Social Security isn’t bankrupt. What we know about future benefits

A Social Security Administration office in San Francisco. Getty Images A new Social Security trustees report points to a slightly longer time horizon for the program’s trust funds. But even with a new depletion date of 2035 – a year later than projected last year – the program still faces a 75-year deficit. A one-year … Read more

Tax return backlog is ‘crushing the IRS’ as pileup exceeds 21 million

IRS Commissioner Chuck Rettig testifies before the Senate Finance Committee on April 7, 2022. Kevin Dietsch | Getty Images News | Getty Images The IRS backlog of tax returns has swelled over the past year, despite efforts to clear the pileup, according to an agency watchdog. There were 21.3 million unprocessed paper returns as of … Read more

IRS making progress on backlog, but millions remain unprocessed

Charles P. Rettig, commissioner of the Internal Revenue Service, testifies during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, DC, June 8, 2021. Tom Williams | Pool | Reuters The IRS is making progress on its backlog of unprocessed tax returns, but millions remain, … Read more

IRS boosts mileage rate deductions as gas prices soar to $5 a gallon

Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston. Brandon Bell | Getty Images If you’re self-employed or own a small business, you may soon be eligible for a little relief from soaring gas prices. Starting on July 1, … Read more

Inflation augurs record 2023 Social Security cost-of-living adjustment

Image Source | Getty Images New government inflation data came in hotter than expected last week. If record-high prices do not subside, that will lead to a higher Social Security cost-of-living adjustment in 2023. Yet even with a more generous boost to benefits next year, there’s a growing campaign to change the way those annual … Read more

Racial justice organizations ask Congress to reinstate child tax credit

A demonstration organized by the ParentsTogether Foundation in support of the child tax credit portion of the Build Back Better bill outside the US Capitol on Dec. 13, 2021. Sarah Silbiger / Bloomberg via Getty Images How the child tax credit helped families The child tax credit was enhanced as part of President Joe Biden’s … Read more

The last chance for some tax filers to avoid late penalties is June 15

courtneyk | E + | Getty Images This week is the last chance to bypass a tax penalty if you’re earning money and the IRS still hasn’t received its share, according to the agency. While some employees pay taxes through withholdings, everyone else must make a second-quarter estimated payment by June 15 – and you’re … Read more

Tax planning begins when building your portfolio. Here’s what to know

Tetra Images | Tetra images | Getty Images If you’re still recovering from the tax sting of larger-than-expected mutual fund payouts in 2021, it’s never too early to prepare for future distributions, financial experts say. Mid-year capital gains distributions aren’t common, especially in a bear market year, said Russel Kinnel, director of manager research for … Read more

House Democrats push for repeal of rule blocking SALT cap workaround

Rep. Tom Suozzi, DN.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the US Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Three House Democrats are still pushing for relief on the $ 10,000 limit on federal deduction for state and local taxes, known as … Read more

48% of families can’t afford enough food without child tax credit

lisegagne | E + | Getty Images Without the child tax credit, Stormy Johnson has been skipping her own meals so her kids can eat. Johnson, 45, works as a student support specialist at Preston County Schools in Kingwood, West Virginia. Before the monthly enhanced child tax credit payments lapsed in December, she received an … Read more