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…

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…

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…

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…

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…

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…

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…

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…

We all know how expensive healthcare can be, so being able to claim a tax deduction for some of your insurance costs can help you save come tax time. Since there are specific rules and qualifications you must follow, here’s an overview of when you can and cannot claim a deduction on your health insurance.…

WASHINGTON — The Internal Revenue Service announced today that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) and Forms 1040-PR, Self-Employment…