Saturday,
February 17, 2024
Top Story
The week in review
• The Consumer Price Index for January ticked up unexpectedly, rising 0.3% month-over-month, and 3.1% year-over-year. Without more volatile food and energy costs, prices increased 0.4% from December, and 3.9% year-over-year. With the Fed’s inflation target at 2%, the data is calling into question when the central bank may begin to cut interest rates.
• Home builder sentiment rose to its highest level since August, according to the NAHB housing market index. In other economic news, initial jobless claims declined, and the New York Empire State Manufacturing Index reached its highest level since November. It still signaled the third straight month of contraction in overall business activity.
• Shares of rideshare company Lyft soared 35.1% Wednesday after beating profit estimates and forecasting higher first-quarter gross bookings than expected. The stock initially rose even higher, spurred by a typo in the rideshare company’s earnings report erroneously saying its profit margin was expected to expand by 500 basis points, rather than 50.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Do you need to hire a tax pro?
Filing your tax return can be intimidating, after all, this isn’t something you want to get wrong.
While many people can probably handle doing their taxes with the right preparation, there are some circumstances where it might make sense to hire a tax professional. Maybe your tax situation is complicated because you have a variety of income streams or run a small business. Or maybe you simply want the assistance.
What to look for in a tax pro
Check credentials: There are different types of tax professionals, including certified public accountants (CPAs), enrolled agents and tax attorneys. Paid tax return preparers need an IRS Preparer Tax Identification Number. You can check credentials with the IRS. The person working on your taxes will know a lot of your personal and financial information, so hire someone trustworthy.
Ask about payment: Costs vary, so be sure to ask if you’re paying by the hour or a flat fee. The IRS suggests avoiding anyone who promises bigger refund checks or bases fees on a percentage of the refund.
Don’t forget: Always review a return before you sign it. And don’t be afraid to ask questions to make sure you understand what’s on the return.
