Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate Finance Committee hearing. Tom Williams | Pool | Reuters President Joe Biden‘s nominee ...
Tag: Personal saving
Here’s how much you can make in 2023 and pay 0% capital gains taxes
vitapix | E+ | Getty Images Planning to sell some investments this year? It’s less likely to affect your 2023 tax bill, experts say. Here’s why: The IRS made dozens of inflation adjustment...
Here’s the average tax refund through Feb. 3, according to the IRS
Bill Oxford | E+ | Getty Images Tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported. The average refund amount was $1,96...
Most couples financially incompatible. Having a money talk could help
Talking about money with your romantic partner or spouse can be tough — especially when you don’t understand or know much about how they think about money. A new survey finds that 64% of couples...
What to know about $10,000 deduction limit for state and local taxes
Rep. Bill Pascrell, D-N.J., speaks at a news conference announcing the state and local taxes caucus outside the Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images A group of bipartis...
How to decide between pre-tax and Roth 401(k) contributions
Prathanchorruangsak | Istock | Getty Images Whether you’re starting a new job or updating retirement savings goals, you may need to choose between pre-tax or Roth 401(k) contributions — and the ...
TV prices sink ahead of the Super Bowl — here are the best deals
Nearly 200 million people will watch the Philadelphia Eagles face off against the Kansas City Chiefs in the Super Bowl on Feb. 12, which is a good reason to buy a brand-new television. While you may n...
Amid food inflation, more shoppers turn to dollar stores for groceries
A man looks at frozen foods for sale at a Dollar Store in Alhambra, California on August 23, 2022. Frederic J. Brown | AFP | Getty Images Among all rising costs, sky-high grocery bills have been espec...
Don’t risk an audit. Here are four reasons the IRS may flag your return
dmphoto | E+ | Getty Images Tax season is underway and there’s been increased scrutiny of the IRS as the agency starts deploying part of the nearly $80 billion approved by Congress in August. W...
A self-made millionaire shares 8 money secrets rich people know that ‘most of us don’t’
It took me 20 years of trial and error before I achieved a multimillion-dollar net worth. Now, at 64, I draw income from the 18 companies I started and the 12,000 apartment units I own. But I wish I h...
How to handle cryptocurrency losses on your 2022 tax return
A worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on bitcoin’s price this year. STR | Nurphoto via Getty Images Crypto losses can offset inves...
What to know about the Republican plan
John Miller | iStock | Getty Images A group of House Republicans is revisiting the Fair Tax Act, which would replace certain federal levies with a national sales tax and decentralize the IRS. While th...
Metro areas where U.S. rent prices have dropped the most
Colorful cafe bars at the iconic Beale Street music and entertainment district of downtown Memphis, Tennessee. benedek | iStock | Getty Images Despite broad hikes in rental prices, competition is easi...
Here’s why your tax refund may be smaller this year
Bill Oxford | E+ | Getty Images If you’re banking on a tax refund, it may be “somewhat lower” than last year’s payment, according to the IRS. Typically, you can expect a federa...
Tax season kicks off as IRS begins to deploy $80 billion in funding
kate_sept2004 | E+ | Getty Images Tax season kicked off for individual filers Monday with a bigger IRS customer service team and enhanced technology as the agency begins to deploy its nearly $80 billi...
Here’s how to report Roth IRA conversions on your taxes
If you made a Roth individual retirement account conversion in 2022, you may have a more complicated tax return this season, experts say. The strategy, which transfers pretax or non-deductible IRA fu...
Amid inflation, more middle-class Americans struggle to make ends meet
As inflation spiked, Americans in the middle class were particularly hard hit. For them, prices increased faster than their income, according to a September report by the Congressional Budget Office. ...
Jan. 17 is the deadline for 2022 fourth-quarter estimated tax payments
Constantine Johnny | Moment | Getty Images There’s still time to avoid a penalty if you didn’t pay enough taxes in 2022 — but the clock is ticking. If you are self-employed or receive inco...
Here’s how to get a faster tax refund during the 2023 filing season
Bill Oxford | E+ | Getty Images Despite falling inflation, many Americans are still struggling financially and will need their annual tax refund to help cover the basics. Some 30% of Americans overal...
Tax season opens for individual filers on Jan. 23
It’s official: The tax season kicks off for individual filers on Jan. 23, the IRS announced Thursday. For most taxpayers, you must file your federal return and pay your balance by April 18 this ...
Here are 3 moves to make before the 2023 tax filing season opens
mediaphotos | E+ | Getty Images Enlist tax prep help One of the first things to consider: Will you be filing your own taxes this year or tapping an expert to file a return on your behalf? If you’...
House Republicans have voted to cut IRS funding
New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023. Jon Cherry | Reuters House Republicans on Monday night voted to slash funding for the IRS, fo...
Where to keep your cash amid high inflation and rising interest rates
dowell | Moment | Getty Images Investors have many options when saving for short-term goals, and those choices have become more complicated amid high inflation and rising interest rates. While there h...
These states will raise their minimum wages in 2023
Labor activists hold a rally in support of a national $15 minimum wage on May 19, 2021, in Washington, D.C. Kevin Dietsch | Getty Images News | Getty Images As the calendar turns to 2023, workers in m...
5 tax, investment changes that could boost your finances in 2023
1. Bigger contribution limits on retirement accounts If you’re eager to boost your retirement savings, there’s good news for 2023: higher contribution limits for your 401(k) and individual...
How to find the best used car for the money
Buying a used car has typically been considered a smart way to save by avoiding the steep depreciation costs that go hand in hand with new cars. However, a limited supply of new cars and trucks due to...
Tax-free rollovers from 529 plans to Roth IRAs may be allowed in 2024
Maskot | Maskot | Getty Images Americans who save for college in 529 plans may soon have a way to rescue unused funds while keeping their tax benefits intact. A $1.7 trillion government funding bill p...
How to maximize your tax deduction for charitable donations
Members of the Salvation Army play music during the lighting of the world’s largest Red Kettle in the Times Square neighborhood of New York, U.S., on Tuesday, Dec. 1, 2020. Jeenah Moon | Bloombe...
You can still reduce your 2022 tax bill with some last-minute moves
‘Take lemons and make lemonade’ with tax-loss harvesting With the S&P 500 Index down nearly 20% for 2022 as of midday Dec. 19, it may be a good time for tax-loss harvesting, which allo...