Productivity of U.S. workers increased by 2.7% in 2023 — well above the average annual rate of 2.1% since the end of World War II, and a dramatic change from 2022, when productivity dropped by 2.0%. It’s also a big improvement over the 0.9% growth rate in 2021.1 According to the nonpartisan Congressional Research Service, […]
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Tax Relief Legislation in Progress
Legislation that could benefit parents and business-owners is currently moving through Congress. The House has passed the Tax Relief for American Families and Workers Act of 2024. It now faces an uncertain future in the Senate. The legislation would make changes to the child tax credit and to certain business tax provisions. Some significant provisions […]
Read MoreThere’s Still Time to Fund an IRA for 2023
The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50 or older by December 31, 2023) up until your tax return due date, […]
Read MoreTax Season News and Survival Tips
It’s not easy to keep up with complex tax laws that always seem to be changing, much less figure out how they might affect you personally. Even so, it’s important to consider the potential impact of taxes when making many types of financial decisions. The IRS automatically adjusts the standard deduction and income tax brackets […]
Read MoreFederal Tax Filing Season Starts Soon
The IRS announced its starting date for accepting and processing 2023 tax-year returns is Monday, January 29, 2024. Tips for making filing easier To speed a potential tax refund and help with tax filing, the IRS suggests the following: Key filing dates Here are several important dates to keep in mind: Tax refunds The IRS […]
Read MoreIRS Releases Standard Mileage Rates for 2024
Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2024. However, the standard mileage rates for medical and moving expense purposes are reduced for 2024. The standard mileage rate for computing the deductible […]
Read MoreSECURE 2.0 Provides New Retirement Savings Options in 2024
The SECURE 2.0 Act, passed in December 2022, made wide-ranging changes to U.S. tax laws related to retirement savings. While some provisions were effective in 2023, others did not take effect until 2024. Here is an overview of some important changes for this year. Matching student loan payments Employees who make student loan repayments may […]
Read MoreRetirement Plan Limits for 2024
Many IRA and retirement plan limits are indexed for inflation each year. Several of these key numbers have increased once again for 2024. How much can you save in an IRA? The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2024 will be $7,000 (or 100% of your earned […]
Read MoreTransfer of Clean Vehicle Tax Credit to Dealer as Payment for the Vehicle
Federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles). Starting in 2024, you may be able to elect to transfer the new and previously-owned clean vehicle tax credits to dealers who are eligible to receive advance payments of either credit. […]
Read MoreAfter a Surprising 2023, a Cautiously Optimistic Economic Outlook for 2024
Despite high interest rates and unsettling geopolitical conflict, the U.S. economy outperformed the expectations of most economists in 2023.1 Inflation-adjusted gross domestic product (Real GDP) accelerated to an annualized rate of 5.2% in the third quarter, after growing 2.1% in Q2 and 2.2% in Q1. Inflation, as measured by the 12-month change in the price index […]
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