Filing taxes can be a daunting task, especially with the looming possibility of an IRS audit. As the tax season ramps up, many individuals express concern over their claims potentially triggering scrutiny from the Internal Revenue Service (IRS). Recent funding boosts have allowed the agency to ramp up its audit activities, particularly targeting high earners.
Personal
Tax season looms again, and this year, small business owners and gig workers are adjusting to significant changes in tax reporting requirements. Anticipating new forms filing, many Americans may encounter tax form 1099-K for the first time. This article will delve into what this means for taxpayers and shed light on the upcoming reporting thresholds
As of early 2025, American households are grappling with an unprecedented credit card debt of $1.21 trillion, a figure unveiled in the latest quarterly report on household debt from the Federal Reserve Bank of New York. This alarming statistic reflects dynamics in consumer behavior and economic conditions that have pushed borrowing to new extremes. The
In recent months, inflation rates in the United States have seen a significant uptick, creating concern among economists and policymakers. The rise, particularly noted in January, is attributed to a sharp increase in essential consumer goods prices, such as groceries and energy. The Consumer Price Index (CPI), a primary measure of inflation, indicated a rise
The current landscape of the egg market in the United States has become alarmingly dear for consumers, primarily due to soaring wholesale prices that have hit unprecedented highs. On recent assessments, the average wholesale price for large, white shell eggs hit a staggering $8 per dozen, which significantly overshoots the former record of $5.46 per
As tax season kicks off, millions of Americans eagerly await their refunds from the Internal Revenue Service (IRS). As of January 31 this year, the IRS has processed approximately 3.2 million refunds, indicating a bustling beginning to the tax season. While this figure reflects only the initial phase of returns, it opens up discussions about
The ongoing discussions surrounding the “carried interest loophole” highlight a significant aspect of the American tax system, particularly as it pertains to the treatment of earnings in the investment sector. This loophole primarily benefits private equity, venture capital, and hedge fund managers by allowing them to benefit from preferential tax rates. Specifically, the income derived
As of 2024, the alarming statistic of Americans’ credit card balances reaching a staggering $1.17 trillion has caught the attention of financial experts and the public alike. This figure signifies a broader trend where individuals across various economic strata, including the wealthy, are increasingly reliant on credit. The case of Robert F. Kennedy, Jr., who
The ongoing debate over credit card interest rates in the United States has recently gained renewed attention due to a bipartisan legislative proposal that aims to significantly cap these rates. Introduced by Senators Bernie Sanders and Josh Hawley, the bill proposes to place a 10% annual percentage rate (APR) limit on credit card interest for
Pell Grants are a cornerstone of financial support for college students across the United States, particularly for those from low-income backgrounds. According to recent statistics from the National Center for Education Statistics, nearly 75% of all undergraduates benefit from some form of financial aid, with about 40% depending heavily on Pell Grants. This federal assistance