Personal finance

D3sign | Moment | Getty Images The recent tax season was relatively smooth compared with last year’s. But national taxpayer advocate Erin Collins still sees room for improvement as the IRS rolls out funding plan changes. “Overall, the difference between the 2022 filing season and the 2023 filing season was like night and day,” Collins

The Federal Reserve may have paused its aggressive interest rate hikes for now, but that offers little relief for anyone with credit card debt. The central bank raised interest rates 10 times since last year — the fastest pace of tightening since the early 1980s — and that has caused credit card rates to hit an all-time high. “Even

Daniel Grill | Tetra Images | Getty Images The start of the year was plagued by waves of layoffs: through the end of May, companies announced plans to cut 417,500 jobs, up 315% from the same period last year, according to Challenger, Gray & Christmas. Big names like Disney, Google, Lyft and Meta were among

Erin M. Collins, National Taxpayer Advocate Source: IRS After a flood of business returns with a pandemic-era tax credit, the IRS is weighing guidance for those who wrongly claimed the tax break. The employee retention credit, or ERC, was created to support small businesses during the Covid-19 pandemic. There’s still time to amend returns and

The Manhattan skyline is shrouded in a smoky haze from Canadian wildfires as seen from the East River waterfront in Brooklyn, New York, June 6, 2023. Ed Jones | Afp | Getty Images Eight of the warmest years in history have all come since 2015. With an El Niño weather pattern developing, it could be

brightstars | E+ | Getty Images Small businesses are facing an onslaught of ads, phone calls and emails to help them claim a pandemic-era tax credit. However, experts urge business owners to review eligibility with a qualified tax professional. The tax break — known as the employee retention credit, or ERC — was enacted in

Simon2579 | E+ | Getty Images Auto insurance premiums have been among the fastest-rising prices for consumers over the past year, according to federal data — a dynamic that might seem at odds with car prices, which are broadly trending lower. So, what’s going on? In short: Auto insurance prices generally track those in the

swissmediavision | E+ | Getty Images For those who hit the road to travel this summer, there is good news: Gas prices are substantially lower than they were last year. “What a difference a year makes,” said Andrew Gross, a spokesperson for AAA, the motoring and leisure travel membership organization. As of Friday, the national

The United States Supreme Court Building Geoff Livingston | Moment | Getty Images The Supreme Court is expected to issue a ruling on the Biden administration’s student loan forgiveness plan this month. That decision will play a role in shaping the the financial future of 40 million Americans. If the justices greenlight President Joe Biden’s

D3sign | Moment | Getty Images Human psychology and money don’t mix well. Left unchecked, our psyches can easily sabotage financial decision-making, behavioral experts said during a panel discussion at CNBC’s Financial Advisor Summit.   “We’re all crazy when it comes to money,” said Brad Klontz, managing principal of YMW Advisors in Boulder, Colorado, and

Moyo Studio | E+ | Getty Images Saving enough money to comfortably retire later in life may seem like a daunting, out-of-reach goal. But some are challenging themselves to reach that goal even sooner than usual. The FIRE movement — which stands for Financial Independence, Retire Early — is built on the idea that handling

People shop at Lincoln Market on June 12, 2023 in the Prospect Lefferts Gardens neighborhood in the Brooklyn borough of New York City. Michael M. Santiago | Getty Images News | Getty Images Inflation slowed in May to the lowest rate in two years, largely on the back of declining prices for energy like gasoline

Couple talking to financial advisor at home Fg Trade | E+ | Getty Images After an interest rate pause from the Federal Reserve and predictions of future hikes, advisors are weighing bond allocation changes and portfolio opportunities. The central bank on Wednesday announced a break from raising interest rates, following rate increases during the last

View Press | Corbis News | Getty Images Rent prices in the U.S. are now out of reach for many low-wage earners. A full-time worker in the U.S. needs to make $28.58 an hour, on average, to afford the rent on a modest two-bedroom apartment in their area. In California, Hawaii, Massachusetts and New York,

Lucigerma | Istock | Getty Images Retirement confidence may be dropping due to the economy. But for retirement savers and retirees alike, there’s one worry that stands out above the rest — the possibility they may outlive their assets, according to new research from research and consulting firm Cerulli Associates. That worry looms large for

Sam Edwards | Getty Images If you’re a freelancer, entrepreneur, or other worker who doesn’t have taxes withheld from your paycheck, a key deadline to make payments is approaching, according to the IRS. The due date for 2023 second-quarter estimated tax payments is June 15, which applies to income without withholdings, such as self-employment earnings,

Djordje Krstic | Istock | Getty Images New government data shows the annual rate of inflation dipped to the lowest level in about two years as of May. But that may be bittersweet news for Social Security beneficiaries, as they may receive a much lower cost-of-living adjustment in 2024 than they did this year. The

Berk Ucak | Istock | Getty Images When federal student loan bills restart in September, millions of borrowers could be making their payments to a company they’ve never heard of. During the pause of more than three years on payments, several of the lenders that managed the debt for the government stopped doing so. Those

Courtneyk | E+ | Getty Images Many Americans are mistaken about their financial preparedness for retirement. But overconfidence skews higher for the wealthy than for others, according to a new report. Twenty-eight percent of all U.S. households have an overly rosy view: They think they’re on track to maintain their standard of living in retirement

Actress Gwyneth Paltrow enters the courtroom for her trial in Park City, Utah, March 24, 2023. Rick Bowmer | Getty Images “I wish you well.” Gwyneth Paltrow may have had the last word at the conclusion of her ski accident trial in March, but it was her head-to-toe “old money” look that is still echoing