personal finance
Here’s why health savings accounts may contribute to inequality
The Good Brigade | Digitalvision | Getty Images A popular way to save for out-of-pocket medical expenses might be contributing to health-care inequality, new research suggests. Health savings accounts are tax-advantaged accounts available to Americans with high-deductible health insurance policies. Federal law established them in 2003. Since then, HSAs have grown quickly as employers have …
Technology Tool Simplifies Complex Financial Decisions For Consumers In Their 50s And 60s
Silvur is a sophisticated planning app that simplifies financial decisions by untangling the various … [+] options for social security, Medicare, and cost of living by geography. getty When it comes to personal finances, 87% of employees want help, according to PWC’s 2021 Employee Financial Wellness Survey. And they are looking for online tools to …
These Technologies Could Hold Back Business Travel Indefinitely
It’s a sunny, breezy morning in Eugene, Ore., a place best known for access to the great outdoors, a history of environmental activism and being the birthplace of Nike . I’m standing outside a nondescript, one-story industrial space, speaking with Mark Frohnmayer, chief executive of Arcimoto, maker of a three-wheeled electric vehicle it calls a …
IRS refunds will start in May for $10,200 unemployment tax break
Samuel Corum/Bloomberg via Getty Images The IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday. The American Rescue Plan waived federal tax on up to $10,200 of unemployment benefits, per person, received in 2020. Households with $150,000 …
When married couples should file separately
elenaleonova | E+ | Getty Images A quirk in eligibility rules for a new unemployment tax break may lead some married couples to wonder whether they should file separate returns, even if they typically file jointly. The short answer: Filing separately may make sense in some cases, especially when each spouse can get the maximum …
An Unexpected Unemployment Tax Break: What to Know
In the massive stimulus package enacted earlier this month, lawmakers inserted a last-minute exemption for many taxpayers with up to $10,200 of unemployment payments for 2020. Normally this income is fully taxable on federal returns, so the change could save many filers $1,000 or more. The brain twister, for the agency and affected taxpayers, is …
You Can Claim a Bigger Tax Break for Cash Donations in 2020. Why That Might Not Be the Best Strategy – NBC Los Angeles
For 2020 only, taxpayers who itemize deductions on their tax returns can make a cash donation to a qualifying charity and deduct up to 100% of their adjusted gross income. Normally, you can write off up to 60% of your AGI for cash contributions. Donating appreciated stock to your favorite charity might be a better …
Janet Yellen is poised to become Treasury secretary in a Biden cabinet — and here’s what that means for cash-strapped American families
In 2014, three months into her four-year tenure leading the Federal Reserve, Janet Yellen was trying to draw an important link for investors, policy makers and community development leaders. “Although we work through financial markets, our goal is to help Main Street, not Wall Street. By keeping interest rates low, we are trying to make …
Flexible Spending Accounts: A Once-A-Year Tax Break
FSAs are basically bank accounts reserved to pay for your out-of-pocket health care costs. Of course, anyone can put aside money to cover health expenses, but what makes an FSA special is that you don’t have to pay taxes on the money you put into it. Get every deduction you deserve. With TurboTax Deluxe, we’ll …
4 Retirement Rules You Can’t Afford to Break | Personal Finance
(Christy Bieber) Retirement should be a time of unprecedented freedom when you can enjoy your days indulging hobbies or traveling the world. But that doesn’t mean there are no rules to follow. In fact, there are four key rules that you can’t afford to break if you want to have the financial stability to actually …
