Tying the knot this year? Add ‘marriage tax penalty’ to potential cost

Gorodenkoff | Istock | Getty Images If you’re happily saying “I do” this year, be aware that the IRS can be a real buzzkill. While many couples end up paying less in taxes after tying the knot, some face a “marriage penalty” – meaning they end up paying more than if they had remained unmarried … Read more

Social Security taxes up to $147,000 in wages. That could change

Golibtolibov | Istock | Getty Images Taxing the wealthy is a big topic in Washington these days. President Joe Biden recently proposed in his 2023 annual budget a so-called billionaire minimum income tax that would increase levies on the country’s wealthiest households. Under the plan, people with a net worth of $ 100 million or … Read more

There’s a growing interest in wealth taxes on the super-rich

Late. Ron Wyden, D-Ore., Speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021. Greg Nash | Pool | Reuters Americans increasingly favor a wealth tax on the ultra-rich. But despite an uptick in proposals, these policies have struggled to gain traction. President Joe Biden in March unveiled the latest federal wealth tax … Read more

The tax deadline is 10 days away. Here’s the average refund so far

bymuratdeniz | iStock | Getty Images There are 10 days until April 18, the tax deadline for most Americans, and the IRS has already sent more than 63 million refunds worth over $ 204 billion in total, as of April 1, the agency reported Friday. Almost one-third of Americans do not file until the last … Read more

Who is eligible for $1,400 stimulus checks with their 2021 tax returns

The Good Brigade | Digitalvision | Getty Images Who was eligible for a third stimulus check Under the terms, individuals could receive up to $ 1,400 through the third stimulus checks. Couples who file jointly could get up to $ 2,800. Additionally, eligible dependents could also receive $ 1,400. To qualify, you had to be … Read more

Biden’s 2023 budget seeks to give more money for Social Security

US President Joe Biden speaks during an event at the Royal Castle, amid Russia’s invasion of Ukraine, in Warsaw, Poland, March 26, 2022. Aleksandra Szmigiel | Reuters President Joe Biden’s proposed budget for 2023 aims to give the Social Security Administration more funding to improve services. Some groups say the increase does not go far … Read more

As states consider gas tax holidays, don’t expect big savings

A sign reflects the price per gallon of fuel at a gas station on March 10, 2022 in Miami, Florida. Joe Raedle | Getty Images Americans are feeling the pinch of rising gas prices. Now two states – Maryland and Georgia – are temporarily suspending their gas taxes in order to help their residents save … Read more

How to increase Social Security retirement benefits after you claim

Thomas M. Barwick | Getty Images Social Security benefits make up about 30% of elderly Americans’ incomes, according to the Social Security Administration. For some beneficiaries, it can be 90% or more. Yet many people do not think of those earned benefits, and the monthly checks that come with them, as a personal financial asset, … Read more