If you receive an audit letter from the IRS don’t ignore it. Respond in a timely manner to avoid paying fees.
Author: Elisabeth Buchwald, USA TODAY
What triggers an IRS audit? Here are red flags that increase the chance of being audited
What triggers an IRS tax audit? Make sure to correctly report your income from a W-2 or similar tax form. If you don’t it may trigger an audit.
US consumer confidence declined in February, reflecting fears of a recession
The Conference Board’s consumer confidence index fell in February. Inflation is causing consumers to pull back on spending raising odds of a recession
Walmart earnings call foreshadows challenges ahead for retailer
Walmart’s fourth quarter was better than analysts expected, by some measures. But inflation continues to weigh on consumers which is hurting the retailer.
Is the stock market open today for Presidents’ Day?
Is the Dow open on Presidents’ Day? The stock market and bond market will be closed on Monday. But markets reopen at their usual times on Tuesday.
You should have received an important tax document this week
Your 1099 tax form is crucial to filing your taxes. This week, Robinhood and other brokerage firms released the tax documents you’ll need.
US credit card debt hit a record high as inflation leaves consumers financially stressed
New York Fed report founds credit card debt is growing after a rapid decline during the pandemic. Credit scores could start to decline.
January CPI inflation rate slows to 6.4% but monthly inflation rose by 0.5%
January’s inflation report showed a continued decline from prior months. Investors are hopeful it will prompt the Fed to pause rate hikes.
IRS free file options: Your 2023 guide to free tax prep services
There are plenty of free tax prep services for seniors and low-income taxpayers. These programs include IRS Free File, VITA and TCE.
U.S. jobs report today: Economy added 517,000 jobs despite recession risk; unemployment fell to 3.4%
Employers added 517,000 jobs in January, according to nonfarm payrolls figures. Unemployment fell to 3.4%, a 54-year low, jobs report shows.