Capital Gains Tax Hike, Are Big Tax Refunds Really Worth It? Extra Tax Breaks That Come With Age

Understanding the Pink Tax | How Much Is Your Big Tax Refund Costing You? | 10 Tax Breaks for Homeowners and Homebuyers Created for {EMAIL} | [Web Version]( March 17, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] Women's History Month [] [Understanding the Pink Tax]( [Understanding the Pink Tax]( (Getty Images) March is National Women’s History Month, a time to celebrate the many contributions of women to society. Although women’s issues are important year-round, this is a good time to examine the "pink tax." The pink tax is a form of price discrimination that affects millions of people annually, but it is not a federal tax that can impact your income tax refund. And while many states prohibit the pink tax, it still costs women and families millions of dollars every year. [Here is what else you should know](. [] IRS Refunds [] [How Much Is Your Big Tax Refund Costing You?]( [How Much Is Your Big Tax Refund Costing You?]( (Getty Images) Many people feel happy about receiving their federal income tax refund each year. However, if the refund amount is high, it may indicate that they overpaid their taxes throughout the year. In those cases, they have essentially lent the government money without receiving any interest. Although nobody enjoys paying a large income tax bill, owing the IRS a small amount could leave more cash in your pocket. [Here is an estimate of how much more money you could keep if you retained and invested it throughout the year instead of receiving the money as a tax refund](. [3 reasons to make your will this tax season]( As tax season rolls around, there's more at stake than just balancing the books. Here are three compelling reasons why creating your will during tax season makes practical and financial sense. [READ MORE]( ADVERTISEMENT [] Homeownership [] [10 Tax Breaks for Homeowners and Homebuyers]( [10 Tax Breaks for Homeowners and Homebuyers]( (Getty Images) Owning a home is often seen as a part of the American Dream. However, being a homeowner can be both challenging and expensive. Thankfully, some tax credits, deductions, and other relief are available for homeowners and homebuyers that can make it more affordable. While some of these tax breaks can be complex, and not everyone may be eligible for them, they can provide significant tax savings for those who are. So, whether you are a homeowner or planning to buy, [here are ten tax breaks to keep in mind](. Featured Content Sponsored Content from The Kiplinger Tax Letter [Stop Overpaying on Your Taxes.]( 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]( [] Tax Planning [] [Extra Tax Breaks That Come With Age]( Age plays a vital role in several tax credits, deductions, and rules. Knowing which tax regulations and benefits are linked to different ages can help you reduce your tax burden before and during retirement. Here is a non-exhaustive list of certain common tax breaks that change as you get older and the ages at which you can become eligible. As always, and in any case, if you are unsure whether any tax provision, credit, or deduction applies to you, consult a trusted tax professional or financial advisor. [Read More]( [Top 5 Wealth Management Firms Revealed]( Asset growth and preservation are two sides of the same coin. Working with a top wealth management firm can provide access to strategies for all of life's different stages. Here's the list of top U.S. firms for individual investors. [See the list]( ADVERTISEMENT [] In Case You Missed It [] [Biden Budget Calls for Higher Capital Gains Tax Rate]( Last week, the White House released President Biden's $7.3 trillion FY 2025 budget. The budget proposal contains tax cuts for people with middle incomes and several tax changes aimed at wealthier taxpayers. For example, the proposal includes a minimum tax on billionaires, a nearly doubled capital gains tax rate, and an increased Medicare tax rate. This budget comes as the IRS has reported collecting over $500 million in unpaid taxes from delinquent millionaires and "wealthy tax cheats" through ramped-up enforcement. So, in case you missed it, here is our update on Biden's proposal to increase the long-term capital gains tax rate. [Read More]( [Looking to Potentially Lower Your Taxes? Get 8 Tips Here]( Consider these actions throughout the year to help reduce the amount you owe in taxes. The sooner you start preparing for the tax season, the more flexibility you'll likely have to pursue tax strategies that could potentially benefit you. [READ MORE]( ADVERTISEMENT [] 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. 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