Advisors

Visualspace | E+ | Getty Images Over the past year, there’s been a wave of confusion around tax reporting for payment apps like Venmo and PayPal, along with e-commerce companies such as eBay, Etsy and Poshmark. But the IRS provided clarification in an update this week. The 2022 threshold for Form 1099-K, which reports third-party business payments to

Momo Productions | Digitalvision | Getty Images Parents with young kids or those expecting a child may wonder: What financial steps should I take to set my family up for success? Here are four of the top considerations, according to Rianka Dorsainvil, a certified financial planner and co-CEO of 2050 Wealth Partners. Dorsainvil is also

Getty Images The tax deadline is approaching, and there are still a few ways to reduce your 2022 bill or boost your refund, experts say. Once the calendar year ends, “the toolbox of options is much smaller,” said certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas. He is also

Jamie Grill | Getty Images When you’re on a tight budget, It can be tough to decide between contributing to your retirement savings or to your emergency fund — especially during periods of economic uncertainty. And the banking crisis has added to fears of a recession, with further stock market volatility triggered by the collapse

In the era of social media influencers, some investors are turning to platforms like YouTube, TikTok and Instagram for answers to their most pressing financial concerns. But advisors recommend scrutiny when seeking guidance online — especially when weighing money decisions with the possibility of harmful consequences. “Because social media is democratized and everybody has a

People wait outside the Silicon Valley Bank headquarters in Santa Clara, California, to withdraw funds after the federal government intervened upon the bank’s collapse, on March 13, 2023. Nikolas Liepins | Anadolu Agency | Getty Images It’s been an unsettling period for consumers and the financial markets as the collapse of Silicon Valley Bank has

In this article SIVB SBNY Follow your favorite stocksCREATE FREE ACCOUNT People wait for service outside Silicon Valley Bank in Menlo Park, California. John Brecher | The Washington Post | Getty Images Account holders at failed Silicon Valley Bank and Signature Bank got a lucky break in recent days when emergency federal efforts ensured that

Skynesher | E+ | Getty Images For some young adults, retirement is so far away that it can feel absurd to put part of their income in an account that they can’t tap for decades. “They want to invest but can’t envision not being able to touch it until age 59½,” said Winnie Sun, co-founder

In recent days, a crisis in the financial sector sent markets into a tailspin, erasing hopes for an early 2023 turnaround. For retirement savers, these losses come on the heels of a year when 401(k) account balances already lost nearly one-quarter of their value. Average 401(k) balances sank 23% in 2022 to $103,900, according to

You may have heard that many taxpayers are in for a big surprise this tax season if they’re banking on a big refund check — or one that’s even close to the amount they received last year — but that’s more of a “tax myth” than reality. Last year, according to the IRS, more than

Despite the 2008 financial crisis, bank failures are considered extremely rare. However, the unexpected shutdowns of Silicon Valley Bank and Signature Bank have many consumers concerned about their deposits, their bank and the U.S. banking system. “Every American should feel confident their deposits will be there if and when they need them,” President Joe Biden said Monday in an address aimed at

Employees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Justin Sullivan | Getty Images News | Getty Images For small businesses that have been keeping their money at Silicon Valley Bank — which collapsed last week — the good news is that they will be

A customer stands outside of a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Justin Sullivan | Getty Images After two bank failures and dramatic moves from U.S. regulators to protect depositors, financial advisors have a message for consumers: Don’t panic. The U.S. government on Sunday approved plans to

In the wake of the pandemic, there’s one topic that’s suddenly a lot less taboo, according to Lee Baker, a certified financial planner based in Atlanta. “We get more calls around estate planning,” said Baker, founder, owner and president of Apex Financial Services and a member of CNBC’s Advisor Council. “The last 36 months shifted the

President Joe Biden speaks about the U.S. response to the high-altitude Chinese balloon at the White House complex Feb. 16, 2023 in Washington, DC. Drew Angerer | Getty Images News | Getty Images President Joe Biden is proposing higher taxes on wealthy Americans to help cover priorities like Medicare and Social Security in his 2024

Ippei Naoi | Moment | Getty Images Budgeting and saving money may seem challenging — but the 50-30-20 rule is an easy way for people to get started, said Cathy Curtis, a certified financial planner based in Oakland, California. The numbers refer to the share of take-home pay allocated to different areas of your life:

Halfpoint Images | Moment | Getty Images Women tend to outperform men when it comes to investing, yet some may still be at risk of falling behind. Over a 10-year span, women’s returns were, on average, 40 basis points, or .4%, higher than their male counterparts, according to a 2021 report from Fidelity Investments that

Enes Evren There’s still time to make a pretax individual retirement account contribution for 2022 — and possibly trim your tax bill or boost your refund — if you qualify. For 2022, the IRA contributions limit was $6,000, with an extra $1,000 for investors age 50 and older, and the tax deadline this year is

Morsa Images | E+ | Getty Images If you’re on track to max out your 401(k) plan for 2023 and want to save more, your plan may have another option: after-tax contributions. For 2023, you can defer up to $22,500 into your 401(k), and savers age 50 and older can add another $7,500. Some plans

Marko Geber | DigitalVision | Getty Images Whether you’re filing a simple or complicated tax return, it’s critical to make sure it’s thorough — and you may have free online tools at your fingertips, in the form of IRS transcripts, to make the process easier. “Oftentimes, filing a complete and accurate return is much better