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Whether they admit it or not, many business owners wrestle with anxiety surrounding their financial futures. Maybe you’ve dealt with this yourself. But you don’t have to be fearful about your retirement savings if you plan properly. I’d like to share a quick calculation with you to help put your fears into perspective and even create plans to put them behind you. What calculation could help to ease your fear? The wealth gap calculation! Basically, it’s the difference between where you currently sit, financially, and where you need to be to live the lifestyle that you want to live during your retirement. What Is a Wealth Gap? Imagine you’re standing on a riverbank. The side you’re standing on represents your current financial picture. This is made up of your income and all your current assets. On the opposite riverbank is your retirement. The river in between is the distance between your current situation and your retirement goals. That gap is what you must plan for. SEE MORE Retiring Early?

What is inflation, and why does it matter? In simple terms, inflation means prices are rising, and your purchasing power is declining. It’s that painful pinch you feel when you pull out your wallet at the grocery store or gas pump. SEE MORE The Inflation Hedge You’ve Never Heard Of If you’re on a limited or fixed income — as many retirees are — inflation can take a significant toll on your lifestyle and your nest egg. You may have the same amount of money coming in, but you can’t buy the same goods and services with it. Consumers have been paying more — a lot more — for food and fuel for a while now. But the price hikes haven’t stopped there. (Et tu, Netflix?) According to the Bureau of Labor Statistics, inflation surged by 7% in 2021, the largest increase in nearly 40 years. And core inflation, which excludes those volatile food and energy prices, rose 5.5% from a year ago. The numbers in January were even worse: The Consumer Price Index showed prices were up 7.5% overall in January vs. a year ago.

Your marginal tax rate is the highest rate that applies to just a portion of your income, while your effective tax rate is the average rate you pay on all of your income.

Tax returns are the documents individuals and businesses file with the IRS and state authorities to report their income and pay the tax due on it.

The IRS has established a Taxpayer Experience Office as part of a long-term plan to improve customer service. Here''s what to expect.

The Internal Revenue Service (IRS) intends on hiring 10,000 employees in an effort to address a backlog of nearly 24 million tax returns, the majority of which are from the 2020 tax season, The Washington Post reported, citing four people…

Are you getting a federal tax refund this year? If so, don''t think it has to go into an ordinary checking or savings account at your bank. Or that it all must go into just one account. You actually have several options when it comes to where you want the IRS to deposit your money. It can go into a number of different types of accounts, be split into more than one account, or even be used to buy savings bonds. It''s all up to you – and it''s pretty easy to send your tax refund in different directions. SEE MORE Where''s My Refund? How to Track Your Tax Refund Status First, you can split up your refund and have it directly deposited into as many as three different accounts. It can be done electronically if you e-file your tax return – just follow your tax software provider''s instructions. If you file a paper return, use Form 8888 to let the IRS know how much you want to go to each account. You can even split your refund between direct deposit and a paper check using Form 8888. (We recommend using direct deposit to get your tax refund faster.) Split deposits don''t have to be in equal amounts, either.

If you''re expecting a federal tax refund this year, you could get your money back in as little as three weeks. Historically, the IRS has issued over 90% of refunds due in less than 21 days. But this year could be different. Because of COVID-related disruptions, the IRS entered this tax filing season with millions of unprocessed tax returns from previous years. That''s going to slow them down and potentially delay your refund. Fortunately, there are a few things you can do to speed up the process and increase the odds of getting your tax refund quickly. SEE MORE 2021 Tax Returns: What''s New on the 1040 Form This Year The first trick is to file your return as early as you can. The sooner you file your tax return, the sooner you''ll get any tax refund due. That''s because your return will be closer to the front of the line, rather than towards the back. If you want to speed up the refund process even further, e-file your tax return. Paper returns slow things down considerably. There are a number of ways to file electronically.

It does not expect to resolve its backlog of 24 million tax returns until the end of the year.

What goes around comes around, as they say. The IRS, forever America''s most frequently cursed-out bureaucracy, now finally knows the piercing…

Cryptocurrencies and NFTs are viewed differently than other investments by the IRS, making for a complex tax landscape.

An agency watchdog examines how the IRS handles whistleblower claims.

The new life expectancy tables from the IRS kick in this year, which means your required minimum distributions, or RMDs, could be smaller.

If you''re retiring early, you may now access larger penalty-free withdrawals with substantially equal periodic payments. Here''s what to know.