Many young Americans hope to retire as millionaires — and they’re pretty optimistic about reaching that goal. Most Americans believe they’ll need to save over $1 million by the time they retire and that amount varies slightly by age group. Those in their 20s think they’ll need around $1.2 million saved for retirement while those … Read more
Tom Werner | Digitalvision | Getty Images As the calendar turns to a new year, you may be at risk for losing money if you have a flexible spending account. Many FSA owners have a Dec. 31 use-it-or-lose-it deadline to use the funds they have set aside for the year. The average forfeit of funds … Read more
Grocery items are offered for sale at a supermarket on August 09, 2023 in Chicago, Illinois. Scott Olson | Getty Images Heading into 2023, the predictions were nearly unanimous: a recession was coming. As the year comes to a close, the forecasted economic downturn did not arrive. So what’s in store for 2024? An economic … Read more
Artistgndphotography | E+ | Getty Images 1. Tax brackets got wider When comparing tax year 2022 to 2023, there was a big adjustment to the federal income tax brackets, according to experts. While the rates didn’t change, there was roughly a 7% increase in the brackets, which expanded the amount of taxable income you can have … Read more
Clemens Porikys | Getty Images Entertainment | Getty Images If you’re in your 40s, you probably have seen articles on how much you should have saved by now to comfortably retire. One guideline from Fidelity Investments calls for having three times your starting salary saved by 40, with the aim of growing that to six … Read more
The Good Brigade | DigitalVision | Getty Images How IRS collection notices work Typically, CP14 is the first IRS notice for an unpaid tax balance, followed by three or four reminder letters, every five weeks, explained Darren Guillot, national director at Alliantgroup, who previously served as IRS deputy commissioner of the agency’s small business division. … Read more
IRS Commissioner Daniel Werfel testifies before the House Small Business Committee on July 17, 2013. James Lawler Duggan | Reuters The IRS has unveiled a “voluntary disclosure program” for businesses that claimed a pandemic-era tax credit in error and want to pay the money back. Worth thousands per employee, the employee retention tax credit, or … Read more
Jgi/jamie Grill | Tetra Images | Getty Images The IRS is waiving roughly $1 billion in late-payment penalties for millions of taxpayers with balances under $100,000 from returns filed in 2020 and 2021. Some 4.7 million individual taxpayers, businesses, trusts, estates and nonprofit organizations are eligible for the relief, which amounts to about $206 per … Read more
A shopper carries several bags in the Magnificent Mile shopping district of Chicago on Dec. 2, 2023. Taylor Glascock | Bloomberg | Getty Images The U.S. economy has remained remarkably strong but affordability is worse than it has ever been, some social media users say, even when compared to The Great Depression. One of TikTok’s … Read more
Catherine Falls Commercial | Moment | Getty Images The page has almost turned on 2023 — and that means time is running out to make certain tax moves by year’s end, or else risk missing out on their benefits. Here are some tax strategies to consider before ringing in the new year, according to advisors … Read more
