Understanding the Factors that Affect the Cost of Life Insurance Jan 31, 2024 – By the dedicated team of editors and writers at Newsletter Station. Life insurance is a financial tool that provides peace of mind and financial protection to your loved ones in the event of your passing. While the primary purpose of life…
Read More...How Worried Should Taxpayers Be About Audits in 2024?
KEY POINTS The IRS has been granted $80 billion in funding under the Inflation Reduction Act. The agency plans to use some of that money to ramp up enforcement. The IRS plans to focus its auditing efforts on high-income taxpayers, and if you’re honest on your return, your audit risk may not increase at all.…
Read More...Deadline Is Coming!!
April 15 is the tax deadline and I am running out of appointment times. If you have not yet scheduled with me, please feel free to bring your documents to me (mail and email are also acceptable) so I can complete the returns as quickly as possible. I will call you when the return is…
Read More...5 Signs You’re Overusing Buy Now, Pay Later Plans
KEY POINTS BNPL services allow you to pay for items over time, often without interest charges. But overusing them can come with a lot of financial stresses. There are alternatives to BNPL services, like credit cards and personal loans. Check out the card that won our Best No Annual Fee Credit Card award for 2023!…
Read More...Should You Switch Banks in 2024?
KEY POINTS You may want to change banks if you can earn more interest on your money elsewhere. Also consider a switch if you’re paying high fees and aren’t happy with your bank’s customer service. Finally, keep tabs on the security incidents your bank is involved in. Some people do a lot of research…
Read More...Should the U.S. Switch to a Flat Tax?
Like in the U.S., most of the world’s major economies have a gradual tax system that charges different rates for various income levels. In most cases, those who make the most money pay a higher percentage in taxes compared to lower-income brackets. But some countries use a completely different tax system, or a flat tax…
Read More...IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023
WASHINGTON — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67…
Read More...Get Ready: IRS website has helpful resources for taxpayers
WASHINGTON — The Internal Revenue Service encourages taxpayers to check out IRS.gov for tips, tools and resources to help them get ready to file their 2023 federal income tax return. This is the third in a series of reminders to help taxpayers get ready for the upcoming filing season. The Get Ready page on IRS.gov outlines steps taxpayers can…
Read More...New tax brackets for 2024
Not everybody pays the same amount of taxes. The IRS determines how much you’ll pay each year using a graduated-rate income tax system. This year, the lowest rate is 10%, for single-filing individuals who make up to $11,600 in 2024. This is up from a cutoff of $11,000 for 2023. The highest rate is 37%,…
Read More...IRS announces delay in Form 1099-K reporting threshold for third-party platform payments for 2023; plans for a threshold of $5,000 in 2024 to phase in implementation
WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. As the IRS continues to work to implement the new law, the agency will…
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