Market Performance: February 16, 2024.

Stocks slipped Friday to send Wall Street to a rare losing week, just its second in the last 16. The S&P 500 fell 0.5% from its all-time high set a day earlier. The Dow Jones Industrial Average dropped 145 points, or 0.4%, and the Nasdaq composite sank 0.8%.

A report in the morning on inflation at the wholesale level gave the latest reminder that the battle against rising prices still isn’t over. Prices rose more in January than economists expected, and the numbers followed a similar report from earlier in the week that showed living costs for U.S. consumers climbed by more than forecast.

Treasury yields rose immediately after the report’s release, adding pressure onto the stock market.

Must-Know Tips About Tax Forms Before Filing

The 2023 tax reporting season is upon us! Before filing your taxes, it’s time to gather all the information you need to prepare your return. Here are essential planning insights for some important IRS tax forms you need to know about this year.

Form W-2 Wage and Tax Statement

This form shows you, as a salaried employee, how much income you made for the year. You should receive the W-2 form by early February from every employer who has withheld income, Medicare tax, and Social Security taxes throughout the year. Also, this form reports how much state and federal income taxes were withheld, along with retirement plan contributions, and the value of some workplace benefits. Be sure to report this information accurately as a copy of the W-2 goes to the IRS.

Form W-4 Wage and Tax Statement

The W-2 has a family member called the W-4 form, which you fill out for your employer so that an accurate amount of federal and state income tax is withheld from your pay. The beginning of the year, particularly when filing your taxes, presents a perfect opportunity to review your current year’s federal income tax withholdings.

Adjust tax withholdings when you experience significant life and family changes, such as marriage, divorce, or having children. Starting a side business or second job may lead to higher taxes owed. Consider increasing the withholding at your primary workplace to cover the projected shortfall in taxes.

The IRS recently made the W-4 completion process less cumbersome by simplifying it into five steps.

Passive Income Ideas That Can Make You Money on the Side

It never hurts to have a bit of extra money coming in, particularly in 2024. With inflation still hitting businesses and individuals alike, a bit of passive income can go a long way in shoring up your financial situation.

Sell online

One of the best and most popular means of making popular income is to sell something online. Between Amazon and Temu, ecommerce spending is high across the board, which means there's a lot of potential for you to get a piece.

Affiliate marketing 

If you don't feel like selling your own products online, we don't blame you. As far as passive income goes, it's pretty labor intensive, between all the shipping, processing, and actual production of products. Fortunately, affiliate marketing is a great way to earn a bit of money with a bit less effort on your part.

Create content

If you're a good writer or a knowledgeable expert, there's a good chance that content creation is your best path to passive income. By starting a blog — and more important regularly updating it — you will grow a substantial following that can translate into revenue.

Where is the best place to start, though?

If you're looking to make a bit of money on the side, there are plenty of avenues online that can help, especially given the increased functionality and popularity of AI platforms like ChatGPT.

Alternative Investing