The tax-filing deadline on April 18 is looming. And you might be scrambling to prepare your 2022 tax returns. But you can make the process go smoother and more efficiently. You want to lower your tax burden. It’s still possible, even though Dec. 31, 2022, has come and gone. Here are six tips for filing…
Levels of Dependency on the State Have Reached Record Levels, Says UK Think Tank
A record 36 million people in Britain now live in households that receive more benefits from the state—including free education and health care—than they contribute in tax, according to a report by the think tank Civitas. Civitas analysed data from the Office of National Statistics (ONS) from 2020/21 and found 54.2 percent of individuals were…
The IRS Increased the Standard Mileage Deduction for 2023
Due to the recent high fuel costs, the Internal Revenue Service has raised the standard mileage deduction for the business use of a vehicle. It means you can recover more of the costs of operating your business vehicles. In 2023, the IRS raised the standard mileage rate for businesses by $0.03. It brings it up…
Family Finances: Voters Weigh in on State Taxes
By Sandra Block From Kiplinger’s Personal Finance While control of Congress received most of the attention during the November midterm elections, voters in more than a dozen states also voted on a smorgasbord of ballot initiatives that could affect your state tax bill. As was the case with many congressional elections, the results were all…
IRS Reminds Wage Earners to Adjust 2023 Withholding Now or Face a Surprise Later
The Internal Revenue Service (IRS) has issued an alert to taxpayers, encouraging them to adjust their 2023 withholding so as to either avoid effectively giving the government an interest-free loan of their money or face the prospect of penalties and interest if too little tax is withheld. In a news release on Jan. 19, the…
Avoid a Tax Audit by Understanding the Triggers
Being audited by the Internal Revenue Service is a fear many people have every tax season. When that fear is present, it causes some legitimate deductions to go unclaimed. It means that you are leaving money in the hands of the IRS that is rightfully yours—and that you will never see it again. Although a…
Taxes Shrink Year-End Bonuses
By Kelley R. Taylor From Kiplinger’s Personal Finance Question: I just got my year-end bonus, and it’s a lot less than I expected because of taxes. Is there any way to avoid taxes on bonuses? Answer: First and foremost, bonuses are taxed because they are considered taxable income. But the IRS also considers bonuses to…
GM Wants US Treasury to Reconsider Tax Credits for Cadillac Lyriq EV
WASHINGTON—General Motors said Friday it wants the U.S. Treasury to reconsider classification of GM’s electric Cadillac Lyriq to allow it to qualify for federal tax credits. The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in…
Sneaky Ways Inflation Affects Your Money in 2023
January 9, 2023
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By now, you’re probably familiar with the more obvious ways inflation affects your finances. Your money doesn’t go as far at the grocery store, for example. Credit card and other variable-rate debt is getting more expensive as the Federal Reserve raises short-term interest rates to combat inflation. Rates are also rising, albeit more slowly, on…
How to Prevent Getting Hit With Inheritance Taxes
Receiving an inheritance can be considered a great blessing. Even though you will be missed, your heirs will be glad that you named them as a beneficiary. If you have not made any preparation to cover or prevent inheritance taxes, your beneficiaries will discover that they will not get nearly as much as they hoped….
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