Internal Revenue Service will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.
For the week, the S&P 500 gained 1.86%, the Dow added 1.61%, and the NASDAQ increased 2.34%. MSCI EAFE stocks also increased, posting a 1.42% weekly gain. Friday’s performance marked one of the largest rallies since the beginning of this bull market.
The Social Security Administration has announced a 2.8% increase in Social Security and Supplemental Security Income (SSI) benefits for 2019. This increase will benefit more than 67 million Americans. This cost-of-living adjustment (COLA) is the largest in seven years.