Personal finance

Democratic presidential candidate Michael Bloomberg — whose wealth is estimated at $60 billion — says his tax return is probably thousands of pages long and he can’t use TurboTax to finish it. Most taxpayers don’t deal with such complications. While preparing taxes can be a headache and may involve a lot of pages, using online

James Gorman, chief executive officer and chairman of Morgan Stanley, speaks during the International Economic Forum Of The Americas (IEFA) in Montreal, Quebec, Canada, on Wednesday June 12, 2019. Photographer: Christinne Muschi/Bloomberg via Getty Images Bloomberg Financial services firms are moving out of their comfort zone. Some of the most recognizable names on Wall Street,

Thanagon Karaket / EyeEm | EyeEm | Getty Images You may be overlooking one retirement investment choice. That’s the ability to put away post-tax money through a Roth individual retirement account. Recent research from TD Ameritrade finds that many individuals are confused when it comes to Roth IRAs. And that means many people are leaving

Democratic presidential candidate Sen. Bernie Sanders (I-Vt.) speaks during a campaign event on February 17, 2020 in Richmond, California. (Photo by Justin Sullivan/Getty Images) Justin Sullivan When Sen. Bernie Sanders, I-Vt., proposed legislation last year to tax stock trades, he decried the “recklessness of Wall Street billionaires” and cited a goal of building an economy

Getty Images The IRS will soon start make house calls to high-income individuals who didn’t submit a tax return. Starting this month, the agency will send its revenue officers to visit people with income in excess of $100,000 and who failed to file Form 1040 in 2018 or in previous years. “These visits shouldn’t come

Jeremy Tooker, owner of Four Barrel Café in San Francisco. Photo: Eric Wolfinger In starting a small business, many entrepreneurs feel the need to do it all. They perform or monitor all aspects of their business, including product development, operations, sales, marketing and customer service. Early on, they may have even acted as their own

skynesher | E+ | Getty Images If you’re like many Americans, you’re carrying a balance on your credit cards. And the candidate you choose in November for president could have an affect on how well you grapple with those debts. The latest numbers from the Federal Reserve show that credit card balances climbed to $930

Tetra Images | Getty Images If you want to get your refund as quickly as possible, you’d better hustle that tax return out the door. The IRS has received 28.6 million tax returns for the 2019 tax year as of Feb. 7, and it anticipates receiving more than 150 million returns in total. Filers are

Even though it’s still early to file your taxes, the sooner you crunch the numbers on your return, the better off you could be. The IRS issued more than 111.8 million refunds for the 2018 tax year, with taxpayers receiving an average payment of $2,869. This year could bring an even bigger windfall, for those

Democratic presidential candidate Mike Bloomberg gives the thumbs up as he embarks on his bus after speaking to supporters at the Viva Villa restaurant in San Antonio, Texas on January 11, 2020. Mark Felix | AFP | Getty Images Mike Bloomberg released plans to shore up Americans’ retirement on Sunday, promising to increase Social Security

Even though February isn’t known as a big sales month for cars, you’ll likely find some decent deals if you head to the dealership over this three-day holiday weekend. While some advertised specials may be pegged to Presidents Day, many deals last for the month. And with more of last year’s models still hanging around

Getty Images The April 15 tax deadline is about two months away, yet that’s still plenty of time to knock a few dollars off your 2019 tax bill. The IRS declared tax season open on Jan. 27. The agency expects to receive more than 150 million individual income tax returns for the 2019 tax year.

Goodboy Picture Company A hot tax-advantaged opportunity is making the rounds among financial advisors. Just make sure you don’t overlook the risks. The Tax Cuts and Jobs Act, which went into effect in 2018, established so-called qualified opportunity zones — economically disadvantaged areas across the country. Funds specializing in qualified opportunity zones allow people to

Adrian Peterson #26 of the Washington Redskins looks on after being tackled by the Philadelphia Eagles during the first half at FedExField on Dec. 30, 2018 in Landover, Maryland. Scott Taetsch | Getty Images Sport | Getty Images Adrian Peterson is heading to arbitration against Morgan Stanley Wealth Management over an investment dispute, the latest

Netflix, Apple TV and Prime Video. egadolfo I signed up recently for a clothing subscription service called NUULY. The company lets you wear six items a month for $88. But what the service provides me feels deeper. For that fee, I can arrive to a date in a $860 designer coat, which wouldn’t normally be

Many Americans seem to be addicted to income tax refunds, even though financial planners often advise having less tax withheld from your pay throughout the year as the better way to manage your cash flow. Nearly two-thirds of taxpayers — more than 111 million Americans — received a refund from the Internal Revenue Service last

Squaredpixels | Getty Images It’s the bane of some older Americans. Once they hit a certain age, the government makes them take money out of their retirement accounts, even if they don’t need the cash. That is changing, albeit slowly. The recently passed Secure Act raises the age for when those required minimum withdrawals must

Tetra Images | Getty Images In a world where much of consumer banking has gone high-tech, the most costly scams involve an old-school tool: checks. At about $2,000 a pop, fake-check scams cheated consumers out of more than $28 million in 2019, according to the Federal Trade Commission. That per-instance amount is more than six

As taxpayers roll into the second tax-filing season under the Tax Cuts and Jobs Act, one question remains: “Will I come out ahead in 2019?” The IRS began accepting 2019 tax returns on Jan. 27 and anticipates it will receive more than 150 million individual returns this year. Thus far, the agency has delivered 4.3

A Social Security Administration office in San Francisco. Getty Images President Donald Trump has publicly vowed to protect Social Security. Yet advocates for the program fear that his just released budget proposal would hit individuals hard when it comes to disability benefits, as it includes cuts to the tune of $71 billion, according to one