TheStreet’s Remy Blaire brings you the biggest news of the day, including what investors are watching and why it’s more important than ever to get your taxes right.
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00:00 I'm Remy Blair reporting from the New York Stock Exchange.
00:03 Here's what we're watching on the street today.
00:05 Wall Street is looking ahead to another packed week with earnings season still in full swing.
00:11 Key inflation data and jobless claims Thursday and several Fed speakers on Friday.
00:16 Investors will be keeping a close eye on these factors for hints into the Federal Reserve's
00:21 path forward on interest rates.
00:23 Meanwhile, with tax season kicking off, if you underpay the IRS, you could be hit with
00:28 a hefty bill this spring.
00:30 Under the tax code, the IRS penalty for underpaying surged to 8% in October 2023, nearly triple
00:37 the previous 3% rate during the same time in 2021.
00:42 The IRS is required to calculate its underpayment penalty by adding 3 percentage points to the
00:47 federal funds rate.
00:49 This increase is thanks to the Federal Reserve's aggressive tightening campaign, which has
00:53 sent interest rates soaring.
00:55 Freelancers, gig workers and independent contractors are at the greatest risk of being hit with
01:01 the fees.
01:02 Taxpayers don't face a penalty fee for underpayment if the balance owed is less than $1,000.
01:08 If you want to avoid the extra fees, you'll need to pay the IRS in full by April 15th.
01:14 If you can't pay the full amount by the 15th, pay as much as you can by the deadline, lessening
01:19 the penalty fee down the line.
01:21 Payments can be made directly on the IRS's website through the direct pay option.
01:26 That'll do it for your daily briefing from the New York Stock Exchange.
01:29 I'm Remy Blair with The Street.
01:30 Thanks for watching.
01:31 Have a great day.
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