Tax

Alarming IRS Forecast Reveals a $500B Collapse in Revenue, Threatening US Financial Stability

Lower IRS collections this tax season due to workforce downsizing and dynamic taxpayer behaviour could increase the risks of the US Treasury being unable to repay bills on time and in full by June unless Congress hikes the debt ceiling.

Niloy Chakrabarti Mar 26, 2025

US Public Pension Recipients To Receive One-Time Social Security Payments Immediately Under New Law

The new payment hikes are being implemented under a new law that eliminated the Windfall Elimination Provision and Government Pension Offset rules, which had limited Social Security payments for people receiving pensions for work not covered by Social Security.

Niloy Chakrabarti Mar 04, 2025

Here's Why the Average IRS Refund for Tax Returns Filed in 2025 Is 32% Lower Than Last Year

The average US tax refund for the 2024 tax year dropped to £1,725 as of 14th February 2025 from £2,551 on the same day last year.

Niloy Chakrabarti Feb 28, 2025

DOGE Dividend Cheques May Give Americans $5000 Each: What Is It And How Do You Qualify For It

Americans could use DOGE dividend cheques to clear debt, grow their emergency funds, and invest in long-term goals like retirement, which could have an overall deflationary effect on the US economy.

Niloy Chakrabarti Feb 21, 2025

IRS Layoffs Amid Trump's Federal Workforce Reduction Could Delay 2025 Tax Refund Schedule

Donald Trump could terminate almost 16,000 recently hired IRS employees next week, in the middle of the tax season, as part of the broader federal downsizing spearheaded by Elon Musk.

Niloy Chakrabarti Feb 19, 2025

37% US Taxpayers Rely on Refunds To Make Ends Meet: When Can You Expect 2025 Tax Refunds

The IRS claims that taxpayers who e-file taxes can expect refunds within 21 days. The timeline could stretch to eight weeks for filers who mail paper returns.

Niloy Chakrabarti Jan 30, 2025

Brits Have Until April 2025 To Apply For Spanish Golden Visa Program As Country Cracks Down On Housing Crisis

Spain ends the Golden Visa Program for non-EU nationals to address housing crisis, proposing a 100% tax on foreign property owners.

Andrea Tode Jimenez Jan 21, 2025

Buddy Carter's Bill to Abolish IRS and Overhaul Tax Code Aims to Cut National Debt

US Rep. Buddy Carter's Fair Tax Act would help Americans save money by putting them in charge of their tax rate, reducing tax loopholes and the national debt, and mandating illegal immigrants to pay their fair share of taxes.

Niloy Chakrabarti Jan 13, 2025

Four Underrated Tax Benefits All US Retirees Over 65 Should Avail Of

US retirees above 65 can take a special standard deduction on top of the regular deduction. They can also get tax credits if they have low incomes.

Niloy Chakrabarti Jan 06, 2025

'Taxing the Unborn': Outrage as Scottish Council Proposes Levy on Expectant Mothers Staying in Hotels

A Scottish local council has been condemned for its proposal to tax expectant mothers for the privilege of having their babies in a hospital.

William Dove Jan 04, 2025

UK Etsy, eBay, and Vinted Sellers Beware: HMRC Cracking Down On Businesses Earning £1700 And More

HMRC is cracking down on online sellers. Platforms like Etsy, eBay, and Vinted must now share data on users earning over £1,700 annually.

Vinay Patel Jan 03, 2025

US Boomers 'Unretiring' Due to Low Social Security Payments Could Face Even More Benefit Cuts

As more US retirees return to the workforce to supplement their monthly income, their Social Security benefits could drop until they reach the full retirement age if job wages exceed the annual threshold of £18,572.

Niloy Chakrabarti Jan 01, 2025

30-Year-Old Rejects Office Jobs and Struggles With Income Due to Dog's Separation Anxiety

Caleb Hammer struggles to help a dog parent create a financial budget as she refuses to work remotely despite having an irregular income.

Niloy Chakrabarti Dec 29, 2024

Millennial 401(k) Millionaires Rise by 400% as Market Rally and Steady Savings Lift Account Balances

Strong market gains, growing employer matching contributions, and millennials reaching their peak earning years are some factors contributing to their rising 401(k) account balances.

Niloy Chakrabarti Dec 24, 2024

SNAP Benefits January 2025 Schedule and Average Monthly Payouts

SNAP benefit payout dates can depend on several factors, such as the state, case number, Social Security number, the first letter of a beneficiary's last name, or their birthday and month.

Niloy Chakrabarti Dec 21, 2024

Jeff Bezos Sells 16.35M Amazon Shares Worth £2.41B as Blue Origin Gears up for New Glenn Launch

Jeff Bezos has sold almost £10.74 billion worth of Amazon (NASDAQ: AMZN) stock this year. Experts say he is bankrolling Blue Origin projects, including the New Glenn reusable rocket, which is scheduled for launch in a few weeks.

