If you look at your finances and see a lot of debt, you’re not alone. Pandemic stimulus packages did help to reduce U.S. consumer debt in 2020. But Federal Reserve data shows that balances began to grow again in 2021 and reached a new all-time high of over $900 billion in August 2022. The average APR on…
Read More...Borrowers Over 50 With Student Loan Debt
Millions of borrowers 50 and older are struggling to repay loans for themselves and their children, some delaying retirement. There’s a trick, though, to help with repayment. Student loan debt is not just holding back young adults. It’s increasingly an issue for older people, sending many of them into default and threatening retirement plans for…
Read More...America’s Heating Bills Are Expected to Spike Again This Winter
American households could be in for a significant heating bill increase this winter — perhaps a price hike up to 34%, according to a new forecast. The estimated increases would mark a second year in a row of substantially more expensive heating bills for renters and homeowners around the country. The largest price jumps are forecasted for…
Read More...1.6 Million Taxpayers Are Getting Surprise Refunds From the IRS
Millions of taxpayers will get refunds for late-filing penalties assessed in recent years, the IRS says. The refunds will apply to penalties from the 2019 and 2020 tax years. If you received a late-filing penalty for either of those years but haven’t paid it yet, the IRS will remove it from your account. If you…
Read More...Most electric vehicles won’t qualify for federal tax credit
A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress DETROIT — A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now…
Read More...The IRS Wants to Change the Crypto Question on Tax Returns (Again)
When you file your 2022 taxes, you’re likely to come across a new question about cryptocurrencies right on the first page of your tax return. But it might look a little different than in years past. The IRS first added a crypto question to the top of Form 1040 — the main federal income tax document…
Read More...9 Bills You Should Never Put on Autopay
We can all use a simpler, more efficient way to manage expenses and save money. Putting your bills on autopay can ensure never forgetting a due date, which minimizes the risk of late fees and dings on your credit report. But although automatic payments can save time and streamline your personal finances, it isn’t the right…
Read More...9 Things You May Not Know About Your IRA
Take advantage of all your IRA has to offer One of the most important features of your individual retirement account (IRA) is that it’s just that—an individual account. That means you can customize your investments as you see fit and take withdrawals when you want to. You can even control what happens to your IRA after you…
Read More...What Is the Best Way for a Widow to Use Life Insurance Proceeds?
There are many options, but the best use of the money is different for each widow and her unique circumstances. The loss of a spouse is one of the most stressful events a person can experience. With it comes a whole host of emotions that can be overwhelming for the bereaved. Hopefully, life insurance is…
Read More...How Big Should My Emergency Fund Be?
Let’s talk about how much you should save in your emergency fund and go over some ways that the savings positively impact your life. What’s up, everybody? It’s your boy, Brandon Copeland, aka Professor Cope, and you are now tuned to another episode of Cope’ing With Money. If you’ve been keeping up with Cope’ing With Money then I’m sure…
Read More...