The financial news that actually matters
Millions of taxpayers who paid late-payment penalties on their 2020 or 2021 federal returns may be entitled to refunds of hundreds or even thousands of dollars. The catch: the window to claim that money is closing fast. For many filers, the statutory deadline falls in July or August 2025, which means as of late May…
For more than 20 years, workers over 50 have been able to stash extra money in their 401(k) on a pre-tax basis, shaving thousands off their annual tax bill in the process. That option just disappeared for a significant slice of the workforce. As of January 2026, any employee whose employer-paid wages topped $145,000 in…
Tens of millions of Americans who paid late-filing or late-payment penalties to the IRS between 2020 and 2023 may be entitled to get that money back, according to the National Taxpayer Advocate. But the window to act is closing fast. July 10, 2026, is the general deadline for filing a refund claim, and once it…
A restaurant server in Dallas who takes home $20,000 a year in tips. A warehouse worker in Columbus pulling 10 extra hours a week at time-and-a-half. A first-time car buyer in Michigan financing a new sedan off the lot. Starting with their 2025 tax returns, all three can claim a brand-new federal deduction that didn’t…
A married couple filing jointly in 2026 will be able to earn $32,200 before owing a penny in federal income tax, up $2,200 from the $30,000 standard deduction in 2025. For a household living paycheck to paycheck, that difference could mean roughly $500 or more in annual tax savings, depending on their bracket. The increase…
Millions of Americans who paid IRS penalties on tax returns filed between 2020 and 2023 may be entitled to get that money back. The potential refunds range from a few hundred dollars to several thousand, depending on the penalty type and amount originally assessed. But there is a hard deadline approaching: July 10. After that,…
For the roughly 4 million workers in the United States who earn a significant share of their income from tips, a campaign trail promise just became tax law. In June 2026, the Treasury Department and IRS finalized regulations under the One Big Beautiful Bill that spell out which occupations qualify for a new federal tax…
A single parent who waits tables and picks up overtime shifts could see tens of thousands of dollars vanish from her taxable income this year. A retiree on a fixed income gets a fatter standard deduction. A family financing a new American-assembled truck can write off the loan interest. None of this is hypothetical. These…
Jessica Tarlov spent weeks as the loudest voice in a growing tax revolt against the Trump administration, pledging on camera and across social media that she would refuse to send the IRS a single dollar of what she owed. Then, according to her own account, she filed her 2025 federal income tax return before the…
American taxpayers are collecting noticeably fatter refund checks this spring. Through the first week of April 2026, the IRS reports the average refund has reached $3,462, up $346 from $3,116 at the same point last year, an 11.1% jump. The agency had issued 69.8 million refunds totaling $241.7 billion, compared with 67.7 million refunds and $211.1…