Personal saving
President Biden’s proposed 2024 finances phone calls for major 39.6% tax price
President Joe Biden speaks about the U.S. response to the significant-altitude Chinese balloon at the White Property complex Feb. 16, 2023 in Washington, DC. Drew Angerer | Getty Illustrations or photos Information | Getty Photos President Joe Biden is proposing better taxes on rich People in america to assist protect priorities like Medicare and Social […]
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Made a profit selling your home in 2022? Here’s how to trim your tax bill
Despite the cooling market, many homeowners made money selling their property in 2022 — and part of that windfall may be taxable. Home sellers made a $112,000 profit on the typical sale in 2022, a 21% increase from 2021, and a 78% jump from two years ago, according to ATTOM, a nationwide property database. While […]
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IRS commissioner nominee to ‘ensure that America’s highest earners comply with tax laws.’ Here are the key takeaways from Senate hearing
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 to lead the IRS answered questions during a Senate Finance Committee hearing this week, highlighting key issues from lawmakers on both sides of the aisle. Daniel Werfel, […]
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How to pay 0% capital gains taxes with a six-figure income in 2023
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 adjustments for 2023, including the long-term capital gains brackets, applying to investments held for more than one year. This means you can have […]
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The IRS has issued nearly 8 million tax refunds. Here’s the average payment
Bill Oxford | E+ | Getty Images The 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 $1,963, down from last year’s payment of $2,201 at the same point in the filing season. Of course, […]
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Most couples are ‘financially incompatible,’ survey finds. Having a money talk could help — no matter how long you’ve been together
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 admit to being “financially incompatible” with their partners, with different philosophies about spending, saving, and investing their money. Unfortunately, this […]
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House lawmakers relaunch the SALT caucus. Here’s what to know about the $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 bipartisan House representatives relaunched the SALT caucus last week, calling for relief from the $10,000 limit on the federal deduction for state […]
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Pre-tax vs. Roth 401(k): Deciding which to use for retirement is trickier than you think
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 choice may be more complex than you think. While pre-tax 401(k) deposits offer an upfront tax break, the funds grow tax-deferred, meaning you’ll owe […]
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IRS: Residents of more than a dozen states do not need to report ‘special payments’ for welfare, disaster relief on their federal return
The IRS on Friday issued federal tax guidance for millions of Americans who received state rebates or payments in 2022. The announcement came about a week after the agency had urged those taxpayers to hold off on filing while it determined if the funds are taxable on federal returns. “The IRS has determined that in […]
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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 might be a good motivation to buy a brand-new television. While you might not see as many deals now as there are on Black Friday, prices, in general, have been steadily falling, […]
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