Martin Barraud | Ojo Images | Getty Images Many Americans are likely familiar with financial thresholds that are adjusted for inflation each year. They include contribution limits to 401(k) plans, cost-of-living adjustments for Social Security benefits and federal income tax brackets, to name a few. These tweaks help households keep pace with the rising cost … Read more
IRS Commissioner Danny Werfel testifies before the House Appropriations Committee on May 07, 2024 in Washington, DC. Kevin Dietsch | Getty Images The IRS will expand Direct File, its free tax filing program, nationwide starting in 2025, the agency and the U.S. Department of the Treasury announced on Thursday. “After a successful pilot, we are … Read more
Mixetto | E+ | Getty Images If you’re self-employed, hiring your kids could provide tax benefits — provided you follow labor laws and IRS rules, experts say. Small businesses hiring their own children is a popular topic among social media influencers on platforms such as TikTok, Instagram and YouTube. But tax professionals say they are … Read more
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
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
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
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
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
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
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
