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More taxpayers this year are choosing to save rather than spend.
A survey by job website CareerBuilder found that 46 percent of taxpayers who will receive tax refunds plan to use them to pay off bills, down from 56 percent who had those intentions last year. Meanwhile, 36 percent plan to put the funds into their savings accounts, up from 34 percent last year. Get the full story »
The U.S. Treasury said on Thursday it is launching a pilot program to deliver income tax refunds on debit cards for low- and moderate-income people who do not have traditional bank accounts.
The Visa prepaid debit cards are designed to allow these taxpayers to receive their refunds much faster than with a paper check and avoid high fees for cashing those checks at currency exchanges or payday loan stores. Get the full story »
The Internal Revenue Service said on Wednesday it currently holds $164.6 million in undelivered refund checks for 111,893 nationwide taxpayers. Four million of that money is set aside for 3,618 Illinois taxpayers. The IRS was initially unable to deliver the checks because of mailing address errors.
General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported. Get the full story »
A new Treasury Department program program would issue tax refunds on debit cards to those without bank accounts, in a move to get Americans their refunds quickly and saving the government the cost of printing and mailing checks.
Democratic U.S. Senate candidate Alexi Giannoulias lost about $2.7 million last year in the collapse of his family’s Broadway Bank, according to tax returns his campaign released Friday.
By Becky Yerak
| Only 7 percent of Americans plan to blow their tax refunds on “fun” activities like shopping or vacationing, while 84 percent say they plan to use it to repay debt, save, invest or use it for everyday necessities, according to a Bankrate.com study released Monday.
Of that 84 percent, 30 percent will repay debt, 28 percent will save or invest, and 26 percent will put the money toward food or utility bills.
(Daniel Acker/Bloomberg News)
