Personal finance

Tom Werner Next year, the IRS will allow people to put away even more money in health savings accounts, a tax-advantaged account you can use for medical expenses. Health savings accounts work alongside high deductible health plans. You can save money on a pretax or tax-deductible basis, have it grow tax free and then use

Most students can’t wait to get back into the classroom, even as more schools extend remote learning indefinitely. The University of Alabama system said it intends to return to on-campus instruction, while the California State University System announced that all students, enrolled on 23 campuses, will take fall classes online. Other schools have proposed a

DTP | Getty Images Add robocalls to scammers’ methods of capitalizing on the coronavirus crisis. As Americans adjust to life in the midst of a global pandemic, roughly a quarter of individuals say they’ve experienced an increase in robocalls and about 20% have received a call or text regarding the illness, according to a survey

Thomas Barwick Lawmakers may allow savers to undo last year’s mandatory withdrawals from retirement accounts. The $3 trillion HEROES Act – the latest round of proposed federal coronavirus relief legislation – was passed by the House last Friday. Aside from granting households another batch of $1,200 stimulus payments and granting student loan relief, the measure

Navigating the economic fallout from the coronavirus pandemic has not been easy for small businesses. Fashion designer Rebecca Minkoff is no exception. “It’s the longest, most exhausting days of my life,” said Minkoff, 39, and the co-founder and creative director of her own fashion line. “I want to scream a lot, but I have to stay

Small-business owners who borrowed from the federal Paycheck Protection Program program can now apply for loan forgiveness. Getting the balances erased may be easier said than done. The PPP loan, which was established by the CARES Act, is intended to cover up to eight weeks of wages, mortgage interest and other expenses. The amount borrowed

As part of the House bill passed on Friday to deliver relief to a battered economy, people with student debt would get some more elbow room.  The U.S. Department of Education has already announced that due to the pandemic, federal student loan borrowers don’t need to make payments on their loans until at least October. And during

A tax surprise could be around the corner for business owners who participate in the federal government’s forgivable loan program — unless Congress intervenes. The Paycheck Protection Program offers small businesses a lifeline in the form of a forgivable loan they can use to cover up to eight weeks of payroll costs, mortgage interest and

You may qualify for paid leave Justin Paget Qualified workers, including those telecommuting, can get two weeks of paid leave at full pay courtesy of the Families First Coronavirus Response Act. Valid reasons include being unable to work because you are under quarantine order, have coronavirus symptoms and are seeking diagnosis, or must care for

Labor economist Teresa Ghilarducci began studying retirement in 2008, when the Great Recession was making it impossible for millions of Americans to retire. “The phenomenon of Granny working in McDonald’s really started to ramp up,” said Ghilarducci, who leads the Retirement Equity Lab at The New School in New York.  Yet, as bad as it was then,

As the country starts to reopen its economy amid the coronavirus pandemic, Americans of all ages are still trying to figure out the path forward. Many have lost income, may be struggling with a small business or are dealing with child-care issues. But those in their 40s, the younger end of Generation X, have their

A cyclist passes a boarded up store during the coronavirus pandemic on April 28, 2020 in New York City. John Lamparski | Getty Images New Yorkers who owe the state medical or student debt that has been referred to the state attorney general’s office have been given another 30-day break from paying those balances. New York Attorney

U.S. President Donald Trump’s name appears on the coronavirus economic assistance checks that were sent to citizens across the country April 29, 2020 in Washington, DC. Chip Somodevilla | Getty Images News that the U.S. government has deployed millions of stimulus checks for up to $1,200 per individual has made headlines. But still many individuals

Under ordinary circumstances, the opportunity to make changes to workplace health plans and flexible spending accounts happens only once a year. However, new guidelines from the IRS allow workers to revisit those elections now in response to the coronavirus pandemic. “I cannot think of a time when the IRS has been this flexible,” said David Speier, managing

Car line up at a drive-thru Three Square Food Bank emergency food distribution site at Boulder Station Hotel & Casino in response to an increase in demand amid the coronavirus pandemic on April 29, 2020 in Las Vegas, Nevada. Three Square is currently operating dozens of emergency distribution sites at various times and dates throughout

A store in Arlington, Virginia, remained temporarily closed on May 14, 2020. Another 3 million people filed initial unemployment claims last week on a seasonally adjusted basis, according to the Department of Labor. Olvier Douliery-AFP/Getty Images States paid a record $48 billion in unemployment benefits last month as the coronavirus pandemic caused millions of Americans

shot of 401k paper Kameleon007 Save more now  If you’re not currently saving enough to get the entire company match, you may want to start doing so, said Arielle O’Shea, investing and retirement specialist at NerdWallet.  “Take advantage of that match while you have it,” O’Shea said.  If you’re already meeting the match, there’s not much

It’s hard to imagine being paid to borrow money or penalized for saving. But the economic shock from Covid-19 may call for drastic measures. Up until this point, the Federal Reserve has never brought its benchmark rate into negative territory and, according to Federal Reserve Chairman Jerome Powell, the Fed is not considering going to negative interest rates now.  “The

A view of new York State Department of labor office in Flushing Queens during coronavirus pandemic on April 12, 2020. (Photo by John Nacion/NurPhoto via Getty Images) NurPhoto Democrats want to give Americans larger unemployment checks until next year. Certain workers — particularly those in lower-paying industries like accommodation and food services — stand to benefit

Borut Trdina | Getty Images Whether, how and where Americans start traveling again after the Covid-19 pandemic remains literally up in the air. However,  some industry experts are seeing signs that at least some travelers — in particular, wealthier ones — expect to start going on vacation again during the year-end holiday season. And the