It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
It is a daily ritual for millions of Australians, but if you have noticed the price of your morning flat white or soy latte increase, brace yourself — it is likely to get worse.
By the end of the year,...
If you have more than $250,000 in a bank account, recent changes to FDIC insurance coverage may affect you. Trust account limits have changed, and some investments that were previously covered may no longer be fully insured. To ensure your deposits are fully covered, consider spreading your money across multiple FDIC-insured banks or opening accounts with different ownership categories.
While it's unclear when the Federal Reserve will lower interest rates, cash savings are currently yielding the highest returns in years due to the high inflation rates. Options for savers include CDs, Treasury bills, and I bonds, offering after-inflation returns. Online high-yield savings accounts also offer high rates but may require minimum balances or limited access to funds. Consider your financial goals when choosing between locking in returns with long-term investments or the flexibility of liquid savings accounts.
A major update to the IRS Direct File program can now automatically import return verification information, preventing one of the most common filing errors. Direct File is now available in 12 states and accepts simple tax returns with limited income and deductions. By using Direct File, taxpayers can access their IRS account information to validate their returns before filing, making the process more efficient.
The federal income tax deadline is April 15th, but some taxpayers in disaster-hit areas have until June 17th. Several free tax-filing options are available, including the IRS Direct File and Free File programs. Consider claiming tax credits and deductions to reduce your tax bill. Remember, if you contributed to a retirement account or an HSA in 2023, you can still make contributions until the tax deadline to potentially lower your tax liability.
The FTC has filed a complaint against H&R Block for allegedly misleading consumers about its free tax filing products and wrongfully deleting user data. The FTC claims that H&R Block made false claims, made it difficult for users to downgrade to cheaper products, and committed "data-wipes." H&R Block denies these allegations and emphasizes their value, expertise, and pricing. This action follows the FTC's recent scrutiny of tax filing software providers and highlights alternative free filing options for taxpayers.
Starting March 4, the IRS's Direct File program will undergo final testing in 12 pilot states. Eligible users can test the software 24/7, with testing fully opening on March 12. Space is limited and may close if the user allotment is met. The program does not currently support state returns, but users from Arizona, California, Massachusetts, and New York will be directed to state-supported tools.
The IRS has launched a free tax filing program called Direct File that covers about one-third of federal tax returns. The program is currently open in 12 pilot states and supports simple tax situations. The Treasury Department estimates that 100,000 filers will participate this year. Within five years, the program could save the average filer $160 per year.
