Government taxation and revenue

The IRS has issued more than 2.6 million refunds worth roughly $3.65 billion, the agency announced on Friday.As of Feb. 2, the average refund is $1,395, down about 29% compared to one year prior.However, the first filing season…

Jeff Bezos and Lauren Sanchez walk in the Paddock prior to final practice ahead of the F1 Grand Prix of Miami at Miami International Autodrome on May 06, 2023 in Miami, Florida. Clive Mason | Formula 1 | Getty ImagesJeff Bezos' $2…

Tax incentives to save in work retirement plans reduce federal tax revenue and don't meaningfully change saving behavior, economists argue.Limiting those perks can free up funds to shore up Social Security, they argue.But the plan has…

If you're a W-2 worker — meaning your employer withholds taxes from your paychecks — you can't take the home office deduction for 2023.However, freelance and contract workers with income reported via 1099-NEC may qualify.Justin Paget |…

Mayors in cities across the U.S. want to loosen rules that can slow the pace of office-to-residential conversions. In some instances, cities have offered generous tax abatements to developers who build new housing."We have a great…

The latest IRS data shows average tax refunds down roughly 10% versus last year and companies including Walmart have recently commented on the link to consumer spending.Historically, Americans use tax refunds to first pay down debt and…

A pedestrian strolls on the Google campus in Mountain View, California, on Jan. 27, 2022.David Paul Morris/Bloomberg via Getty ImagesChange to bonuses addresses 2023 uncertaintyGoogle employees who qualify for bonuses will get 80% of the…

Sdi Productions | E+ | Getty ImagesIf you're retired and skipped your 2022 tax payments, you can still avoid late penalties with an under-the-radar year-end strategy, experts say.Since taxes are due as you receive income, you must…

Investors may be on the doorstep of a deep pullback.Morgan Stanley's Mike Wilson, who has an S&P 500 year-end target of 3,900 for next year, warns corporate America is getting ready to unleash downward earnings revisions that will…

It's hard to imagine what it would be like to win Powerball's $1.9 billion prize. But the reality almost always falls far short of the fantasy."The curse of the lottery losers is very real," said Andrew Stoltmann, a Chicago-based lawyer…