roth (that meet the appropriate withdrawal requirements) are tax-free. By contrast, withdrawals from your traditional IRA are fully taxed as income.

Further, if stocks and bonds are depressed you may indeed be converting at an opportune time since the future appreciation is tax free.

 

Revisit Your Estate Tax Exemptions—and Gifts

If you’re on track to reach the lifetime $12,060,000 per-person gift tax exemption in 2022,[iii] now’s a great time to use it. Even if Congress doesn’t lower the limit next year, the exemption expires at the end of 2025 anyway.

You can also transfer annual tax-free gifts to your loved ones. Typically, you can give up to $16,000 per person, per year with no tax consequences.[iv] A married couple can gift their married adult child and spouse a combined $64,000 a year, tax free.[v] In addition, one can also pay tuition directly to a school/university as well as pay direct medical expenses, which are excluded from annual and lifetime gift thresholds.[vi]

Gifts of Depressed Assets

Recent depressed asset values provide a unique opportunity to transfer substantial wealth now which will benefit family members for several future generations. Using a portion of your federal exemption to transfer current low asset values should be viewed as an opportunity. Depressed stock and business values can be considered a “natural discount” taken alone. When considered in combination with valuation discounts available from various wealth transfer strategies the “double” discount makes this a particularly attractive time to make gifts with property that is expected to appreciate during a market recovery.[vii]

 

Maximize Charitable Contributions

The IRS lets you claim a standard deduction or itemize deductions when filing your tax return. For 2022, the standard deduction for an individual is $12,950, and a married couple who files jointly can deduct $25,900.[viii]

However, if your allowable deductions, including charitable giving, are greater than these limits, you can realize a greater tax benefit by itemizing deductions. A bump in your 2022 charitable donation could put you above the threshold to itemize and give you a bigger tax break.

Donor Advised Funds

A donor-advised fund is essentially an investment account for charitable contributions. Making contributions of appreciated securities or cash can give you an income-tax deduction while making it easier to support causes or charities for the long-run. Once your contribution is made, you can take an immediate income-tax deduction. That’s why this is a useful strategy to consider before the end of the year. Your donation grows, tax-free, until you’re ready to contribute it to a cause. You can support any qualifying public charity with your funds.[ix]

 

Harvest Tax Losses

Given the extent of the market volatility in 2022, you may be straining to find some good news. Tax loss selling, also known as tax loss harvesting, can be used to reduce taxes on other capital gains. You can sell stocks and mutual funds to realize losses and then use those losses to offset any taxable capital gains you have realized during the year. Capital losses offset capital gains dollar for dollar and if your losses are more than your gains, you can use up to $3,000 of excess loss to wipe out other income.[x]

If you have more than $3,000 in excess loss, it can be carried over year to year for as long as you live. It can be tempting to move in and out of positions, but the wash-sale rule doesn’t permit you to write off losses if you sell and rebuy the same or similar security within 30 days.[xi]

 

The Remote Workplace

Since the coronavirus pandemic began nearly two years ago, an unprecedented number of people have started working from home. Remote work can trigger tax implications for both business and their employees that most people fail to think about. One of those implications is that you might be subject to double taxation if it is unclear as to where you actually reside and multiple states are vying for the right to tax your income.

To avoid these tax issues, it’s good to notify both your employer about your whereabouts. You should also consider documenting the dates of your travel, or if applicable, your move. If the move is a permanent one, take steps to establish your state of residence like changing your mailing address and getting a new driver’s license as soon as possible.[xii]

 

Conclusion

The right year-end tax moves for 2022 vary widely based on your personal financial situation and any planning moves you’ve already executed throughout the year.

These are just a few strategies that may be applicable to you—for specific ideas, it’s important to work with us and your accountant to figure out the most appropriate way forward. We’re here to help you quarterback that process and strategize specifics. While you’re likely to have heard from us already about year-end planning, please don’t hesitate to reach out if you have any outstanding questions about your tax situation.

Thank you for your ongoing support and trust throughout the year and we look forward to continuing working closely together with you in 2023.

Your Friends at JSF



The information expressed herein are those of JSF Financial, LLC, it does not necessarily reflect the views of NewEdge Securities, Inc. Neither JSF Financial LLC nor NewEdge Securities, Inc. gives tax or legal advice. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation or recommendation for the purchase, sale or holding of any security. Investing involves risk, including possible loss of principal. Indexes are unmanaged and cannot be invested in directly.

Historical data shown represents past performance and does not guarantee comparable future results. The information and statistical data contained herein were obtained from sources believed to be reliable but in no way are guaranteed by JSF Financial, LLC or NewEdge Securities, Inc. as to accuracy or completeness. The information provided is not intended to be a complete analysis of every material fact respecting any strategy. The examples presented do not take into consideration commissions, tax implications, or other transactions costs, which may significantly affect the economic consequences of a given strategy. Diversification does not ensure a profit or guarantee against loss. Carefully consider the investment objectives, risks, charges and expenses of the trades referenced in this material before investing. Consult your own tax adviser prior to engaging in any transaction.

Asset Allocation and Diversification do not guarantee a profit or protect against a loss.

By clicking on these links, you will leave our server, as they are located on another server. We have not independently verified the information available through this link. The link is provided to you as a matter of interest. Please click on the links below to leave and proceed to the selected site.­­

[i] https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that-you-can-make-for-2022

[ii] https://www.fidelity.com/tax-information/tax-topics/roth-conversion

[iii] https://www.irs.gov/businesses/small-businesses-self-employed/whats-new-estate-and-gift-tax

[iv] https://turbotax.intuit.com/tax-tips/estates/the-gift-tax/L1sFpFeXV

[v] https://www.elderlawanswers.com/will-you-owe-a-gift-tax-this-year-6069

[vi] https://www.actec.org/estate-planning/gift-tax-medical-expenses-tuition-payments/

[vii] https://www.hollandhart.com/depressed-asset-values-provide-unique-opportunity-for-wealth-transfer-planning

[viii] https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2022

[ix] https://www.fidelitycharitable.org/guidance/philanthropy/what-is-a-donor-advised-fund.html

[x] https://www.fidelity.com/viewpoints/personal-finance/tax-loss-harvesting

[xi] https://www.investopedia.com/terms/w/washsalerule.asp

[xii] https://www.thezebra.com/resources/personal-finance/double-taxation-remote-work/

 

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