American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
As the April 15 income tax filing deadline approaches, experts say it's the ideal time to turn your attention to ... next year's return. The benefits can be both financial and practical. (Tweet This)
Start by considering this year's outcome, said Barbara Weltman, a tax and business attorney based in Vero Beach, Florida. "Did you get a refund, or did you have to make a payment?" she said. "Make adjustments accordingly."
In the case of a refund, file a new W-4 with your employer's payroll department, increasing your number of personal allowances. That keeps more money in your paycheck year-round, nixing that interest-free loan to the government, she said. And if you owed? "Maybe you want more tax withheld, or you need to make estimated tax payments," said Weltman. That will result in a smaller bill come next April.
Read MoreThe worst states for IRS audits
Get your documents organized. Of the 16 hours the typical Form 1040-filing taxpayer spends preparing his return, according to the IRS, eight are spent on record-keeping. A little prep now could cut that time spent combing through credit card statements and tracking down documents next year.
"Anything tax-related, put it in one folder," said Tim Gagnon, an assistant academic specialist of accounting at Northeastern University's D'Amore-McKim School of Business. "People tend to lose them if they don't stick them all together."
Try to separate receipts and documents by category, at least, so you can easily tally classifications like medical expenses and charitable contributions, he said. There are also apps such as Shoeboxed and ItsDeductible to track mileage and expenses that could be tax deductible.
Good record-keeping has the added benefit of helping you file earlier next year, increasingly a smart move amid rising tax-refund fraud. "First to file is going to be the one who gets the refund," said Gagnon. "Second to file is the one with the problem." It's not a fail-safe, however, he said—criminals need very little information to file a fake return in your name, and real reform is needed from the IRS and Congress.
It's also worth talking to an accountant or other tax professional if you anticipate a big life change this year, such as getting married or divorced, having a baby, buying or selling a home, or moving across state lines. "It may help you go in the right direction," said Weltman. Someone getting married, for example, could plan to adjust their tax withholding, while someone readying to sell a home might gauge their eligibility for the tax exclusion on gains from the sale.