The Federal Deposit Insurance Corporation (FDIC) has a track record of paying every depositor their money up to the insured amount when their banks have failed. Each insured bank pays a fee for the coverage, which goes into an account to cover insurance costs. Generally, FDIC insures accounts for up to $250,000. Personal and business…
How to Protect Business Accounts From Bank Failure
April 4, 2023
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4 Ways to Set Up Your Personal Finances Right and Tackle Your Financial Goals This Year
By Kale Goodman The start of the new year ushers in new resolutions and goal setting, ranging from getting in shape to quitting bad habits or even learning a new skill. It’s also the ideal time to take on new financial goals. These might include paying off debt, purchasing a new car or putting more…
Manage the Costs of a Chronic Condition
For millennials with chronic medical conditions—or those raising kids with chronic conditions—health care can be an enormous monthly expense. About 44 percent of older millennials born between 1981 and 1988 have at least one chronic health condition, including migraines, major depression and asthma, according to a 2021 survey of over 4,000 adults conducted by The…
Marriage, Divorce and Taxes
By Sandra Block From Kiplinger’s Personal Finance Marriage and divorce can affect your taxes. If you experienced either of those in 2022, here’s how to minimize their federal tax bite. Marriage Following a pandemic pause, more than 2 million couples got married in 2022. If you’re among the newly hitched, filing your first tax return…
IRS Says Major Changes Are Coming to Electric Vehicle Tax Credits Next Month
The Internal Revenue Service (IRS) announced Friday that it would propose rules that would make it more difficult for a number of new electric vehicles (EVs) to qualify for tax breaks, according to a news release. Starting April 18, the IRS will enforce a domestic sourcing requirement for minerals and components used in EV batteries,…
How to Avoid Paying Dividend Taxes
March 30, 2023
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Receiving dividends regularly provides an excellent opportunity to earn more money. If you are retired, the money can supplement your income and make it more comfortable. The good news is that there are some tactics you can use to avoid dividend taxes. The Capital Gains Tax Rate Taxes on dividends partially depend on how much…
Choosing Between Look-alike ETFs and Mutual Funds
By Nellie S. Huang From Kiplinger’s Personal Finance When faced with a choice between buying shares in an exchange-traded fund (ETF) and buying shares in a mutual fund that follows a similar strategy, which is the better option for you? “The choice isn’t always black and white,” says Charles Rotblut, with AAII, which helps individual…
IRS Warns of Scams Spreading on Social Media That Could Get ‘Well-Meaning Taxpayers in Trouble’
The Internal Revenue Service (IRS) has issued a warning that inaccurate or misleading tax information is circulating on social media that lures otherwise honest taxpayers into “compromising tax situations” which can lead to legal problems. As part of its “Dirty Dozen” series of warnings for taxpayers during tax-filing season, the IRS stated in a press release…
Should You Tap Your 401(k) When Urgent Financial Needs Arise?
March 29, 2023
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Shortly after COVID-19 started and many people lost their jobs, the government permitted penalty-free 401(k) withdrawals for people short on cash. There was a limit to the withdrawal of $100,000, which had to be paid back within three years—if it was to remain penalty-free. Many people took advantage of the opportunity, but hindsight asks whether…
Closing the Retirement Income Gap
By Sandra Block From Kiplinger’s Personal Finance By the time you reach your 50s, you should start to get a handle on how much you’ll have in savings when you retire, and whether the money will last as long as you do. Most financial planners say you should plan on replacing 75 percent to 80…
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