Advisors

Rep. Bill Pascrell, D-N.J., speaks at a news conference announcing the state and local taxes caucus outside the Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images A group of bipartisan House representatives relaunched the SALT caucus last week, calling for relief from the $10,000 limit on the federal deduction for state

Prathanchorruangsak | Istock | Getty Images Whether you’re starting a new job or updating retirement savings goals, you may need to choose between pre-tax or Roth 401(k) contributions — and the choice may be more complex than you think. While pre-tax 401(k) deposits offer an upfront tax break, the funds grow tax-deferred, meaning you’ll owe

Portra | DigitalVision | Getty Images Tax season is underway but millions of filers who received state tax rebates or payments are in limbo after the IRS told taxpayers to pause on filing returns. The reason for the delay hinges on one question: Are these payments taxable on federal returns? Filers in more than 20

President Joe Biden delivers the State of the Union address on March 1, 2022. Win Mcnamee | Getty Images President Joe Biden will again call for a “billionaire minimum tax” during his State of the Union address on Tuesday. While details haven’t been released, Biden previously proposed a billionaire minimum tax in his 2023 federal

Constantine Johnny | Moment | Getty Images Tax season has begun, and it typically comes with a big uptick in tax-related scams. There were nearly 7.8 million reports of suspicious activities in 2022, according to a recent report from the Identity Theft Tax Refund Fraud Information Sharing Mission & Analysis Center, a partnership between the

Tim Bieber | Photodisc | Getty Images Amid stock market gyrations, recession fears and loftier payouts, consumers pumped a record sum of money last year into annuities, a type of insurance that offers a guaranteed income stream. Buyers funneled $310.6 billion into annuities in 2022, according to estimates published by Limra, an insurance industry trade

Allison Michael Orenstein | Getty Images As the tax season kicks off, seniors may be facing new questions this year. A record 5.9% Social Security cost-of-living adjustment last year likely pushed up their income. Meanwhile, other income, such as required minimum distributions, other retirement account withdrawals or part- or full-time work may make filing more

D3sign | Moment | Getty Images It’s tax season, and Americans are confronted by a lot of tax jargon when preparing their returns. Two types of tax breaks stand out among all the lingo: credits and deductions. Each lowers your tax liability, which is the total annual tax owed on your income. (That figure can

Djordje Krstic | Istock | Getty Images Fewer borrowers will be able to claim the student loan interest deduction for 2022, with federal loan payments on hold for the duration of the year. But some people may still qualify. Before the Covid pandemic, nearly 13 million taxpayers took advantage of the break, which allows borrowers

ozgurcankaya As tax season begins, you may be eager to file your tax return for a faster refund and to check the annual task off your list. For most filers, the tax deadline is April 18, and the IRS urges Americans to prepare before filing to avoid processing and refund delays, along with future IRS

A worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on bitcoin’s price this year. STR | Nurphoto via Getty Images After a tough year for crypto, you may be looking for ways to turn steep losses into possible tax breaks. The digital currency industry lost nearly $1.4 trillion

Damircudic | E+ | Getty Images This is an excerpt from the Personal Finance team’s weekly Twitter Space, “This week, your wallet.” Check out the latest episode here, and tune in every Friday at 11 a.m. ET. Tax season kicked off Jan. 23. The IRS expects taxpayers to file more than 168 million returns, most

Maskot | Maskot | Getty Images Getting a $7,500 tax break for the purchase of a new electric vehicle will likely get harder in a few months — meaning prospective buyers who want the financial incentive may wish to speed up their timeline.   The Inflation Reduction Act, a historic climate law President Biden signed

Drakula & Co. | Moment | Getty Images Tax season officially kicked off for individual filers on Jan. 23. This year’s tax deadline is April 18 for most filers.  Although the IRS expects to start the filing season stronger, taxpayer service improvements may take time as the agency hires and trains more workers.   In the

Residents drop off Covid-19 PCR tests at a testing site run by the Centers for Disease Control, Federal Emergency Management Agency and eTrueNorth in Washington, D.C., on Jan. 5, 2022. Eric Lee | Bloomberg | Getty Images When Christopher Perry got sick in July 2021, he thought he just had a bad cold. But after

Insta_photos | Istock | Getty Images If you’re getting close to retirement age, there are some upcoming changes enacted as part of a government funding bill that may be of interest to you. Dozens of retirement-related provisions known as Secure 2.0 were included in an omnibus appropriations package that cleared Congress last week. While the

Mike Yada Courtesy: Mike Yada Mike Yada remembers the day in August 2020 when it became clear that his unusual symptoms — which emerged after a mild case of Covid-19 earlier in the year — were worsening. “I went for an easy hike, but by the end I was so winded that I couldn’t walk

Itsskin | E+ | Getty Images Thinking about retiring to another state? You’re not alone. A United Van Lines study found the percentage of people retiring to a new state had increased to 18.3% in 2021, up from 13.4% in 2015. Making the move is not a straightforward decision, however, as there are myriad financial

Charlotte Hultquist Charlotte Hultquist Weeks after Charlotte Hultquist got Covid-19 in November 2020, she developed a severe pain in her right ear. “It felt like someone was sticking a knife in [it],” said Hultquist, a single mother of five who lives in Hartford, Vermont. The 41-year-old is one of millions of Americans who have long

Luis Alvarez | Digitalvision | Getty Images Every investor looks to buy low and sell high, which sounds simple enough … until you try to actually put it into practice. The problem is that it’s seldom obvious when the highs and lows of a particular cycle will happen. Most of the time, that’s apparent only