Tax

Lower IRS collections this tax season due to workforce downsizing and dynamic taxpayer behaviour could increase the risks of the US Treasury being unable to repay bills on time and in full by June unless Congress hikes the debt ceiling.

The new payment hikes are being implemented under a new law that eliminated the Windfall Elimination Provision and Government Pension Offset rules, which had limited Social Security payments for people receiving pensions for work not covered by Social Security.

The average US tax refund for the 2024 tax year dropped to £1,725 as of 14th February 2025 from £2,551 on the same day last year.

Americans could use DOGE dividend cheques to clear debt, grow their emergency funds, and invest in long-term goals like retirement, which could have an overall deflationary effect on the US economy.

Donald Trump could terminate almost 16,000 recently hired IRS employees next week, in the middle of the tax season, as part of the broader federal downsizing spearheaded by Elon Musk.

The IRS claims that taxpayers who e-file taxes can expect refunds within 21 days. The timeline could stretch to eight weeks for filers who mail paper returns.

Spain ends the Golden Visa Program for non-EU nationals to address housing crisis, proposing a 100% tax on foreign property owners.

US Rep. Buddy Carter's Fair Tax Act would help Americans save money by putting them in charge of their tax rate, reducing tax loopholes and the national debt, and mandating illegal immigrants to pay their fair share of taxes.

US retirees above 65 can take a special standard deduction on top of the regular deduction. They can also get tax credits if they have low incomes.

A Scottish local council has been condemned for its proposal to tax expectant mothers for the privilege of having their babies in a hospital.

HMRC is cracking down on online sellers. Platforms like Etsy, eBay, and Vinted must now share data on users earning over £1,700 annually.

As more US retirees return to the workforce to supplement their monthly income, their Social Security benefits could drop until they reach the full retirement age if job wages exceed the annual threshold of £18,572.

Caleb Hammer struggles to help a dog parent create a financial budget as she refuses to work remotely despite having an irregular income.

Strong market gains, growing employer matching contributions, and millennials reaching their peak earning years are some factors contributing to their rising 401(k) account balances.

SNAP benefit payout dates can depend on several factors, such as the state, case number, Social Security number, the first letter of a beneficiary's last name, or their birthday and month.

Jeff Bezos has sold almost £10.74 billion worth of Amazon (NASDAQ: AMZN) stock this year. Experts say he is bankrolling Blue Origin projects, including the New Glenn reusable rocket, which is scheduled for launch in a few weeks.

The Palantir stock continues its year-long rally on the back of expanding government contracts and deployment of AI services in the commercial space with a focus on the manufacturing industry.

Bernie Sanders hopes that Donald Trump will fulfil his promise to impose a temporary credit card interest rate cap of 10% to help Americans repay existing debt and improve personal finances.

A couple in their 40s earning £65k annually and living paycheck to paycheck postpones marriage due to financial trauma and zero monthly savings.

Katie Holmes denies reports of Suri Cruise accessing her trust fund, calling them false and raising safety concerns.

Gifting stocks to IRS-recognised charities can lower your annual tax liabilities. Meanwhile, transferring stock ownership to children can help them achieve their long-term financial goals from an early age.

Brian Thompson was fatally shot in the chest outside the Hilton Hotel in midtown Manhattan, where UnitedHealth Group was about to begin its investor day. He was rushed to the Mount Sinai West Hospital but later succumbed to his injuries.

Helmut Jonen quit his $320,000 UBS job at 52 as he began earning over $257,000 annually in dividends from four diverse ETFs.

XRP prices are expected to surpass $4 per token after breaching crucial resistance levels as its years-long battle with the SEC nears an end and Trump plans to appoint Paul Atkins as SEC chair.

Although people wait until middle age to start thinking about wills, experts believe they should get one drafted upon reaching legal age, which is 18 for most US states

Trump has vowed to scrap EV tax credits of $7,500 for new cars and $4,500 for used ones. He'd probably do that to fund his tax package, which would trim taxes on Social Security benefits, worker tips, and overtime pay.

The 24X National Exchange will be established in two phases to meet the growing demand for overnight liquidity in US stocks, especially in the APAC region.

Nancy Pelosi sold 5,000 Microsoft shares as the AI giant faces an antitrust probe that gained momentum after several cybersecurity incidents, including the July Crowdstrike crash, which impacted millions of devices operating on Microsoft Windows systems.

Pamela Shields, 67, was compelled to unretire and take up night shifts at the grocery store and caregiving gigs during the daytime, as these gigs were the only way for her to put food on the table and support her kids whenever needed.

Walmart's focus on expanding its grocery segment, online services, and offering value products at low prices are some factors driving affluent people to the big-box retailer as people from all income groups continue to face the effects of prolonged inflation.