Have you filed your taxes yet? The tax season officially started on January 29, 2024, when the Internal Revenue Service (IRS) started accepting and processing returns. Before you submit your 2023 tax return, however, there are some things you’ll need to think about first.
College education is expensive and will likely get more so as time goes on. The average tuition for the 2019-2020 school year ranged from $40,000 (for private colleges) to $11,000 (for state colleges), and has only gone up since then.
If your income hits a certain level, you may face an additional wrinkle in calculating your taxes: the net investment income tax (also referred to as the unearned income Medicare contribution tax).
Every year, the College Board releases updated college cost data and trends in its annual report.
U.S. consumer spending accounts for about two-thirds of all economic activity, so it's good news that many businesses and consumers have adapted quickly to the new normal created by the pandemic.
On Sunday, December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law. Major relief provisions are summarized here, as well as some additional tax provisions.
The window of opportunity for many tax-saving moves closes on December 31, so it's important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2020 tax year.