Financial Advisors
The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven’t filed
Cecilie Arcurs | Getty Images There’s about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns. An estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns, according to the IRS. Kevin Brady, a certified financial planner and […]
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Taxpayers can avoid a ‘very nasty surprise’ by making quarterly payments by Sept. 15
If you haven’t been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty. The deadline for third-quarter estimated taxes is Sept. 15, applying to income from self-employment, small businesses, investments, gig economy work and more, according to the agency. “It’s a pay-as-you-go […]
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Single workers, families, retirees: How much cash you need in an emergency fund at every career stage, according to advisors
Nirunya Juntoomma | Istock | Getty Images If you’re feeling unsteady amid stock market volatility, high inflation and rising interest rates, you may wonder how much cash you really need to have handy. But the right amount to have in your emergency fund depends on your family’s situation and needs, financial experts say. Still, with […]
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‘No one wants to be the state taxing student loan forgiveness.’ Here’s where borrowers may see a bill
dmphoto | E+ | Getty Images There’s good news if you’re eligible for student loan forgiveness: It won’t trigger a federal tax bill. And while some may still owe state taxes, it may be fewer borrowers than expected. It depends on whether and when states conform to federal tax laws, including the American Rescue Plan […]
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Despite recession fears, most 401(k) investors haven’t changed their portfolios. Here’s what advisors suggest
Morsa Images | E+ | Getty Images Many investors worry a recession is coming amid rising interest rates, high inflation and stock market volatility. But the majority haven’t changed their portfolios, according to research from Fidelity Investments. Only 5% of 401(k) and 403(b) investors shifted asset allocations during the second quarter of 2022, the report […]
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Do you make too much for student loan forgiveness? Here’s how to figure out whether you qualify
If you’re one of the millions of Americans with student loans, President Joe Biden’s forgiveness plan may be welcome relief. However, there are some key things to know about the income limits, experts say. Biden will cancel $10,000 for most borrowers or up to $20,000 for Pell Grant recipients, limited to those making less than […]
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IRS to refund a ‘very welcome’ $1.2 billion in late-filing fees for nearly 1.6 million taxpayers
Ekaterina Goncharova | Moment | Getty Images The IRS on Wednesday announced it will waive penalties for many Americans who late-filed tax returns during the pandemic. Nearly 1.6 million filers will automatically receive a collective $1.2 billion-plus in penalty refunds or credits, according to the federal agency, with many payments expected to come by the […]
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As climate change threatens more homes, some properties are getting too costly to insure
Firefighters pull up to a burning house during the Kincade fire in Healdsburg, California, on Oct. 27, 2019. Josh Edelson | Afp | Getty Images As climate change threatens the U.S. with more natural disasters, it’s becoming increasingly costly for Americans to insure their homes — and it’s only expected to get worse, according to […]
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Embryos can count as dependents on Georgia state tax returns: For many families ‘there is no benefit at all,’ says analyst
Anti-abortion activists demonstrate outside the Supreme Court of the United States in Washington, June 13, 2022. Evelyn Hockstein | Reuters Residents of Georgia may now claim embryos as dependents on their state income tax returns. Any “unborn child with a detectable human heartbeat” may qualify for a $3,000 state income tax deduction for 2022, effective […]
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Employee stock purchase plans can carry ‘a big risk,’ says advisor. What to know before buying in
How employee stock purchase plans works Typically offered to all employees, ESPPs may allow you to purchase company stock at a discount of up to 15%, capped at $25,000 per year for tax-qualified plans. The plan collects after-tax contributions from each paycheck during an “offering period,” and uses the funds to buy company stock on […]
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