Artistgndphotography | E+ | Getty Images With tax season in full swing, the IRS has issued more than 2.6 million refunds worth about $3.65 billion, as of Feb. 2, the agency reported last week. So far, the average refund is $1,395, compared with $1,963 one year ago, which is roughly 29% smaller. However, since the … Read more
Wand_prapan | Istock | Getty Images There’s no debate that Social Security’s funds — which are projected to become insolvent in the next decade — need fixing. But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable … Read more
Travis Kelce of the Kansas City Chiefs, left, and George Kittle of the San Francisco 49ers stand on stage during the NFL’s Super Bowl Opening Night show at Allegiant Stadium in Las Vegas, Feb. 5, 2024. Chris Unger | Getty Images Sport | Getty Images Sunday’s Super Bowl between the NFL’s San Francisco 49ers and … Read more
Witthaya Prasongsin | Moment | Getty Images If your tax refund or bill is bigger than expected, it could be time to adjust your paycheck withholding — and a simple calculation could help, experts say. Typically, you get a refund when you overpay taxes throughout the year, and you owe money when you don’t pay … Read more
Valentinrussanov | E+ | Getty Images If you’re eager to save money filing your taxes this season, there’s a free option that’s used by only a fraction of eligible taxpayers. Established in 2002, the program, known as IRS Free File, is a public-private partnership between the agency and the Free File Alliance, a nonprofit coalition … Read more
Filing taxes is more expensive this year as the industry raises prices to combat a growing accountant shortage. The cost of tax preparation and accounting fees grew 8.3% in November 2023 compared to the previous year, according to the U.S. Bureau of Labor Statistics. Taxpayers typically spend an average of $140 to file taxes every … Read more
Laylabird | E+ | Getty Images Tens of millions of Americans file tax returns every year — and many are missing a “valuable credit,” according to the IRS. In 2022, roughly 23 million filers received $57 billion from the earned income tax credit, or EITC, a tax break for low- to moderate-income workers. But nearly … Read more
D3sign | Moment | Getty Images Tax season has kicked off and the IRS has started to process 2023 returns. If you’re expecting a refund, there are a few ways to get the money faster, experts say. Often, “self-inflicted mistakes” cause refund delays, according to Mark Steber, chief tax information officer at Jackson Hewitt. The … Read more
U.S. Treasury Secretary Janet Yellen speaks at the International Brotherhood of Electrical Workers 357 union hall in Las Vegas on Aug. 14, 2023. Ronda Churchill | Bloomberg | Getty Images With the opening of tax season only days away, the IRS has unveiled a plan to simplify the millions of complicated notices sent to taxpayers … Read more
Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing into U.S. President Joe Biden on Sept. 28, 2023. Jonathan Ernst | Reuters House Republicans this week reintroduced legislation to permanently repeal what they’re calling the “death tax” — or federal estate tax, which is levied on inherited property above … Read more
