Personal finance

Charday Penn | E+ | Getty Images If you’ve accepted payments via apps such as Venmo or PayPal in 2022, you may receive Form 1099-K, which reports income from third-party networks, in early 2023. But there’s still time to reduce your tax liability, according to financial experts.  “There’s no change to the taxability of income,”

House and Senate champions and impacted families appear at a Dec. 7 Washington, D.C., event for expanding the child tax credit during the lame duck session. Tasos Katopodis | Getty Images Entertainment | Getty Images Millions of children were lifted out of poverty in 2021, thanks to a more generous child tax credit that included

On the cusp of the greatest generational wealth transfer in history, baby boomers are set to pass more than $68 trillion on to their children. “It’s a generation that has accumulated a greater percentage of wealth than any other generation ever has,” said Mark Mirsberger, a certified public accountant and CEO of Dana Investment Advisors, referring

The national average credit score sits at an all-time high of 716, unchanged from a year ago, according to a report from FICO, developer of one of the scores most widely used by lenders. However, this marks the first time since the Great Recession that scores did not improve year over year, the report found.

Smiling female professor reading an e-mail on a computer in the classroom. Copy space. Skynesher | E+ | Getty Images In October 2021, the Biden administration announced a one-year opportunity for student loan borrowers pursuing the Public Service Loan Forgiveness to get closer to being debt-free. Signed into law by then-President George W. Bush in

Thomas Barwick | Stone | Getty Images The share of retirement savers who withdrew money from a 401(k) plan to cover a financial hardship hit a record high in October, according to data from Vanguard Group. That dynamic — when coupled with other factors like fast-rising credit card balances and a declining personal savings rate

Tim Robberts | Digitalvision | Getty Images Coming up with enough money for retirement is a challenge for all workers. Women are more likely, at 50%, to say they’re behind, versus 35% of men, a new report from Goldman Sachs found. What’s more, 24% said they are “very behind schedule,” compared with 14% of men.

Thomas Barwick The deadline is fast approaching for mandatory retirement plan withdrawals, which may force some retirees to sell assets in a down market. But experts say there may be ways to reduce the negative effects. Required minimum distributions, known as RMDs, are yearly amounts that must be taken from certain retirement accounts, such as

Luis Alvarez | Digitalvision | Getty Images If you’re just out of college, you may be wondering when the right time is to get started with a retirement savings plan. The answer is now, experts say.  To that point, 55% of Americans already working think they are behind on saving for retirement, according to a

Barry Sternlicht, founder, chairman and CEO of Starwood Capital Group. CNBC | NBCuniversal | Getty Images In Starwood Capital CEO Barry Sternlicht’s view, the Federal Reserve’s ongoing interest rate hikes are driving the U.S. economy straight into a recession. During a session of CNBC’s Financial Advisor Summit on Tuesday, Sternlicht said he thinks that an

Ascentxmedia | E+ | Getty Images The CEOs of some of the biggest American companies believe the economy may be heading for a recession. “It could be a hurricane,” JPMorgan Chase CEO Jamie Dimon said on CNBC’s “Squawk Box” on Tuesday morning. Yet financial advisors warn against too much certainty, or pessimism, over what’s next. ‘It’s possible

Rafael Henrique | Sopa Images | Lightrocket | Getty Images Robinhood is bringing the concept of a 401(k)-style contribution match to its retail customers who may not have access to a retirement plan through the workplace. The retail brokerage will pay a 1% “match” on contributions its customers make to a Robinhood individual retirement account,

Travel demand has surged this year, although not everyone can afford the sky-high tab. Along with rising costs for hotels and rental cars, travelers can expect to pay up to 39% more for a round-trip flight around Christmas compared with last year, according to data from the travel booking app Hopper. Young adults, in particular, are shifting

seksan Mongkhonkhamsao | Moment | Getty Images With the holiday season in full swing, it can be easy to forget about the finer points of financial planning. While your tax return isn’t due until April, several key deadlines are approaching by year-end, experts say. “You can control your tax reporting destiny,” said certified financial planner

New cars are getting increasingly expensive. But they’re also more durable than before, which means drivers have a better chance of getting their money’s worth. As the average transaction price for new cars reached an estimated $45,872 in November — the highest on record, according to a joint forecast from J.D. Power and LMC Automotive —

Marko Geber | Digitalvision | Getty Images Some men may need a bigger push than women when it comes to participating in their workplace retirement-savings plan, new research suggests. In 401(k) plans with automatic enrollment — meaning employees must opt out if they don’t want to participate — 93% of both men and women remain

10’000 Hours | Digitalvision | Getty Images A recent wave of layoffs in the tech sector may lead American workers to wonder whether their job is next on the chopping block. So far, evidence is scant that the thousands of cuts at major technology firms — Meta, Amazon and Twitter, to name a few —

Secretary of Labor Marty Walsh speaks during a news conference at the White House in Washington, April 2, 2021. Erin Scott | Reuters Most American workers dream of a comfortable retirement. Yet many find their money falls short of meeting that goal when they reach their golden years. Much of the problem has to do

Tom Werner | DigitalVision | Getty Images After another year of tax law changes, there are significant updates for the 2022 season, with the possibility of a smaller refund or bigger bill for many taxpayers, experts say. With many Americans facing reduced tax breaks, it’s important to be proactive with year-end planning before the calendar

Americans are increasingly finding alternative ways to satisfy their holiday wish lists as they continue to grapple with high prices and inflation. In many cases, that means opting for flexible payment plans. On Black Friday through Cyber Monday, buy now, pay later payments through companies such as Klarna, Zip, Zilch, Affirm and Afterpay jumped 85% compared with