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May 2023 Client Newsletter

Hello Again! 

First Some Announcements: 

  • When you have a minute come join us for an in-depth conversation about all things financial on the Your Investment Partners Podcast. Recent Episodes Include:
    1. Rising Dividends – Why they matter in an investment portfolio and 
    2. Cash Management During a Banking Crisis.   
      • As always please subscribe, rate, and share!
      • To Listen Through Apple Podcasts Click Here   
      • To Listen Online Click Here 
  • Recent Blog Posts include: 
    1. How Taming Your Inner Gremlin Can Lead to a More Fulfilling Financial Life
    2. Why Building Slack in Your Financial Life is Essential for Success and Happiness
    3. Four Unique Ways to Budget      
      • To read visit: Click Here  
  • Higher Interest on your Savings
    1. We are starting to see CD rates in the 4% to 5% range!  (As of 5/1/2023 - These are not always available and change every day.) If you have additional cash sitting in a checking or savings account earning very little interest, CD rates, money market rates, and bond rates offer a compelling alternative.  Give us a call to discuss your situation!
  • 401(k) Management
    1. Would you like us to manage your retirement plan, for example your 401(k), on your behalf?  We now have a solution to connect select retirement plan providers.  An advantage is comprehensive account management and asset allocation, so all your pieces are working together.  If this applies to you, reply to this email, or give us a call and let’s talk! 
  • Secure File Upload
    1. Need to send us a file securely?
      • Go to: https://ascendinvestment.com/resources/secure-file-upload
      • Password: 40642


Tax Review and Future Strategies 

If you listened very close on Wednesday April 19th, there was a large collective sigh. The relieved sounds of thousands tax professionals and preparers everywhere breathing easier.  Another tax year completed.  The wise words of Benjamin Franklin “Nothing is certain except death and taxes” it’s time to get ready for next year. Preparing for next years taxes shows up in a lot of different ways.  We wanted to highlight three: Social Security, Withholding Rates, and Child Credits. And as always, if you would like help with anyone of these please reach out. We are happy to go through your personal situation.   

In 2023, Social Security recipients received one of the largest cost-of-living adjustment in history at 8.7%. Also, interest rates have been rising and now cash type savings accounts can yield 4% or 5%. (If yours is not, let's talk!) These are both great things for those in retirement! (Or those with cash savings!) As with everything in finance there are always tradeoffs. One we worry about is paying higher taxes in 2023. Generally, more income means more taxes. Remember, as your provisional income increases so does the tax rate on your social security.   Looking at your expected income in 2023 and comparing it to your 2022 income will give you good gauge if you should expect higher taxes.  

Second, review your withholding rates. When you have income, either from a job or a retirement account, generally, a percentage of that income is withheld for state and federal taxes. The amount withheld is not fixed and can be easily changed! If you had a surprise tax bill this year you can adjust the amount withheld to be a little higher. This is especially important if you received a pay increase at you job. Once again, estimate your 2023 income and compare it to your 2022 income to see if there is a significant change. Using your new estimated income, adjust the amount withheld to line up with your new tax bracket. 

Last, if you have children in the home or in college there are various tax credits to keep an eye on. For children at home there is the Child Tax Credit as well as the Child & Dependent Care Credit. For dependents in college the Lifetime Learning Credit and American Opportunity Tax Credit. There are limiting factors, such as income, but knowing the limits ahead of time allow you to prepare.  Tax credits are usually more valuable than tax deductions!  

Tax strategies, like financial planning, is a year-round effort. If your situation has changed or you want a second look at your taxes let’s talk. Please reach out by phone or email.  

Also, if there is someone you know who can benefit from any of the information we provide please share.   

We appreciate you and your business,


Garrett G. Smith

Financial Advisor

Ascend Investment Partners


Paul M. Norman, CFP®

Senior Financial Advisor

Ascend Investment Partners





214 South Main Street

Logan, UT 84321

Tel: 801-476-1200

Fax: 801-476-1207



175 Historic 25th Street

Ogden, UT 84401

Tel: 801-476-1200

Fax: 801-476-1207 


Ascend Investment Partners is not a legal or tax advisor. You should consult with your attorney, accountant and/or estate planner before taking any action.   

Ascend Investment Partners did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Ascend Investment Partners or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.