By Sandra Block and Anne Kates Smith From Kiplinger’s Personal Finance Since the Federal Deposit Insurance Corporation (FDIC) was created in 1933, no bank customer has lost a penny in insured deposits, even during the darkest days of the 2008-09 financial crisis. But that didn’t prevent some savers from breaking into a cold sweat in…
Self-Employed Americans Must Pay Taxman by June 15 Deadline: IRS
June 13, 2023
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The June 15 due date is fast approaching for filing second-quarter tax returns for American taxpayers like those who are self-employed, failing which they can face penalties. Quarterly tax payments for this year are due on April 18, 2023, June 15, 2023, Sept. 15, 2023, and Jan. 16, 2024. Quarterly estimated tax payments are usually…
How AI Is Transforming the Accounting Industry and What the Future Will Look Like
By Matt Bontrager You can’t survive in a fast-paced environment without financial management—there is no argument with that. Bookkeeping is the key to surviving that environment. Historically, bookkeeping has been a labor-intensive and time-consuming process. We are going to see a sweeping shift in how our early adopters in this industry leveraged artificial intelligence (AI) effectively:…
Health Savings Accounts Are More Attractive Than Ever: Is It Time to Get One?
June 9, 2023
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Recent changes to health savings accounts (HSAs) make them much more attractive. These accounts double as health insurance and a retirement account. Previously, they only allowed smaller contributions each year, but the limit has been raised for 2024. Money contributed to a health savings account is tax deductible. It enables money to be available for…
The IRS Has More Power Than You Think to Collect Taxes
One U.S. agency that many people fear is the Internal Revenue Service (IRS). Of course, there is no need to fear when you honestly report your taxes. When taxes are not reported honestly, there is a good reason to fear the agency because it has more power than any other U.S. agency. The IRS operates…
What to Know About Money Funds
June 3, 2023
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By Ella Vincent From Kiplinger’s Personal Finance The run on Silicon Valley Bank and the cascade of bank troubles in March spooked depositors, who withdrew billions of dollars from bank accounts. Much of their money ended up in money market mutual funds. Investments in money funds skyrocketed by about $67 billion during the first three…
5 Ways to Simplify and Reduce Your Money Clutter
June 1, 2023
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Professional organizers might define household clutter as a pile of unmade decisions. Money clutter is much the same. Those credit cards you no longer use but haven’t closed? That’s money clutter. So is the retirement account you left behind three jobs ago and the financial paperwork you keep but no longer need. Money clutter also…
Go Bankless With a Cash-Only Lifestyle
May 23, 2023
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Even though most Americans regularly use credit cards, many still operate on a cash-only basis. After recent bank collapses, more Americans have taken their money out of the banking system and are looking to go bankless. According to the Federal Reserve, in 2020, about 81 percent of Americans were “fully-banked.” It means that they did…
What You Should Know About the Future of Digital Banking
By Readwrite.com During the pandemic, the ways we accessed and managed our money transformed. To be sure, in-person banking was dropping in popularity even before the start of the pandemic, while digital platforms were seeing a slow and steady rise. Although their popularity was beginning to wane, brick-and-mortar bank branches were undoubtedly still very much…
The Price of Prescription Drugs Expected to Fall for Retirees
By Sandra Block From Kiplinger’s Personal Finance If you’re enrolled in Medicare and spend a lot of money on prescription drugs, legislation enacted last summer could lower some of your expenses. The prescription-drug provisions in the 2022 Inflation Reduction Act will be phased in over seven years, but some take effect as early as this…
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