Advisors

Maki_shmaki | Istock | Getty Images Consider this a public service announcement for all treasure hunters: Uncle Sam wants a piece of your loot. Someone who makes a valuable discovery — whether gold coins, meteorites or even cash — generally owes tax on that haul, which is known as “found” property. The tax is twofold:

Moyo Studio | E+ | Getty Images Social Security benefits provide retirement income for millions of Americans. Because the timing of your claim may impact the size of the benefits you receive, it’s a high-stakes decision. And the results may also affect your spouse or dependents. But sifting through Social Security’s claiming rules may make

After falling sharply last year, retirement account balances are bouncing back in 2023 — but there are still signs of trouble. Helped in part by improved market conditions, retirement account balances increased in the first half of the year. However, the share of participants that tapped hardship withdrawals rose, as well, according to recent reports

dowell | Moment | Getty Images If you’re sitting on profitable assets, there’s a lesser-known tax-gain harvesting strategy, which can help rebalance your portfolio or trim future taxes. While tax-loss harvesting can be popular during a stock market downturn, tax-gain harvesting — or strategically selling appreciated brokerage account assets — can also be beneficial, depending

After more than a year of recession predictions, some experts have backed off past forecasts and now embrace what’s known as a “soft landing” for the economy. Even so, one financial advisor is stressing the importance of preparing for future stock market volatility. A soft landing could include an economic slowdown and unemployment ticking higher

In this article CARS 7270.T-JP 6201.T-JP IHEB-AU 7203.T-JP Follow your favorite stocksCREATE FREE ACCOUNT There are more than 275 million cars on the road in the U.S. But in recent years, car ownership has gotten more expensive than ever — due to the Covid-19 pandemic, supply chain issues, stubborn inflation and the Federal Reserve’s interest

Students on the campus of the University of North Carolina at Chapel Hill. Jonathan Drake | Reuters Like many would-be college students, Abigail Mokuba, 16, says “cost is a concern” when it comes to which schools to consider. The rising high school senior from Baltimore said she is still researching colleges but plans to apply

Twenty/20 After facing the reality of how expensive fresh flowers could be when planning her own wedding, Della Larca founded Florèal Blooms, her luxury silk flower rental business, three and half years ago from her basement in Butler, New Jersey. Larca’s business swelled last year, and she recently moved to a larger workspace to accommodate

A class at Princeton University in New Jersey. Princeton University, Office of Communications When it comes to elite college admissions, most expert agree: The Supreme Court‘s ruling on the affirmative action admission policies of Harvard University and the University of North Carolina could have an immediate impact on who gets in and why. And that may have far-reaching

Artistgndphotography | E+ | Getty Images When it comes to retirement savings, the gap between the haves and the have-nots has widened, according to a new report from the Government Accountability Office. The median retirement account balance for high-income households was nine times that of middle-income households in 2019 — $605,000 compared with $64,300, respectively,

Bob and Terri Wood, of Mobile, Alabama, with their grandson. Courtesy: Bob Wood Bob Wood, 66, has been thinking of selling his home in Mobile, Alabama. The finance professor and his wife, Terri, purchased the 5,000-square foot house with a pool nearly a decade ago. “It’s probably time to downsize,” he said. They would also

KPMG is offering high schoolers paid internships to help fix accounting’s staffing shortage. By her own admission, Autumn Kimborough, 17, didn’t have a passion for accounting. But the rising high school senior from Flossmoor, Illinois, heard about a well-paid summer internship at KPMG, which included a $250 clothing stipend, and got excited. For the first time,

The Mega Millions jackpot grew to $910 million on July 26, 2023. Tayfun Coskun | Anadolu Agency | Getty Images The Mega Millions jackpot has grown to an estimated $910 million, with the next high-stakes drawing on Friday at 11:00 p.m. ET. The big prize has only exceeded $1 billion four times, most recently reaching

Andresr | E+ | Getty Images After years of low interest payouts, savings accounts now are paying higher yields, after a series of interest rate hikes from the Federal Reserve. But many Americans still aren’t getting the best rates for their cash. Despite inflation concerns, nearly 70% of middle-income Americans haven’t moved savings to higher-yielding

Eyecrave Productions | E+ | Getty Images When it comes to living and retiring comfortably, Americans have some big numbers in mind for what they will need. Blame high inflation, which peaked at a rate of 9.1% over the preceding 12 months in June 2022, according to consumer price index data. While the pace of

The Marriner S. Eccles Federal Reserve building in Washington. Stefani Reynolds/Bloomberg via Getty Images After a pause last month, experts predict the Federal Reserve likely will raise rates by a quarter of a point at the conclusion of its meeting next week. Fed officials have pledged not to be complacent about the rising cost of

The Powerball jackpot reached $1.08 billion on July 19, 2023. Joe Raedle | Getty It’s official: There’s a winner for the $1.08 billion Powerball jackpot — and the taxman will take a hefty cut. A single ticket sold in California matched all six numbers drawn on Wednesday night, making it the third-largest prize in the

Summer can be an ideal time to slow down, reflect and reset your money mindset. You also may find more time to review your financial goals — and decide whether you need a reboot. “When it comes to those who want to ‘clean’ their financial house, my advice is that you must sweep the dust

Damircudic | E+ | Getty Images The looming end of a pandemic-era pause to student loan payments and interest puts a spotlight on a big difference between two types of debt: subsidized and unsubsidized loans. Interest accrual is among the primary differences between the federal loans — also known as Stafford Loans — which are

The Powerball jackpot has reached $900 million by July 17, 2023. Justin Sullivan | Getty Images The Powerball jackpot has soared to an estimated $900 million after Saturday’s drawing went by without a winner. It’s still the third-largest prize in the game’s history ahead of Monday night’s drawing, according to Powerball. But the windfall will