Monday, April 15, 2024

Happy Tax Day!

Also: Are gas prices rising? ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 

Advertisement
Read in browser
 

The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Mon Apr 15 2024
 

Daniel de Visé | Personal Finance Reporter

Good morning! It's Daniel de Visé with your Daily Money.

Happy Tax Day! We'll have live coverage.

Extensions and audits aren't news, exactly, but they're on our minds today. Here are a few timely tax topics to explore.

•Who gets audited, and why?
•How do I get an extension?
•Where's my refund?

Will Iran's attack on Israel inflate gas prices?

U.S. consumers could soon see an impact at the gas pump from Iran's Saturday attack on Israel – but are higher prices a guarantee?

The Israeli military said it shot down more than 300 missiles and drones with assistance from the U.S. and other allies, marking the first time Iran has launched an attack on Israel from its territory. The strike came after Israeli missiles killed Iranian military commanders in Syria earlier this month.

Iran, one of the world's largest producers of crude oil, has long been engaged in a shadow war with Israel, but there have been concerns the Israel-Hamas war could become a broader regional conflict, Nathan Diller reports.

📰 More stories you shouldn't miss 📰

•Think twice before cutting 401(k) contributions
•How is inflation hitting cities?
•Why Bitcoin ETF volume tripled in March
•What is a Bitcoin wallet?

📰 A great read 📰

Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!

Fast food workers are losing their jobs in California as more restaurant chains prepare to meet a new $20 minimum wage that took effect this month.

Multiple businesses have plans to axe hundreds of jobs, cut back hours and freeze hiring, Emilee Coblentz reports.

Democratic Gov. Gavin Newsom signed the Fast Act back in September to require fast food chains with 60 or more locations nationwide to meet that wage increase after labor unions fought for it alongside the healthcare industry- which will also see a boost to earnings in June.

Here's how the cuts are playing out.

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Daniel de Visé covers personal finance for USA Today.
An IRS agent auditing taxes at his desk.

What does an audit mean? In 2022, the odds were 0.38%. Take these steps to avoid an audit by the IRS, but here's what to do if you do get the notice.

Advertisement
What is the tax extension deadline for 2024? Here's when
 

How to easily file for a tax extension

A tax extension will give you a few more months to file your taxes.
Filling out a new W-4 form and giving it to your employer can help you make sure that the correct amount of tax is withheld from your pay.
 

See why your tax refund may be taking longer

Maybe you're a planner, your taxes were filed weeks ago and now you're just waiting on the refund. And waiting. Here's why you might wait longer.
A pump is seen at a gas station in Manhattan, New York City, U.S., August 11, 2022.
 

How Iran's attack on Israel could impact gas prices

U.S. motorists could see an impact on oil prices, but that depends on what Israel and Iran do next.
A person in a chair using a laptop.
 

Why you should think twice before decreasing 401(k) contributions

Making life easier in the near term could make it harder in the long term.
Hawaii: The coastline of Honolul is pictured including the base of Diamond Head crater and state park, past the hotel lined Waikiki Beach towards downtown.
 

See how inflation is hitting cities

In a Wednesday report, financial analysis site WalletHub said that Honolulu is the metro-area hit hardest by inflation.
The Bitcoin logo next to a screen with data and charts.
 

Bitcoin ETF trading volume tripled in March. Will that trend continue in April?

The new spot Bitcoin ETFs continued to set records in March. But just how much longer can they keep up this pace?
In a country as large as the United States, economic activity and tax collection vary considerably by state and region. A resource-rich state like Alaska depends heavily on taxes paid by global oil and gas companies based outside the state, while a major component of Florida's tax revenue comes from tourism activity. According to the Tax Foundation, the 84-year-old tax policy nonprofit, state and local taxes currently make up 11.2% of gross national product, the total value of goods produced by a country over the course of a year. This includes several public revenue sources like taxes on property, general sales, income and corporate income, licenses, and excise taxes on alcoholic beverages, tobacco, and other products. (Here are 19 big companies that paid almost nothing or nothing at all in taxes in 2021 .) To determine the states where Americans are paying the most taxes, 24/7 Wall St. reviewed data from the report State and Local Tax Burdens, Calendar Year 2022 published by t he Tax Foundation . States were ranked by their tax burden, from low to high. We also estimated income per capita by state from the tax burden share and tax amount paid. The Tax Foundation defines tax burden as state and local taxes paid by a state's residents divided by that state's share of net national product. Unlike tax collections, which represent all taxes made to state and local governments, "tax burdens estimates allocate taxes to states that are economically affected by them" per the Tax Foundation. That is, the measure of tax burden attempts to measure the economic incidence, not the legal one. State and local tax burdens have increased since 2020 to the highest level since 1978. According to the Tax Foundation, "pandemic-era economic changes caused taxable income, activities, and property values to rise faster than net national product." The 10 states with the highest state-local tax burdens in 2022 range from Maine and Delaware with a 12.4% tax burden to New York's 15.9% tax burden. Residents of the largest U.S. state, California, bear the fifth largest state-local tax burden at 13.5%. (This is how much tax people pay in an average lifetime in every state .) Four states with populations of under 1 million are among the 10 states with the lowest combined state and local effective tax burdens. Those 10 states have tax burdens ranging from Alaska's 4.6% to Oklahoma's 9%. Texas, the country's second-largest state by population, has the sixth-lowest state and local effective tax burden at 8.6%. Two other states with large populations, Michigan and Tennessee, are also low-burden states.
 

See which states, counties have the highest property taxes in America

Property taxes nationwide have increased since before the pandemic. Between 2019 and 2023, the median value of annual property taxes increased nearly 25%.
Krispy Kreme customers can purchase an Original Glazed or assorted dozen in shop on Tax Day and receive a second Original Glazed dozen for just the price of sales tax in their state.
 

Tax Day deals 2024: Score discounts at Krispy Kreme, Hooters, more

Tax Day falls on Monday, April 15 this year. See where you can get discounts and freebies in honor of tax season ending.
A person at a table with papers spread out.
 

Retiring at 70 this year? Here's the maximum Social Security benefit you can collect.

It's a pretty large number -- but be warned that your monthly benefit may be less.

Advertisement
 

Sign up for the news you want

Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you.
SEE ALL NEWSLETTERS ➔

Newsletters   |    eNewspaper   |   Crosswords

Follow Us

Problem viewing email? View in browser
at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

When to use AI to plan a trip ✈️

While AI can enhance the travel planning experience, human judgment and verification remain essential for a smooth and enjoyable trip. ͏...