It’s heartbreaking to hear stories of people losing money (even their life savings) as a result of fraud or financial exploitation, especially if they are older and financially vulnerable. In fact, it’s quite common. People age 70 and older reported losses of $567 million in 2022.1 You know your parents could be at risk, and
$180.4 billion – Additional tax revenue estimated over ten years (2022-2031) due to increased spending on tax enforcement activities by the IRS. Only a small fraction of these anticipated revenues would be collected from taxpayers with income below $400,000. Source: Congressional Budget Office, 2022 IRS audit rates for individual income tax returns have fallen since
The Inflation Reduction Act of 2022 is providing the IRS with an influx of about $80 billion to modernize outdated technology and rebuild a depleted workforce, which is expected to improve enforcement to the tune of about $200 billion over a decade. Treasury Secretary Janet Yellen directed the agency not to use additional resources to
Stock market losses can be rough on your portfolio’s bottom line, but they may also offer the potential to reduce your tax liability and possibly buy shares at a discount. Whether this strategy — called tax-loss harvesting — is appropriate for you depends on a variety of factors, including your current portfolio performance, your long-term
To help improve your financial situation, you might consider reducing your debt. Before starting any debt payoff strategy (or combination of strategies), be sure you understand the terms of your debts, including interest rates, payment requirements, and any prepayment or other penalties. Start with Understanding Minimum Payments You are generally required to make minimum payments
The use of telehealth skyrocketed early in the COVID-19 pandemic, with the number of remote office visits and outpatient services 78 times higher in April 2020 than in February 2020. Usage has stabilized since then, but as of early 2021 remained 38 times higher than the pre-pandemic level.1 More recent data indicates that remote health
A donor-advised fund (DAF) is a charitable account offered by sponsors such as financial institutions, community foundations, universities, and fraternal or religious organizations. Donors who itemize deductions on their federal income tax returns can write off DAF contributions in the year they are made, then gift funds later to the charities they want to support.
COVID-19 kicked off a severe labor shortage — and the most challenging hiring conditions for businesses in many years. In August 2022, 49% of small businesses reported having job openings they could not fill.1 Many owners have had to turn away orders (and revenue), disappoint customers, or work 80-hour weeks to help fill the labor
Young adults have more access to health insurance coverage than ever before.1 However, despite these gains, they also have some of the highest uninsured rates of any age group in the United States.2 Having adequate health insurance is critical, even if you are young and healthy. Without it, getting hurt or sick could result in
As a child, you may have dreamed about finding buried treasure, but you probably realized at an early age that it was unlikely you would discover a chest full of pirate booty. However, the possibility that you have unclaimed funds or other assets waiting for you is not a fantasy. Billions of dollars in unclaimed
