TROTO Bhe Daily Money: A surging workforce helped slow inflation. Are those gains over?

Economists are anxiously anticipating the release of the December employment report on Friday to assess whether job growth concluded 2023 on a positive note. Forecasts suggest the addition of 168,000 jobs last month, a respectable figure but a decline from the previous three months’ average of around 200,000, signaling a slowdown in economic activity after a post-COVID surge.

In an economy grappling with persistent inflation and interest rates, a significant question arises: has the labor force continued its robust expansion, or has growth reached its peak?

As tax season approaches, individuals are exploring ways to reduce taxable income. Older adults, who experienced relief from inflation after the largest Social Security cost-of-living adjustment in four decades, may now seek avenues to trim their taxable income. One effective strategy is to take advantage of the extra standard deduction available to individuals aged 65 and older at the end of the tax year.

While everyone is familiar with the standard deduction, which is a fixed amount set by the IRS, lowering taxable income without the need for itemizing deductions, there exists an additional deduction for those aged 65 and older. This supplementary deduction further reduces the taxable income of older adults, resulting in a smaller tax bill and more money retained.

Here’s a breakdown of how it operates:

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???? Today’s Menu ????
In a collaboration between Taco Bell and Kraft Heinz, consumers can now “live más” in the comfort of their homes with two new cooking kits. The Taco Bell at Home Crunchwrap Supreme and Chipotle Chicken Quesadilla Cravings Kits ($6.98 each) will be available at Walmart nationwide and online. Each kit includes ingredients like tortillas, tostado shells, sauces, and seasonings to make four servings, allowing customization with preferred proteins like chicken or ground beef.

About The Daily Money:
Every weekday, The Daily Money delivers the top consumer news from USA TODAY, breaking down financial news and providing the TLDR version of how decisions by the Federal Reserve, government, and companies impact individuals.

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