A majority of Americans say they would struggle to pay for a $1,000 emergency expense, with a record share saying they would have to turn to credit cards to cover the cost, according to a new study released Wednesday. Only 4 in 10 Americans said… Read More »Faced with a $1,000 emergency, most Americans say they wouldn’t have the money
Financial literacy and greater longevity awareness will help fix retirement planning gaps, according to a study that delved into multiple dimensions of undersaving. Many Americans head into their retirement years with little rigor in their planning, and then they find themselves nursing a bundle of… Read More »Why Older Americans Regret Not Saving Early and Enough
Being considered rich isn’t just about how much money you make, it’s where you live, too. State by state, the incomes the top 1% of earners in the U.S. bring in vary by over a half million dollars, according to a new analysis of 2022 incomes by… Read More »Here’s how much money you need to earn to be in the top 1% in every U.S. state
WASHINGTON — The Internal Revenue Service announced today that businesses can now file Form 1099 series information returns using a new online portal, available free from the IRS. Known as the Information Returns Intake System (IRIS), this free electronic filing service is secure, and accurate… Read More »IRS opens a free portal to file information returns; new electronic option can reduce millions of paper Forms 1099 estimated to be filed by businesses in 2023
CFOs are widely focused on reducing costs, spotting M&A opportunities, and restructuring supply chains, per Grant Thornton. The overall economy — and the issues it creates — are arguably the largest challenge for CFOs this year. Yet confidence to achieve growth is prevalent among financial executives, according… Read More »64% of CFOs Predict Net Profit Growth in 2023
Investors and retirement savers have many tools at their disposal to whittle their incomes down to a point where capital gains are taxed at a 0% tax rate. The magic number for couples? $83,350. One of the greatest expenses business owners and retirees alike face… Read More »How to Pay 0% in Taxes (Without Cheating)
KEY POINTS Few things are more frightening for everyday taxpayers than a possible IRS audit. But experts say tax exams may be different from what’s portrayed in the movies. In the Oscar-nominated film “Everything Everywhere All at Once,” a Chinese-American couple (played by Michelle Yeoh and Ke… Read More »Oscar-nominated ‘Everything Everywhere All At Once’ features an IRS ordeal, but here’s what really happens in an audit, according to tax pros
Consternation and chaos are two of the words used to describe some of the reactions to IRS updates related to Schedules K-2 and K-3. On this collaboration episode with the Tax Section Odyssey podcast, CPAs Tim Chan of KPMG and David Sites of Grant Thornton… Read More »What’s the 411? Explaining Schedules K-2 and K-3
KEY POINTS Randy had an 850 credit score. According to FICO, the most popular scoring model, that’s as good as it gets. Still, a line on his credit report said he could lower his utilization rate, so he promptly paid off the remainder of his… Read More »These common misconceptions can prevent you from achieving that perfect credit score
All it takes is protecting what you save, having an income plan, knowing your health care options, reducing your tax burden, and making an estate plan. Planning for retirement is actually pretty simple. Just answer the question in the headline above with a resounding “Yes!”… Read More »Am I Going to Be OK in Retirement? Yes, With Focus on 5 Key Areas