The Daily Money: A surging workforce helped slow inflation. Are those gains over?
Good morning! It's Daniel de Visé with your Daily Money.
Economists are eagerly awaiting the December employment report, due out Friday, to see if job growth ended 2023 on a high note, Paul Davidson reports.
Forecasters estimate 168,000 jobs were added last month, a decent total, but down from an average of about 200,000 over the previous three months as economic activity cooled following a post-COVID burst.
But in an economy beset by still-high inflation and interest rates, another question may loom larger: Did the labor force continue to expand sharply, or has growth peaked?
An extra tax deduction for older adults can save you money
Older adults found some relief from inflation last year after the largest cost of living adjustment for Social Security in four decades.
But the tax man’s coming now, and people may want to find ways to reduce their taxable income.
One way is to take the extra standard deduction, Medora Lee reports.
Everyone knows about the standard deduction, which is a flat dollar amount determined by the IRS that lowers your taxable income without requiring you to itemize deductions like mortgage interest and charitable donations. But there’s an extra one -- on top of the standard deduction -- available to people 65 years and older at the end of the tax year.
A larger overall deduction for older adults further reduces their taxable income, and that means a smaller tax bill and more money in your pocket.
📰 More stories you shouldn't miss 📰
$680m in deferred income?! What can ordinary taxpayers learn from the Shohei Ohtani baseball megadeal?
I want my tax return now! Get your 2024 refund faster with direct deposit, the IRS advises
New Year, New Scam: Weight-loss products promising miraculous results? Be careful of 'New Year, New You' scams
Opinion: California forces retailers to have 'gender-neutral' toy aisles. Why not let kids be kids?
🍔 Today's Menu 🍔
To paraphrase a Taco Bell slogan, you can now "live más" in the comfort of your own home.
Taco Bell has teamed with Kraft Heinz on a pair of new cooking kits, which let you make the Mexican fast-food chain's crunchwraps and quesadillas at home, Mike Snider reports. The new Taco Bell at Home Crunchwrap Supreme and Chipotle Chicken Quesadilla Cravings Kits ($6.98 each) will be sold at Walmart nationwide and online.
Each of the Cravings Kits comes with the ingredients – such as tortillas, tostado shells, sauces and seasonings – to make four servings. You add your choice of chicken, ground beef or other favorite protein.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.