The latest from Washington, D.C.

Before we get to the personal finance related happenings from Washington D.C., we wanted to take a moment to send our thoughts and prayers to our fellow Floridians. The devastation from hurricane Ian is incredible.

While the storm weakened as it passed across Florida, it was still quite capable of causing damage. If you suffered damages from the storm, we are happy to help in any way we can. The IRS has announced some relief for Florida residents and businesses by extending to February 15, 2023 some filing deadlines including individual tax returns due Oct 17, the quarterly estimated tax payments normally due on January 17, 2023, and the quarterly payroll and excise tax returns normally due on October 31, 2022 and January 31, 2023. The same extensions are available in North Carolina and South Carolina.

If you would like to help the relief efforts in Southwest Florida, you can donate to the Florida Disaster Fund. The fund is the State of Florida’s official private fund established to assist Florida’s communities as they respond to and recover during times of emergency or disaster. They initially made grants to ten relief organizations. You may donate to any of them directly at their respective websites. The organizations are:

  1. Save the Children
  2. The Salvation Army
  3. American Red Cross 
  4. Team Rubicon
  5. Catholic Charities 
  6. Feeding Florida
  7. Midwest FoodBank
  8. ToolBank
  9. Operation BBQ Relief
  10. United Way Collier County

The latest from Washington, D.C.

Late summer and early fall produced several developments from Washington, D.C.. The Federal Reserve, President Biden and Congress all took some notable actions which affect personal finances.

The Federal Reserve

The Federal Reserve (the Fed) has been increasing their target rates for federal funds, the overnight lending rate the Fed uses with banks. The increases are designed to help reduce inflationary forces. Higher rates make borrowing more expensive and slows the rate of price increases. The link between interest rate hikes and inflation rates is sound, but in real time it often does not pan out in a nice straight line.

It is important to note that the Fed influences rates throughout the economy but does not dictate them.

It is important to note that the Fed influences rates throughout the economy but does not dictate them. For instance, the Fed raised the federal funds rate .75% on June 15 and an additional .75% in both July and September. Despite this cumulative 2.25% increase, rates on U.S. Treasuries have increased far less. On June 14, 1-year notes were yielding 3.15%, 5-year notes 3.61%, and 10-year notes 3.49%. On September 30, those rates were 4.05%, 4.06%, & 3.83% respectively.

A year ago, the Fed thought inflation would not persist but are now aggressively raising rates to quell inflation. The media loves to quote people who second guess or even mock the Fed. Fact is, the Fed is arguably the best-informed body when it comes to the U.S. economy. Their struggles to accurately forecast economic matters should be strong evidence to you that economic matters are extremely difficult to predict. Couple that difficulty with the lack of a need to forecast economic activity to succeed in the financial markets, and you have excellent reasons to tune out economic reporting as noise.

The President

With both great praise and harsh criticism, President Biden authorized a plan to forgive some student loans for borrowers under certain income limits. To be eligible, single taxpayers must have an Adjusted Gross Income (AGI) in either 2020 or 2021 of less $125,000. For married borrowers filing a joint return, AGI must be under $250,000. The forgiveness applies to federal student loans only, not private loans. Those who received Pell grants can get up to $20,000 forgiven while those that did not receive them can get $10,000 forgiven.

info graphic of student loan forgiveness planIt was anticipated that applications for the loan forgiveness would start to be accepted sometime in October. However, six states have filed suit claiming President Biden does not have the authority to forgive these debts.

In addition to the debt forgiveness provisions, the plan continued (for the final time) the suspension of loan payments through December 31, 2022 and modified the rules regarding income-driven repayment plans to cap annual payments at 5% of the borrower’s income.


On August 16th, President Biden signed into law the “Inflation Reduction Act.” The law’s direct effects on inflation are debatable but it clearly aims to promote cleaner energy use. The legislation enhances and renames two tax credits for “green updates” to a home, adds a new tax break for the purchase of electric vehicles, and revives a break for installing EV recharging equipment. If you are interested in making such changes to your home, we recommend you discuss it with our tax team prior to signing any contracts. We have seen a number of people who came to regret relying on a salesperson’s explanation of similar tax breaks.

The other tax related provision in the act that garnered a lot of attention was the allocation of $80 billion for the IRS. Proponents point to the significant need for additional staff, technology, and process improvement at the agency. Critics fear a new era of aggressive enforcement on the middle class.

On November 8, one-third of the Senate and all of the House of Representatives will be elected. As usual, we expect more proposals and legislation shortly thereafter. Rest assured, we will be monitoring developments and will be available to help you make sense of whatever comes next from Washington.

News & Notes

Our Orlando office has moved. In order to serve you better, we have steadily increased our staff over the last several years and plan to continue to do so. To accommodate additional staff, we needed more space in Orlando. As of October 1, the Moisand Fitzgerald Tamayo Orlando team has moved into a new office located in the Bank of America Plaza. The new office building is adjacent to our office of the past eight years.

