The financial news that actually matters
The standard deduction is getting another lift for the 2026 tax year, and for millions of Americans that will be the most important federal tax number to know heading into next year. The Internal Revenue Service says the standard deduction for single filers and married people filing separately will rise to $16,100. For married couples…
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 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, the release of…
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…
The IRS has issued fresh guidance at the start of tax season that could change how millions of Americans get refunds and make payments to the federal government. The changes in the IRS new tax payment rules do not alter how people file their tax returns. It does, however, push the tax system further away…
Americans aged 65 and older have a new tax break to pay attention to when filing their 2025 federal returns: an extra deduction worth up to $6,000 per eligible person. For some married couples, that can mean as much as $12,000 in added deductions on one return. The catch is that the benefit of the…
Treasury Secretary Scott Bessent has opened the door to a possible extension of the 2026 federal tax filing deadline. Taxpayers, however, are still stuck in a familiar position: preparing for April 15 while Washington leaves room for something else. That tension is what makes this filing season different. The IRS has already begun accepting 2025…