WASHINGTON — A bipartisan team of lawmakers on Tuesday announced that they had finalized a deal to restore business tax breaks and expand a credit that gives millions of parents refunds at tax time. Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways and Means Committee Chair Jason Smith (R-Mo.) unveiled the details of … Read more
Democratic Gov. Laura Kelly renewed her call Wednesday to expand Medicaid and countered an anticipated single-rate flat income tax for individuals with a plan that would instead cut taxes by doing things like accelerating the phasing out of the state’s sales tax on groceries. Kelly said in her annual State of the State address that … Read more
FRANKFORT, Ky. — For weary parents rolling up their sleeves for around-the-clock diaper duty, a bill with bipartisan support in Kentucky would deliver tax relief when purchasing a necessity that adds up to a hefty expense. The measure would exempt diapers from the state’s 6% sales tax. Senators from both parties have signed on as … Read more
Boy_anupong | Moment | Getty Images After higher yields in 2023, investors are bracing for interest rate cuts that could put a damper on shorter-term savings. Federal Reserve officials expect three quarter-percentage-point cuts in 2024, according to December meeting minutes released Wednesday. But there’s lingering uncertainty over when, or if, those changes may occur. More … Read more
Americans worth more than $100 million sat on a whopping $8.5 trillion in untaxed profits in 2022, a report released Wednesday found — money that may never be taxed unless Congress closes a loophole shielding the investments of the ultrarich. These centimillionaires and billionaires made up just 0.05% of all American households in 2022, according … Read more
This year, 40% of Americans said they do not make financial resolutions for the new year and 68% said they do not have written financial plans at any point in the year, according to research from BMO Financial Group. However, setting a budget goes a long way in managing your personal finances. “Many people spend … Read more
The year-end is quickly approaching, but there’s still a chance to reduce your 2023 tax bill or boost your refund with some last-minute moves, experts say. Dec. 31 is the deadline for many tax-saving opportunities, which leaves limited time to take action. “It’s a little late to be super strategic,” but there’s still some “low-hanging … Read more
Jgi/tom Grill | Tetra Images | Getty Images Does your year-end bonus look smaller than expected? Tax withholding is a likely culprit, but Uncle Sam may pay some back when you file an annual tax return, experts said. Bonuses are treated as taxable income, like wages in a typical paycheck. However, unlike wages, the IRS … 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
