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Wall Street Pauses as Fed Meeting Looms: Futures Hold Steady

U.S. stock futures were little changed on Tuesday as investors awaited the start of the Federal Reserve’s final policy meeting of the year. The Dow Jones Industrial Average, S&P 500, and Nasdaq futures all hovered near flat, reflecting a cautious mood across Wall Street. The Fed is widely expected to keep interest rates unchanged, but traders are focused on Chair Jerome Powell’s comments and the central bank’s updated economic projections. Markets are looking for clues on when rate cuts might begin in 2024, with inflation cooling but still above the Fed’s long-term target. Recent gains in equities have been fueled by optimism that the Fed’s tightening cycle is over, yet uncertainty remains about how quickly monetary policy will shift toward easing. Until then, investors appear content to hold their positions, waiting for clearer signals from the Fed before making bold moves.
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How to Save Money on Tax Prep This Year

 


Tax season is here, and many taxpayers are looking for ways to reduce their tax preparation costs. Filing taxes can be expensive, as the industry faces a shortage of accountants and raises prices accordingly. However, there are some free options available for eligible filers, depending on their income level and tax situation. Here are some of them:

  • IRS Free File: This program offers free guided tax prep software for filers with an adjusted gross income of $79,000 or less in 2023. You can choose from eight partners, some of which offer free state filings as well. Free File can handle various forms and schedules, including those for self-employment and gig economy income.
  • Free File Fillable Forms: This option is for filers with any income level, but it requires more knowledge and skills. It is the electronic version of a paper return, and it does not offer any guidance or state filings. You have to fill out the necessary forms and schedules yourself, and save a copy of your return for your records.
  • Volunteer tax prep from IRS programs: If you need more assistance, you may qualify for free tax prep from trained volunteers. The Volunteer Income Tax Assistance (VITA) program serves filers with an income of up to $64,000, as well as those with disabilities or limited English proficiency. The Tax Counseling for the Elderly (TCE) program serves filers who are 60 or older, with a focus on retirement issues. Both programs have some limitations on the types of returns they can handle, and you can find a location near you with this tool.
  • IRS Direct File: This is a new pilot service that offers free filing via the IRS website. It is currently invitation only, but it will be available to certain taxpayers in 12 states by mid-March. It is only for very simple returns, with a few types of income and deductions. You have to claim the standard deduction and use the IRS website to file.
  • Private companies: Some private companies also offer free filing options, but you have to be careful about the fees and conditions. Some companies may charge you for additional services or upgrades, or limit their free offers to certain forms or income levels. You should read the fine print and compare the options before you choose.

Filing taxes can be stressful and costly, but you don’t have to pay a fortune to get it done. By exploring the free options available, you can save money and get your refund faster. Just make sure you file by the deadline, which is April 18, 2024. 

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