The Daily Money: The workforce is surging; inflation is falling. What's next?

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.

Advertisement Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Thu Jan 4 2024 Daniel de Visé | Personal Finance Reporter 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? The tax man's coming, and people may want to find ways to reduce their taxable income. One way is to take the extra standard deduction. Getty Images. Posed by models. 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. Here's how it works.   📰 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 USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. A surging workforce helped slow inflation. Are those gains over? The labor force participation rate has surged as immigrants streamed into the job market. If it's over, it could mean higher inflation, rates READ MORE Advertisement An extra tax deduction for older adults can save you money. Here's how. Seniors struggling to make ends meet may save some money when they do their 2023 taxes by claiming the extra tax deduction. Here's how it works. READ MORE $680m in deferred income?! Tax lessons from the Ohtani MLB megadeal Ordinary taxpayers should take note of the blockbuster deal announced last month between the Los Angeles Dodgers and superstar Shohei Ohtani. READ MORE Use direct deposit to get your 2024 tax refund, IRS says. Here's why. Sure, the IRS can mail your refund as a paper check, but direct deposit is faster and safer, the IRS says. Here's how it works. READ MORE 5 New Year's resolutions to avoid getting scammed this year Here's 5 New Year's resolutions to make to help protect yourself and avoid fraud or scams this year. READ MORE California can't balance its budget. But it can police your kids' toys. Toys? This is how California is celebrating the New Year: With heavy-handed regulations that will burden businesses and likely lead to fewer jobs. READ MORE New Year's weight-loss goals bring out scammers touting products Are you seeing ads about products that promise to melt away the pounds without any work? Be careful of New Year's weight-loss scams. READ MORE Taco Bell's new meal deal: Cook it yourself at home Taco Bell teamed with Kraft Heinz on new "craving kits," which make it easy to cook Crunchwraps and quesadillas at home. READ MORE What to know about the Starbucks tumbler causing a frenzy at Target stores The Starbucks x Stanley cup collaboration is causing a craze at Target stores across the country as anxious customers race for the elusive tumblers. READ MORE You may want to sell those I bonds you bought. Here's why. Remember those I bonds you bought to keep up with inflation in 2022? Here's why you should consider selling them. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •  Manage Newsletters  •  Terms of Service  •  Privacy Policy/Your California Privacy Rights  •   Privacy Notice  •  Do Not Sell My Info/Cookie Policy  •  Feedback