KEY POINTS BNPL services allow you to pay for items over time, often without interest charges. But overusing them can come with a lot of financial stresses. There are alternatives to BNPL services, like credit cards and personal loans. Check out the card that won our Best No Annual Fee Credit Card award for 2023!…

KEY POINTS You may want to change banks if you can earn more interest on your money elsewhere. Also consider a switch if you’re paying high fees and aren’t happy with your bank’s customer service. Finally, keep tabs on the security incidents your bank is involved in.   Some people do a lot of research…

Like in the U.S., most of the world’s major economies have a gradual tax system that charges different rates for various income levels. In most cases, those who make the most money pay a higher percentage in taxes compared to lower-income brackets. But some countries use a completely different tax system, or a flat tax…

WASHINGTON — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67…

WASHINGTON — The Internal Revenue Service encourages taxpayers to check out IRS.gov for tips, tools and resources to help them get ready to file their 2023 federal income tax return.  This is the third in a series of reminders to help taxpayers get ready for the upcoming filing season. The Get Ready page on IRS.gov outlines steps taxpayers can…

Not everybody pays the same amount of taxes. The IRS determines how much you’ll pay each year using a graduated-rate income tax system. This year, the lowest rate is 10%, for single-filing individuals who make up to $11,600 in 2024. This is up from a cutoff of $11,000 for 2023. The highest rate is 37%,…

WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. As the IRS continues to work to implement the new law, the agency will…

WASHINGTON — With the nation’s tax season rapidly approaching, the Internal Revenue Service reminds taxpayers there are important steps they can take now to help “get ready” to file their 2023 federal tax return. This is the first in a series of special IRS “Get Ready” reminders to help taxpayers prepare for the upcoming tax…

Wishing you a very Merry Christmas and the best of the Holiday Season.

It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. A traditional IRA is the most common…