  • Our new office address is: 300 S Orange Ave., Ste 1170, Orlando, FL 32801
  • Visitors should use the parking garage located at 13 W South St., Orlando, FL 32801 (Look for Bank of America sign above entry)
  • The addresses for our Melbourne & Tampa offices remains the same

Conference season is underway. One of our core values is lifelong learning. Attending and speaking at conferences helps us stay on top of our craft. Dan Moisand, CFP® travelled to Atlanta to attend the national conference of the Association of African American Financial Advisors. While in Atlanta, he joined other representatives of CFP Board on a panel about the career opportunities in financial planning for students at Clark Atlanta University and Morehouse College.

Ryan HeadshotDJ Hunt, CFP® and Ryan Osborne, CFP® EA went to Austin, Texas for an advanced investment symposium hosted by Dimensional Funds. DJ and Ryan attended lectures on topics such as how Exchange Traded Funds operate and maintain their tax efficiency.

Social Security payments and retirement plan contributions to rise. Increases in inflation measures will cause several adjustments which directly affect personal finances such as: Social Security payments, the allowable contribution amounts to IRAs and retirement plans, and the thresholds for marginal tax brackets. 2023 Social Security payments are set to rise by 8.7%. Contribution limits to retirement plans should also rise. Several other items in the tax code which are tagged to inflation readings are estimated to increase by about 7%. We will have exact figures for you in our January newsletter.

Important Dates:

November 1: Start of open enrollment for existing Health Insurance Marketplace enrollees

December 7: End of open enrollment for existing Medicare enrollees

December 15:

  • End of open enrollment for existing Health Insurance Marketplace enrollees

December 16: Last date to submit paperwork to be certain processing will be complete for end of calendar tax year deadlines such as:

  • Making Required Minimum Distributions from retirement accounts and IRAs
  • Completing gifts and charitable donations for 2022 tax year
  • Completing conversions to Roth IRAs
  • Dividing retirement accounts with multiple beneficiaries in order to use separate accounting

Friday, December 23, 2022 – Monday, January 2, 2023: Offices of Moisand Fitzgerald Tamayo are closed. As has been our custom for many years, all staff have this time off so they can spend it with their families. Offices will be open on Tuesday, January 3, 2023.

January 1:

  • Start of General Enrollment Period for Medicare Part A and B
  • Start of Open Enrollment Period for Medicare Advantage

February 15:

  • Q4 estimated payment deadline for 2022 tax year. Florida residents can extend until February 15
  • Q4 estimated tax payment deadline for C-corporation and multi-member LLCs that elect to be treated as a corporation

Please remember to call us: When anything significant happens in your life, including changes in your finances, family, or health that could affect your financial plan, please let us know so that we can adapt our planning and portfolio work for you accordingly. Also, if you ever fail to receive a monthly statement for one of the Schwab Institutional or TD Ameritrade Institutional accounts under our management, please let us know so we may assure the respective custodian delivers your statements promptly.

Yours truly,

The Team at Moisand Fitzgerald Tamayo, LLC

 Contact Us

Moisand Fitzgerald Tamayo, LLC is an Orlando, Tampa and Melbourne, Florida based fee-only financial planner serving central Florida and clients across the country. Moisand Fitzgerald Tamayo, LLC specializes in providing objective financial planning, retirement planning, and investment management to help clients build, manage, grow, and protect their assets through all phases of one’s life and the many transitions in between. If you have any questions or would like to discuss anything further, please give us a call or send us a note. If you are not a client and wish to receive emails notifying you of new posts – no more than once per month – fill out the subscription information in the sidebar to the right. For more frequent updates, follow us on FacebookLinkedIn, or Twitter.  

Important Additional Information & Disclosures

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Moisand Fitzgerald Tamayo, LLC-“MFT”), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. 

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from MFT. 

Please remember that if you are a MFT client, it remains your responsibility to advise MFT, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. MFT is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. Tax advice is given only to clients and only when agreed to by MFT. A copy of the MFT’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request.

Please Note: MFT does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to MFT’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Please Note: Limitations:  While MFT does NOT pay for recognition, awards, or publicity, neither rankings and/or recognition by unaffiliated rating services, publications, or other organizations, nor the achievement of any designation or certification, should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if MFT is engaged, or continues to be engaged, to provide investment advisory services. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers. No ranking or recognition should be construed as a current or past endorsement of MFT by any of its clients.  ANY QUESTIONS: MFT’s Chief Compliance Officer remains available to address any questions regarding rankings and/or recognitions, including providing the criteria used for any reflected ranking.

Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.  It should not be assumed that your MFT account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your MFT accounts; and, (3) a description of each comparative benchmark/index is available upon request.


About Dan Moisand

Dan Moisand is a fee-only financial advisor with Moisand Fitzgerald Tamayo, LLC. He is a regular contributor for multiple outlets, including Florida Today, MarketWatch, and The Wall Street Journal. His writing and financial advice have also been featured in Financial Planning, Investment Advisor, Wealth Manager/Advising Boomers, Forbes, Smart Money, and The New York Times, among other publications. He is the only two-time winner of the Journal of Financial Planning’s “Call for Papers” competition and has been named a top financial planner and advisor by multiple publications. Investment News named Dan one of the “twenty most influential men and women” in the history of financial planning. He currently serves on the Board of Directors for the CFP (Certified Financial Planner) Board.


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