Niloy Chakrabarti Dec 19, 2024

Palantir Joins the Nasdaq 100 Index as Stock Price Surges by Over 340% This Year

The Palantir stock continues its year-long rally on the back of expanding government contracts and deployment of AI services in the commercial space with a focus on the manufacturing industry.

Niloy Chakrabarti Dec 17, 2024

Bernie Sanders Backs Trump's Plan for 10% Credit Card Interest Rate Cap To Save Americans Billions

Bernie Sanders hopes that Donald Trump will fulfil his promise to impose a temporary credit card interest rate cap of 10% to help Americans repay existing debt and improve personal finances.

Niloy Chakrabarti Dec 16, 2024

Couple in Their 40s Delay Wedding With £77K Net Worth, Zero Monthly Savings, and No Emergency Fund

A couple in their 40s earning £65k annually and living paycheck to paycheck postpones marriage due to financial trauma and zero monthly savings.

Niloy Chakrabarti Dec 15, 2024

Katie Holmes Hits Back at DailyMail Article About Suri Cruise's Trust Fund: 'Completely False'

Katie Holmes denies reports of Suri Cruise accessing her trust fund, calling them false and raising safety concerns.

Niloy Chakrabarti Dec 15, 2024

Gifting Stocks This Holiday Season? Adviser Says It's A Smarter Way To Transfer Wealth, Lower Taxes

Gifting stocks to IRS-recognised charities can lower your annual tax liabilities. Meanwhile, transferring stock ownership to children can help them achieve their long-term financial goals from an early age.

Niloy Chakrabarti Dec 11, 2024

UnitedHealthcare CEO Fatally Shot a Month After US DOJ Sues Parent Company's £2.59B Takeover of Amedisys

Brian Thompson was fatally shot in the chest outside the Hilton Hotel in midtown Manhattan, where UnitedHealth Group was about to begin its investor day. He was rushed to the Mount Sinai West Hospital but later succumbed to his injuries.

Niloy Chakrabarti Dec 04, 2024

Ex-Banker's 4 ETF Picks Generate $250K in Annual Dividends: 'Ideal for Those Too Busy to Track the Market'

Helmut Jonen quit his $320,000 UBS job at 52 as he began earning over $257,000 annually in dividends from four diverse ETFs.

Niloy Chakrabarti Dec 02, 2024

XRP Surges Amid SEC Optimism, ETF Buzz, Report Leaks, and Trump's Potential Pro-Crypto SEC Pick

XRP prices are expected to surpass $4 per token after breaching crucial resistance levels as its years-long battle with the SEC nears an end and Trump plans to appoint Paul Atkins as SEC chair.

Niloy Chakrabarti Dec 02, 2024

US Financial Advisers And Lawyers Reveal The Best Age To Write A Will—Here's Why And How

Although people wait until middle age to start thinking about wills, experts believe they should get one drafted upon reaching legal age, which is 18 for most US states

Niloy Chakrabarti Nov 30, 2024

EV Buyers Could Lose $7.5K In Tax Credits as Trump Pledges to Scrap Biden-Era Mandate in 2025

Trump has vowed to scrap EV tax credits of $7,500 for new cars and $4,500 for used ones. He'd probably do that to fund his tax package, which would trim taxes on Social Security benefits, worker tips, and overtime pay.

Niloy Chakrabarti Nov 30, 2024

SEC Approves America's First 23-Hour Stock Exchange Backed By Steve Cohen For 2025 Launch

The 24X National Exchange will be established in two phases to meet the growing demand for overnight liquidity in US stocks, especially in the APAC region.

Niloy Chakrabarti Nov 29, 2024

Pelosi Sells 5K Microsoft Shares Ahead Of FTC Antitrust Probe, Marking Her Largest Sell In Years

Nancy Pelosi sold 5,000 Microsoft shares as the AI giant faces an antitrust probe that gained momentum after several cybersecurity incidents, including the July Crowdstrike crash, which impacted millions of devices operating on Microsoft Windows systems.

Niloy Chakrabarti Nov 29, 2024

US Boomer 'Unretires' And Works 7 Days A Week After Struggling With $1,470 Social Security Payments

Pamela Shields, 67, was compelled to unretire and take up night shifts at the grocery store and caregiving gigs during the daytime, as these gigs were the only way for her to put food on the table and support her kids whenever needed.

Niloy Chakrabarti Nov 27, 2024

Two Major Reasons Why 6-Figured US Households Are Flocking to Walmart

Walmart's focus on expanding its grocery segment, online services, and offering value products at low prices are some factors driving affluent people to the big-box retailer as people from all income groups continue to face the effects of prolonged inflation.

Niloy Chakrabarti Nov 27, 2024