This is the first year since the pandemic when financial relief has slowed down, so many tax credits and deductions are reverting back to where they were in years prior. But there are also shifts in the standard deduction amounts and income tax brackets, which happen annually. For six of the most important changes to be aware of before you file your 2022 return, CLICK ON THE HEADLINE
President Joe Biden is poised to sign a $1.7 trillion bill that amends rules related to so-called hardship distributions from 401(k) plans. The measures are tucked into “Secure 2.0,” a collection of retirement reforms attached to the overall legislative package, which will fund the federal government for the rest of the fiscal year through next September. CLICK ON THE HEADLINE FOR MORE
Many financial experts are warning that refunds will be smaller. You may even find yourself owing money instead of getting some back. There are mulltiple reasons you may not get a refund this year. For six common reasons some people could owe money to the IRS, CLICK ON THE HEADLINE
The IRS has a warning for early filers: “You need to wait for key documents before submitting your tax return. A little extra caution could save you time and effort.” CLICK ON THE HEADLINE FOR MORE
While health FSAs are similar to health savings accounts in principle, one big difference is that the money in FSAs generally cannot be rolled over from one year to the next. If you don’t spend the money that’s in your FSA account now by the end of 2022, you might end up forfeiting whatever’s left. For all the possible ways to spend your Flexible Spending Account money, CLICK ON THE HEADLINE
With many Americans facing reduced tax breaks, it’s important to be proactive with year-end planning before the calendar winds down. For some of the biggest changes taxpayers need to know, according to financial experts, CLICK ON THE HEADLINE
To better understand how the main tax advantages will alter over the upcoming tax season, CLICK ON THE HEADLINE
While it’s perfectly fine (and smart!) to let the funds to keep building, there’s also quite a few items that you can use your HSA money on that you might not have known about. CLICK ON THE HEADLINE FOR MORE
While most of us would like to believe we would never fall for a scam, every day fraudsters get more highly sophisticated, and no one is entirely immune. To reduce the likelihood of losing money to online thieves, look out for warning signs like these eight red flags commonly associated with investment scams. CLICK ON THE HEADLINE FOR MORE
Worried about getting stuck with a huge tax bill when you file your 2022 taxes in 2023? The good news is that there are steps you can take to lower your IRS bill for 2022. But you’ll need to make these three moves before the year wraps up. CLICK ON THE HEADLINE FOR MORE