FINANCIAL STRATEGIES NEWSLETTER

FOURTH QUARTER 2023

Greetings!

In this quarter's newsletter we discuss what do with an inheritance, some common investing mistakes, and how the new FAFSA form will change the college financial aid process. Also, as part of our 40th anniversary celebration, Mary Moore sat down for a video interview to discuss her time at AFM, so make sure to check it out below!

The AFM Team

MARKET UPDATE

Markets continued to rally in December, with positive returns during the month contributing to a strong end to the year.

I RECEIVED AN INHERITANCE, NOW WHAT?

An inheritance can both be a blessing and a curse, as managing these inherited assets can get complicated really quickly.

WHAT YOU NEED TO KNOW ABOUT THE NEW FASFA

The new FAFSA form for the 2024-2025 school year became available December 1, 2023, and aims to help simplify the process of applying for college financial aid.

SIX COMMON INVESTMENT MISTAKES AND HOW TO COMBAT THEM

Investing is a powerful tool that can help build your wealth and secure your financial future. However, there are plenty of pitfalls out there that could hurt your progress. Simply being aware of these pitfalls can improve your chances of success.

40TH ANNIVERSARY INTERVIEW WITH MARY MOORE

As part of our firm's 40th anniversary celebration, we're showcasing the stories of our principals as part of a video Q&A series. Watch the third installment of this series featuring an interview with Mary Moore.

Watch here

WHEN DO I GET MY TAX FORMS?

For all NFS brokerage account owners, we have received the following timeline:

As in past years, NFS has applied for and received a 30-day extension from the from the IRS’s initial mailing deadline of February 15^th that will minimize the need to create and distribute corrected tax forms that could require clients to file amended tax returns.
2023 tax forms will be mailed to clients in waves starting on January 20^th. Subsequent mailings will be made on February 10^th, February 24^th and March 6^th.

2024 RETIREMENT PLAN LIMITS

Employees can contribute $23,000 to a 401(k), 403(b), 457(b) plan, or the federal government’s Thrift Savings Plan, an increase of $500 over the prior year. The catch-up contribution for those 50 or older also was raised to $7,500.

The IRA contribution limit also increased by $500 to $7,000, plus a $1,000 catch up for those 50 or older.

NEW EMPLOYEE SPOTLIGHT: TORIE PITTARI

Please join us in welcoming the newest member of our firm, Torie Pittari! Torie joined AFM as a Client Service Associate in January 2024. Prior to joining the company, she worked in project management for a DC-based real estate developer.

Torie attended Louisiana State University and Southeastern Louisiana University where she received a bachelor’s degree in marketing. She is from the greater New Orleans area and moved to DC after graduation in 2019.

In her spare time, Torie enjoys yoga, Premier League football (aka the English soccer league) and searching for the best orange wine in the city.

AFM NEWS & NOTES

Zachary Kaufman passed the CFP exam
Alexandra Armstrong, attended InvestmentNews' annual Women to Watch Summit in NYC
Mitchell Strobel ran a 5K for Commonwealth Cares
Ryan Fleming visited the floor of the New York Stock Exchange
Nicolette Davicino summited Mount Yale
Lucas Campbell won first place at his USA Powerlifting meet earlier this month
AFM held our annual holiday luncheon

TAX RETURN REQUEST

If you haven't done so already, please send us a copy of your 2022 Federal and state returns to help us better serve you throughout the year. We are best able to perform tax related analysis with your most current tax return. Exactly how the information is used varies from client to client, but may include analyzing Roth conversions, calculating tax projections, and tracking tax data that can impact investment decisions.

Subscribe to Capital Insights for more frequent updates

Armstrong, Fleming & Moore, Inc.

202.887.8135 |202.887.0050 Fax | info@afmfa.com

Providing financial planning and investment advice since 1983

Securities offered through Commonwealth Financial Network®, Member FINRA/SIPC. Fixed Insurance products and services and advisory services offered by Armstrong, Fleming & Moore, Inc., a Registered Investment Adviser, are separate and unrelated to Commonwealth.

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