Key takeaways Figuring your AGI is a crucial step on the path to calculating your taxable income and, in turn, your tax bill. Your AGI determines your eligibility for a variety of tax deductions and tax credits. (Sometimes, your modified adjusted gross income comes into play — more on that…
Key takeaways The standard deduction is a specific dollar amount that you can use to reduce your taxable income. You have to choose between claiming the standard deduction and itemizing (that is, claiming expenses that you paid). The standard deduction amount usually increases each year for inflation. Also, the standard…
Key takeaways The deadline to file federal income tax returns this year — to report income earned in 2025 — is April 15, 2026. If you file an extension, you have until Oct. 15 to file your federal tax return. If you file an extension you have until Oct. 15…
If financial stress has been weighing you down, you aren’t alone. Around 43% of Americans cite money as a factor negatively impacting their mental health, according to a recent Bankrate survey. January is the perfect time to reset your financial mindset and create routines that bring peace of mind all year long. By building good money…
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The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
Historically Black colleges and universities are on the frontlines of the One Big Beautiful Bill Act’s new limits on parent…
The big new fees JPMorgan Chase is planning to charge some financial technology companies may well trickle down to consumers,…
With artificial intelligence beginning to eat away at many white-collar entry-level jobs, and the unemployment rate for recent college graduates…
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Key takeaways Savings accounts are deposit accounts available at banks and credit unions. They allow you to keep your money safe while it earns interest. Online banks tend to offer the highest interest rates for savings accounts. You can withdraw your money from a savings…
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Tip 3: Learn How to Create a Better ‘To Do’ List When we make resolutions, we tend to resolve to do certain things.…
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These entrepreneurs, traders and investors are making an outsized impact in fintech, crypto and traditional financial services.By Jeff Kauflin, Hank Tucker and Nina…
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Jonathan Weiss/Shutterstock Major student loan servicers have exited their contracts with the United States Department of Education over the past several years. The loans previously with these servicers were transferred to other companies that have maintained contracts with the Department of Education to service repayment. If your student loan was…
Key takeaways The IRS allows you to deduct capital losses on a stock or other investments from your taxable income. You will have to file Form 8949 and a Schedule D to report any losses. You may want to consult with a tax professional if your situation is complicated. Investing…
A credit counseling agency is an organization that offers advice and assistance to people who are having trouble managing their debt. When you sign up, a credit counselor will analyze your case and work on your behalf to negotiate with your creditors. You can meet with them in person, online…
Kerkez/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Home improvement loans are personal loans by another name, lent by banks, credit unions and online lenders. Renovation loan requirements typically focus on your credit, debt-to-income ratio and other key financial factors. Before you borrow a home improvement loan, consider the…
With the economy slowing and President Donald Trump’s tariffs likely to stoke inflation, investors face various risks. Building a portfolio that has at least some less risky assets in it can be useful to help you ride out volatility in the market. The trade-off, of course, is that in lowering…
Propaganda I’m not falling for: Prime Day. Amazon’s biannual bonanza is back on Oct. 7-8. Cue: influencer hauls, magazine listicles and even friends inundating us with bargain FOMO. There’s nothing wrong with getting a great price on a purchase you’d make anyway. But at its core, Prime Day is marketing…
Key takeaways Predatory cards are often viewed as a last resort for those with the worst credit scores. These cards are known for sky-high interest rates, lower credit limits and myriad fees. Stronger credit-building options exist, even for those with poor credit. Help is available for those unable to pay…
If you default on a 401(k) loan, the balance is usually treated as a taxable distribution. This may result in income taxes and, if you are under 59½, a 10% early withdrawal penalty. It can also reduce the amount you have available for retirement in the future. A financial advisor…
While some retirement plans allow in-service withdrawals, most discourage early access with penalties, taxes and missed growth potential. Before making a move that could undermine your long-term retirement goals, it helps to know the rules. A financial advisor can help you balance today’s needs with your long-term retirement goals.Can You…
Using a 401(k) loan for home improvement may feel like an easy solution to unexpected expenses. After all, you’re borrowing from yourself. There’s no credit check, and the interest you pay goes back into your retirement account. While the convenience may be appealing, the long-term financial trade-offs deserve your consideration.…
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