Taxes
IRS: Here are the new income tax brackets for 2023
Andersen Ross | Blend Images | Getty Images Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023. The agency has boosted the income thresholds for each bracket, applying to tax year 2023 for returns filed in 2024. These brackets show how much you’ll owe for federal […]
Read More
These are common (and costly) Roth IRA conversion mistakes. Here’s how to avoid them
Ridofranz | Istock | Getty Images Roth individual retirement account conversions may be alluring when the stock market dips. But it’s easy to make mistakes, financial experts say. The strategy, which transfers pre-tax IRA funds to a Roth IRA for future tax-free growth, may pay off when the market drops because you can buy more […]
Read More
Key Democrat outlines 5 priorities for $80 billion in IRS funding
Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate Finance Committee hearing. Tom Williams | Pool | Reuters Senate Finance Committee Chairman Ron Wyden, D-Ore., has outlined five priorities for the nearly $80 billion in IRS funding enacted in August through the Inflation Reduction Act. Wyden shared expectations for […]
Read More
This ‘wild card’ strategy offers retirees a fix for unpaid quarterly taxes. Here’s how to use it
Portra | E+ | Getty Images If you’re retired and haven’t made the necessary quarterly estimated tax payments for 2022, there may still be time to avoid late penalties, experts say. Retirees must send tax payments four times per year if they don’t withhold enough from Social Security, pensions, investments or other sources of income. […]
Read More
Here’s how advisors are helping clients slash their 2022 tax bill
Hero Images | Hero Images | Getty Images Weigh Roth IRA conversions With the S&P 500 Index down more than 20% in 2022, many investors are eyeing Roth individual retirement account conversions, which transfer pre-tax IRA funds to a Roth IRA for future tax-free growth. The trade-off is paying an upfront tax bill. However, lower […]
Read More
These are the best ways to give to charity for the ‘vast majority of people.’ Here’s how to pick the most tax-efficient strategy
Catherine Mcqueen | Moment | Getty Images It’s easy to transfer cash when a charity pulls at your heartstrings. But other giving strategies may provide a bigger tax break, financial experts say. Despite economic uncertainty, nearly 70% of Americans plan to donate a similar amount to charity in 2022 as last year, according to a […]
Read More
IRS erred on child tax credit payments for millions of eligible families – but aid was 98% accurate overall, report finds
The IRS skipped about $3.7 billion in advance child tax credit payments for 4.1 million eligible households, but sent more than $1.1 billion to 1.5 million filers who didn’t qualify in 2021, according to an audit released Tuesday by the Treasury Inspector General for Tax Administration. However, the agency accurately issued 98% of the aid, […]
Read More
Wall Road milestone: ETF popularity hits record selection
ETF Edge Wall Avenue milestone: ETF recognition hits report variety Posted Sat, Sep 24 202211:00 AM EDTUp to date 54 Min Back Noah Sheidlower@NSheidlower Check out Stay Supply
Read More
The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven’t filed
Cecilie Arcurs | Getty Images There’s about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns. An estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns, according to the IRS. Kevin Brady, a certified financial planner and […]
Read More
Here’s how to calculate your bill for student loan forgiveness, if you live in one of the 7 states that may tax it
If you’re expecting relief from President Joe Biden’s plan to forgive up to $20,000 in student loans, you may have state income tax liability, depending on where you live. While legislation is evolving, it’s possible that seven states — Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina and Wisconsin — may tax student loan forgiveness, according […]
Read More