Tag Archives: Personal taxes

[ad_1] If you’re eager to file your 2022 tax return in January or early February, the IRS has a warning: You’ll need to wait for “key documents” before filing in 2023. In a release last week, the IRS urged “early filers” to watch for Form 1099-K, which reports income for …

[ad_1] Charday Penn | E+ | Getty Images If you’ve accepted payments via apps such as Venmo or PayPal in 2022, you may receive Form 1099-K, which reports income from third-party networks, in early 2023. But there’s still time to reduce your tax liability, according to financial experts.  “There’s no …

[ad_1] Tom Werner | DigitalVision | Getty Images Certain tax credits have been reduced  One possible reason for a smaller tax refund is the child tax credit and the child and dependent care tax credit have been reduced for 2022, explained certified financial planner Cecil Staton, president and wealth advisor …

[ad_1] Bill Oxford | E+ | Getty Images If your tax refund is still in limbo, there’s good news: Your balance may be accruing interest, and the rate increases to 7% from 6% on Jan. 1, according to the IRS. As of Nov. 18, there were 3.4 million unprocessed individual …

[ad_1] After a volatile year for the stock and bond markets, it may be time to rebalance your portfolio by shifting assets back to match your original goals, according to experts.   As of Nov. 28, the S&P 500 Index was down roughly 17% year-to-date, and the U.S. bond market has …

[ad_1] Charles Taylor | Getty Images 1. If your income is higher in 2022, defer your bonus into 2023 If you’ve had a strong year and expect lower earnings in 2023, you may try to defer a holiday bonus until the new year, experts say. “It’s always exciting to reap …

[ad_1] It’s hard to imagine what it would be like to win Powerball’s $1.9 billion prize. But the reality almost always falls far short of the fantasy. “The curse of the lottery losers is very real,” said Andrew Stoltmann, a Chicago-based lawyer who has represented several recent lottery winners. One …

[ad_1] Jonathan Alcorn | Reuters If you manage to beat the odds stacked against hitting the Powerball jackpot, don’t forget you’ll have a silent partner in the win: the taxman. The jackpot for Saturday night’s drawing is now the largest lottery ever at an estimated $1.6 billion — pretax — …

[ad_1] The jackpot for Powerball’s Monday night drawing is a whopping $1 billion. Sort of, anyway. The advertised number represents the pre-tax amount you’d get if you were to receive your windfall as an annuity spread over three decades. Yet most jackpot winners choose the upfront one-time cash payment — …

[ad_1] If you’re eager to save more for retirement in 2023, there’s good news from the IRS, which just announced higher limits for your annual 401(k) plan and individual retirement account contributions. The employee contribution limit for 401(k) plans is increasing to $22,500 in 2023, up from $20,500, and catch-up …