One way Americans can avoid being caught off guard next tax season is by conducting a thorough review of their tax return alongside a mid-year review of their income so far in 2023. Undergoing a mid-year assessment can help taxpayers estimate how much they will receive in tax refunds or what sort of balance they will owe next tax season.
Many younger Americans currently aren’t on track to retire at the current full retirement age of 67, let alone at 60. Wondering how you stack up? Here’s how financial pros say you can calculate whether or not you’ll be able to retire when — and how — you want.
For an increasing number of parents, supporting their adult children means providing financial assistance, even if it means they are putting their own financial security at risk. Financial experts say that such sacrifices are dangerous for both parents and children. If the parents run out of resources in retirement, they may end up putting an even greater financial burden on their children.
The agreement negotiated between President Biden and House Speaker Kevin McCarthy to raise the debt ceiling stipulates that student loan payments would resume around Sept. 1, Since many people have gone three years without factoring student loan payments into their budgets, and the change could be jarring.
As the IRS returns to normal operations, collection activities will resume as well. The agency is ramping up efforts to collect overdue taxes after many debt-collection activities were paused in order to provide relief to taxpayers during the COVID-19 crisis.