$1 Billion in Unclaimed IRS Refunds, Time to Eliminate 401(k)s? Biden Marijuana Tax Change

States With the Lowest Sales Taxes | What is the Pink Tax? | How the Biden Marijuana Shift Could Impact Taxes Created for {EMAIL} | [Web Version]( May 12, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] State Tax [] [States With the Lowest Sales Taxes]( [States With the Lowest Sales Taxes]( (Getty Images) Shopping in a state with low sales tax rates can save you money. However, how much money you save depends on where you shop and what you buy. This is because some localities have their own sales tax rates and different states have different tax-exempt items. State and local taxes are the most common taxes that people pay. So, [we recommend checking out this list of states with the lowest sales tax rates for 2024](. [] Mother's Day [] [What is the Pink Tax?]( [What is the Pink Tax?]( (Getty Images) Women's issues hold significance throughout the year, but Mother's Day presents an opportunity to bring attention to the "pink tax." The pink tax is a type of price discrimination that affects millions of people each year. However, it's not a federal tax that can impact your income tax refund. Even though multiple states have banned the pink tax, [it continues to cost women and families millions of dollars annually](. [] In the News [] [How the Biden Marijuana Shift Could Impact Taxes]( [How the Biden Marijuana Shift Could Impact Taxes]( (Getty Images) The Biden administration is planning to reclassify marijuana as a less dangerous drug, marking a significant shift in drug policy and regulation in the United States. The reclassification is being led by the U.S. Drug Enforcement Administration (DEA). It is intended to acknowledge the medical benefits of cannabis as well as its lower potential for abuse compared to other controlled substances. Of course, this decision has its critics, but it's also worth [n]([oting that the change would impact federal income tax breaks for many cannabis businesses](. [] Tax Refunds [] [Deadline Approaching for $1B in Unclaimed IRS Refunds]( Did you know that millions of taxpayers haven’t filed federal income tax returns for the 2020 tax year? This means around $1 billion in unclaimed tax refunds are sitting unclaimed at the IRS. If you are one of those taxpayers, you might have money waiting for you without realizing it. According to IRS Commissioner Danny Werfel, taxpayers still have time to claim this money and potentially other tax credits, but the deadline is fast approaching. [Read More]( [] In Case You Missed It [] [Should Your 401k Be Eliminated to Save Social Security Benefits?]( Retirement savings are important for financial security, but many people in the U.S. lack sufficient funds for retirement. At the same time, Social Security is facing solvency problems. What can be done? Some economists propose abolishing tax-sheltered savings plans like 401(k)s and IRAs to strengthen Social Security. In case you missed it, here’s more of what you need to know about the debate over abolishing 401(k)s. [Read More]( [] STOP OVERPAYING ON YOUR TAXES [] [STOP OVERPAYING ON YOUR TAXES]( (Kiplinger) Get a [FREE ISSUE of The Kiplinger Tax Letter]( and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then [save up to 58% off the cover price]( to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. Our [flagship publications]( include [Kiplinger Personal Finance]( magazine, [The Kiplinger Letter]( [The Kiplinger Tax Letter]( [Kiplinger Retirement Report]( and [Kiplinger Investing for Income.]( All are regarded as the leading publications in their respective fields. Every day, millions of readers rely on our [free e-newsletters]( for help on everything from getting the best rate on a mortgage or car loan, to managing their businesses in an uncertain world, avoiding an IRS audit, building wealth for a secure retirement, or investing wisely in any kind of market. Now it’s your turn to reap all the rewards Kiplinger has to offer. Visit [Kiplinger.com](, your gateway to all of the above and much more. Check in any time for our latest advice on how to make more money, and keep more of the money you make. Stay right on the money, with Kiplinger. [Sign Up]( | [Print Publications]( | [Unsubscribe]( [Privacy Policy]( | [Cookies Policy]( | [Terms and Conditions]( CONTACT US: [FEEDBACK](mailto:alerts@kiplinger.com) | [ADVERTISE]( [Future]( Future US LLC © Full 7th Floor, 130 West 42nd Street, New York, NY, 10036