If you have a flexible spending account, you may be subject to a Dec. 31 deadline to use those funds. Here’s what to know about using your 2024 balance and how to get an earlier start in 2025. Tom Werner | Digitalvision | Getty Images If you have a flexible spending account, you could be […]

If you’re age 73 or older and retired, the annual deadline for required minimum distributions is approaching, according to the IRS. Generally, you must start RMDs by age 73. The first due date is April 1 after turning 73, and you must take future RMDs by Dec. 31. Skipping an RMD or not taking the

President-elect Donald Trump will nominate former Missouri congressman Billy Long to lead the IRS. The announcement signals plans to fire the current IRS Commissioner Daniel Werfel before his term ends in 2027, which is permitted by law. Responses have been mixed in Washington and the tax community. Former Representative Billy Long, a Republican from Missouri,

Tens of thousands of wealthy Americans are not complying with recently revamped IRS efforts to get them to file tax returns. “We continue to pursue these folks,” an IRS official told CNBC. “This is not work that we will let go.” A quirk in federal tax law may be incentivizing wealthy people who want to

Changes for 2025, including a cost-of-living adjustment and new Medicare Part B premium rates, will affect the size of Social Security beneficiaries’ checks. In December, beneficiaries can expect to see benefit notices online and in the mail. Westend61 | Getty A new 2.5% cost-of-living adjustment In 2025, retirement benefits will increase by about $50 per

Congressional lawmakers will soon debate expiring tax breaks and new promises from President-elect Donald Trump. The debate could be complicated amid competing priorities and concerns over the federal budget deficit. “This is a lot more complicated than just the reds against the blues,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.

The stock prices for H&R Block and Intuit fell after a report said Trump’s government efficiency team is considering creating a free tax-filing app. Intuit, which makes the TurboTax tax-filing software, closed down 5%, while H&R Block closed down 8%. A tax-filing app created by Trump’s planned “Department of Government Efficiency,” headed by Elon Musk

FA Playbook If you’re in the 0% long-term capital gains bracket, you can reduce future taxes with a lesser-known strategy, tax-gain harvesting, experts say.  For 2024, you qualify for the 0% rate with taxable income of $47,025 or less for single filers and $94,050 or less for married couples filing jointly. You can use the

ETF Strategist ETF Street ETF Strategist Tax-loss harvesting can turn your portfolio losses into tax breaks. But investors need to know the “wash sale rule,” which blocks the tax break if you buy “substantially identical” assets within the 30-day window before or after the sale. If you want to stay invested, exchange-traded funds, or ETFs,

FA Playbook Amid the latest bitcoin rally, crypto investors face a looming deadline that could impact future taxes — and they must take action before Jan. 1, 2025. Investors need to establish “basis,” or their original purchase price for cryptocurrency, to avoid inflated profits. The price of bitcoin jumped above $93,000 on Wednesday, notching a