May 17 is the deadline to claim your 2020 tax refund

May 17 is your last chance to file 2020 returns and claim your refund, which could include missed pandemic relief, experts say. As of May 6, there was still an estimated $1 billion in unclaimed refunds from tax year 2020, and the median payment was $932, according to the IRS. There is no late filing … Read more

Here are ways to reduce taxes on your savings interest this year

Riska | E+ | Getty Images The first question someone should ask is how much cash do they still need and whether it makes sense to invest some of that money elsewhere, according to CFP Ashton Lawrence, director at Mariner Wealth Advisors in Greenville, South Carolina. Typically, financial experts recommend keeping an emergency fund of … Read more

Biden plans higher taxes on wealthy to extend middle-class tax breaks

Director of the National Economic Council Lael Brainard speaks at the White House in Washington, D.C., on January 11, 2024. Drew Angerer | Getty Images It’s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks. Lael Brainard White House national economic advisor The multitrillion … Read more

Time to claim $1 billion in tax refunds from 2020 expires May 17

Andresr | E+ | Getty Images There is $1 billion in unclaimed 2020 tax refunds up for grabs — but the last chance to file returns and collect the money is approaching. Nearly 940,000 taxpayers have until May 17 to file 2020 returns and claim their refund, the IRS said in a “final reminder” this … Read more

How to reduce taxes on your inherited individual retirement account

Laylabird | E+ | Getty Images Inherited individual retirement accounts can be a financial boost for heirs, but the windfall can trigger tax issues, experts say. Withdrawals from pre-tax inherited IRAs incur regular income taxes. Since 2020, certain heirs can no longer “stretch” retirement account distributions over their lifetime to reduce yearly taxes. Now, certain … Read more

Here are the key things to know about your restricted stock units

When you receive equity compensation from an employer, it typically requires a comprehensive financial plan — and restricted stock units are no exception. In 2000, only 20% of public companies granted restricted stock or restricted stock units, primarily for senior executives or higher, according to the National Association of Stock Plan Professionals. That percentage, however, has jumped to … Read more

What to know before opting into your employee stock purchase plan

Morsa Images | E+ | Getty Images If you work for a publicly traded company, you may have access to discounted company shares via an employee stock purchase plan, or ESPP. While the benefit can be valuable, you need to know the rules and risks before opting into your company’s plan, financial experts say. In … Read more

Here’s what to do if you missed the federal tax deadline

Delmaine Donson | E+ | Getty Images The federal tax deadline was April 15 for most filers — and if you missed it, you should file your return and pay your balance as soon as possible, experts say. If you still owe taxes for 2023, you’ll continue racking up penalties and interest until you file … Read more

Here are key things to know before tapping inherited IRAs

Jacob Wackerhausen | iStock / 360 | Getty Images If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say.  Under the Secure Act of 2019, so-called … Read more

What taxpayers can learn from the Biden, Harris 2023 tax returns

President Joe Biden and Vice President Kamala Harris deliver remarks about healthcare in Raleigh, North Carolina on March 26, 2024. Peter Zay | Anadolu | Getty Images President Joe Biden and Vice President Kamala Harris released their annual tax returns Monday, and there are lessons within for average Americans, according to tax experts. The president … Read more