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☆ 'A lot of people are going to see less money in their pocket.' Here are must-know tax changes for 2022
▼ + stars: | 2022-12-02 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Tom Werner | DigitalVision | Getty ImagesCertain tax credits have been reducedOne possible reason for a smaller tax refund is the child tax credit and the child and dependent care tax credit have been reduced for 2022, explained certified financial planner Cecil Staton, president and wealth advisor at Arch Financial Planning in Athens, Georgia. "The big picture is a lot of people are going to see less money in their pocket," Staton said. In 2021, the child tax credit offered up to $3,600 per child under age 6, and up to $3,000 per child ages 6 through 17, with half available via upfront payments. But for 2022, the tax break reverts to the previous amount — up to $2,000 per child under age 17. You may get Form 1099-K for third-party paymentsIf you've received payments through apps like Venmo or PayPal in 2022, you may get Form 1099-K in early 2023, which reports income from third-party networks.

☆ UK consumer morale edges higher, but still very low: GfK
▼ + stars: | 2022-11-18 | by ( Andy Bruce | ) www.reuters.com time to read: +1 min

[1/3] A person browses items for sale at the Petticoat Lane Market, with the City of London financial district seen in the distance, in London, Britain, October 3, 2022. REUTERS/Henry NichollsLONDON, Nov 18 (Reuters) - British consumer confidence ticked higher this month but remained close to record-low levels, with soaring inflation and the spectre of recession making a sustained improvement unlikely, market research firm GfK said on Friday. All five of GfK's gauges of household economic and financial confidence improved in November, but it said the big picture of a cost-of-living crisis and weak economy was unchanged. British inflation was 11.1% in October, a 41-year high. GfK conducted its poll of 2,000 people from Nov. 1 to Nov. 11.

☆ UK consumers remain close to gloomiest on record - GfK
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 21 (Reuters) - Confidence among British consumers remained close to the lowest level on record this month with households facing double-digit inflation, rising interest rates and political chaos, survey showed on Friday. Market research firm GfK's consumer confidence index rose to -47 from -49 in September which was its weakest level since the survey was launched in 1974. They are now facing the likelihood of tax rises and even austerity measures," Joe Staton, client strategy director at GfK, said. "Consumers, like governments, are just as capable of U-turns, and today's economic headwinds indicate a long hard winter," Staton said. Register now for FREE unlimited access to Reuters.com RegisterWriting by William Schomberg, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.

☆ UK consumer mood sinks to new depths despite energy bills help
▼ + stars: | 2022-09-22 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA woman wearing a face mask shops in Cambridge Market Square, amid the coronavirus disease (COVID-19) outbreak, in Cambridge, Britain, January 14, 2022. The consumer confidence index from market research firm GfK fell to -49 in September from -44 in August, worse than all forecasts in a Reuters poll that pointed to an improved reading of -42. Readings of -30 and below have presaged recession on four out of five occasions since the survey started in 1974. Truss announced on Sept. 8 that Britain will cap consumer energy bills for two years and funnel billions to prop up power companies. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Andy Bruce, editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Choose where to open your IRAThe first step is to choose what type of institution you'll open your IRA through. Select your IRA account typeThere are several types of IRA accounts to choose from. They work similarly to a traditional IRA: They're funded with pre-tax earnings and withdrawals are taxable in retirement. Some will send the money directly to your new IRA account. If you rollover funds to a traditional IRA, you won't need to pay taxes on the funds (until you start making withdrawals).

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