If you owe on certain debts, the IRS can keep a portion of your federal refund to satisfy the debt. Read this tax tip to learn more.
Indices closed out mixed on Friday. Kraft Foods, Procter & Gamble, Johnson & Johnson and Exxon Mobil led Dow advancers. After volatile moves throughout the session, the Dow traded well off session lows to land in positive territory. The S&P and Nasdaq shed some points.
Last December, Congress extended a number of the Bush-era tax breaks, but only for a limited length of time. It is probably a safe bet that most won’t get extended further, considering the size of the national debt. Although numerous tax breaks were extended, only a few provide you with an opportunity to take actions that can reduce your tax bite. But if you want to take advantage of those tax breaks, you need to act this year or next. Here is a list of those extended tax breaks and what will happen when they expire.
Indices closed well into the red zone Tuesday. General Electric, United Technologies and Home Depot led the Dow’s downswing. Brands traded lower amid a slip in consumer spending and news that President Barack Obama signed a plan to raise the federal debt limit.