Tag Archives: inflation
Consumer Spending Falls Again in December
For the second straight month, consumer spending dropped in December as consumers still continue to feel the effects of the rapid inflation we say throughout 2022. As incomes continued to rise, which reflected a strong job market, instead of continuing … Continue reading
IRS Begins to Implement Inflation Reduction Act
As the Inflation Reduction Act has been passed into law for quite some time now, the IRS is finally beginning to implement it. The implementation process started with the revision of several dozens of tax forms, as well as enforcing … Continue reading
New Tax Brackets to Take Effect in 2023
In October, the IRS announced the higher limits for the federal income tax bracket and standard deductions. For the year 2023, we will be seeing those higher federal income taxes and standard deductions take effect. This gives many Americans … Continue reading
Tax Professionals Urge the IRS to Upgrade its Priority Phone Service
The National Association of Enrolled Agents is pushing the IRS to use some of its $80 billion in increased funding to fix its Practitioner Priority Service. The tax pros wrote in a letter to the acting head of the IRS … Continue reading
IRS Pushing to Close Annual Tax Gap
As part of Congress’s additional $80 billion in funding over 10 years (which was included in the Inflation Reduction Act), the Government Accountability Office is pushing the Internal Revenue Service to do more to close the $428 billion annual … Continue reading
IRS Amping Up Its Battle Against Tax Cheats
Wealthy Americans who choose to cheat on their taxes are facing the biggest threat from the IRS that they have seen in years. In recent weeks, we have seen increased efforts by certain members of Congress to put a stop … Continue reading
Inflation Calming Down – October Numbers Better Than Anticipated
According to a report that was released earlier in November, the Consumer Price Index had a total rise of 7.7% for the year ending in October. This may be a relieving sign for Americans that have been suffering the consequences … Continue reading
Is the 4% Rule Outdated in 2022?
The 4% Rule is a “Rule of Thumb” used by many people when it comes to retirement planning. Many experts, however, now say it needs an update in 2022. The idea behind the 4% rule is pretty simple, over your … Continue reading
A Recession and Job Losses are Coming, Says Economists
2023 is forecasted to be a gloomy year for the nation, according to economists. As the Federal Reserve tries to bring down the immense levels of inflation we have seen over the summer, the economy is suffering and employers have … Continue reading
Social Security Benefits Increase 8.7%, Highest Increase Since ‘81
The Social Security Administration (SSA) announced on Thursday that social security benefits will jump to 8.7% for 2023, which would be the largest increase in over 30 years. This comes at a time when inflation has been rising at astounding … Continue reading