5 tax and investment changes that could boost your finances in 2023 amid economic uncertainty
1. Bigger contribution limits on retirement accounts If you’re eager to boost your retirement savings, there’s good news for 2023: …
Taxes
As a record 8.7% Social Security cost-of-living increase starts in 2023, here’s what beneficiaries should look for in annual statements
Kathrin Ziegler | Digitalvision | Getty Images As inflation has kept prices high in 2022, Social Security beneficiaries may look …
You may get a 1099-K for Venmo and PayPal payments. Here’s how to prepare — and shrink your tax bill
Charday Penn | E+ | Getty Images If you’ve accepted payments via apps such as Venmo or PayPal in 2022, …
Tax ‘refunds may be smaller in 2023,’ warns IRS. Here’s why
If you’re expecting a tax refund in 2023, it may be smaller than this year’s payment, according to the IRS. …
If you’re still missing your tax refund, you’ll soon receive 7% interest from the IRS — but it’s taxable
Bill Oxford | E+ | Getty Images If your tax refund is still in limbo, there’s good news: Your balance …
‘There is no such thing as a free lunch.’ 4 lessons for crypto investors from the FTX collapse
Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks …
Here are 4 ways to take advantage of your health-care expenses before the end of the year
ronnachaipark | iStock | Getty Images Health-care expenses can often be unpredictable and unwelcome. However, depending on your situation, there …
Biden names pick for new IRS head as agency plans for $80 billion funding, wrestles with backlog
The Internal Revenue Service building in Washington. SAUL LOEB/AFP via Getty Images New role a ‘challenging assignment,’ former IRS commissioner …
Winning ticket for Powerball’s record $2.04 billion jackpot sold in California — here’s what will go to taxes
Anadolu Agency | Anadolu Agency | Getty Images California does not tax lottery winnings While the IRS will scrape 24% …
The $1.9 billion Powerball jackpot — the largest ever — is up for grabs. Here’s the tax bill if there’s a winner
Mark Ralston | Afp | Getty Images Whoever is the next jackpot winner in Powerball will be looking at the …
5 key personal finance issues this midterm election season — and what they mean for your wallet
As Americans head to the polls, several key personal finance issues are weighing on voters’ minds and wallets. This week, …
Powerball jackpot hits $1 billion — but only if you pick the less-popular prize option. If you win, here’s the tax bill
The jackpot for Powerball’s Monday night drawing is a whopping $1 billion. Sort of, anyway. The advertised number represents the …
‘Millionaire tax’ plans are on the ballot in California and Massachusetts. Here’s what that means for taxpayers
How states plan to spend ‘millionaire tax’ revenue While the proposed taxes sound similar, there are differences in how each …
IRS ‘fully committed’ to better customer service as agency hires 4,000 new workers
Charles Rettig, IRS Commissioner, testifies during the Senate Finance Committee hearing in Washington, D.C., June 8, 2021. Tom Williams | …
If you’re planning on tax-loss harvesting, here’s the first number advisors say you should know
Terry Vine | Getty Images There are few bright spots for investors in a down market. But tax-loss harvesting, which …
What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits
Halfpoint | Istock | Getty Images Retirees who rely on Social Security benefits for income will get some relief from …
IRS: Here are the new income tax brackets for 2023
Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023. The agency …
Powerball’s jackpot is now $420 million and Mega Millions’ top prize is $494 million. Here’s how to handle a huge windfall
mphillips007 | iStock Unreleased | Getty Images There’s a whole lot of money up for grabs this week in two …
These are common (and costly) Roth IRA conversion mistakes. Here’s how to avoid them
Ridofranz | Istock | Getty Images Roth individual retirement account conversions may be alluring when the stock market dips. But …
There’s new optimism the $300 monthly child tax credit checks can be renewed — but the relief may look different
Parents and caregivers with the Economic Security Project gather outside the White House to advocate for the Child Tax Credit …