The financial news that actually matters
Retirees often expect their tax bill to drop once the paychecks stop. In reality, federal income taxes can eat into a fixed-income budget long after full-time work ends. For households headed by someone ages 65 to 74, average federal income taxes reached $5,404 a year in the latest data. That is money that could go…
The IRS has put inherited IRA beneficiaries back on alert, but not in the way many headlines suggest. The agency did not rewrite the rulebook for inherited retirement accounts in early 2026. What it did was signal that another round of required minimum distribution rules could start applying after a short transition period. For families…
The Internal Revenue Service has released its annual inflation adjustments for tax year 2026. The 2026 tax bracket adjustments release updated federal income tax brackets, the standard deduction, and dozens of other tax provisions. Apparently, this will shape returns filed in 2027. For most households, the practical takeaway is straightforward: more income will stay in…
The standard deduction is getting another lift for the 2026 tax year. For millions of Americans, the 2026 standard deduction increase will be the most important federal tax number to know heading into next year. The Internal Revenue Service says the 2026 standard deduction increase for single filers and married people filing separately will rise…
States that skip a personal income tax can look like an easy win for workers, retirees and business owners. More of each paycheck stays in hand, at least on paper. But the money for schools, roads, police, fire protection and other core services still has to come from somewhere. In practice, that often means heavier…
Federal customs duties are surging under President Donald Trump’s tariff agenda, giving Washington one of the biggest jumps in border-tax revenue in decades. Treasury data show customs duties in fiscal year 2026 are running at roughly four times last year’s pace through January, reflecting the combined effect of tariffs on goods from China and a…
The federal tax filing deadline for 2025 returns is set for April 15, 2026. While the IRS has already postponed certain tax deadlines for taxpayers in federally declared disaster areas, some observers have speculated about whether the agency could face pressure to broaden relief if disruptions mount. So far, the IRS has not announced any…
Millions of taxpayers could see their refunds delayed this filing season because of a single IRS letter most people have never heard of. The letter is called CP53E, and the IRS sends it when a direct deposit fails and the agency needs updated banking information before releasing the money. In the past, the IRS would…
The IRS has now given taxpayers something they did not have just months ago. Taxpayers now have a clear way to claim four headline-grabbing federal tax breaks. The breaks are tied to tips, overtime, car-loan interest, and age. For workers and retirees who spent much of the year hearing broad promises about “no tax” treatment,…
Millions of taxpayers count on their federal refund to land quickly. Especially after filing electronically and choosing direct deposit. But the latest IRS oversight data shows that for a sizable group of filers, that expectation is not matching reality. Even after years of modernization efforts, millions of refunds still fell outside the agency’s normal processing…