Advisors

Srdjanpav | E+ | Getty Images This tax season, older taxpayers may find they owe more money to Uncle Sam than they expected. The reason: More of their Social Security benefits may be taxed following a higher 5.9% cost-of-living adjustment in 2022. This year’s record 8.7% cost-of-living adjustment may also prompt more benefits to be

Tax season is upon us, and along with it comes the ensuing bout of paranoia about the dreaded IRS audit. But, statistically speaking, getting audited is unlikely for most American taxpayers. In 2022, the IRS audited 3.8 out of every 1,000 income tax returns. Audit rates have been on the decline since 2010. Across all

Geber86 / Getty Tax procrastination happens. But if you’re still missing key forms or feeling overwhelmed, you can buy more time by filing a free tax extension. Nearly one-third of Americans procrastinate with their taxes, the top reasons being complexity and stress, according to a recent survey from IPX1031. You can avoid a late-filing penalty

Bill Oxford | E+ | Getty Images With the tax deadline approaching, the IRS has issued roughly 54 million refunds worth about $158 billion as of March 17, the agency reported Friday. In January, the IRS warned filers that refunds could be “somewhat lower,” and, so far, that prediction has been accurate for many filers.

Dima_sidelnikov | Istock | Getty Images Recent headlines underscore the fragility of the stock market and, along with it, the ability for many investors to make reasonable decisions about their retirement readiness. Many who recall the violent reaction their portfolios had in the Dot Com Bubble and the Financial Crisis would prefer to avoid the

Getty Images The tax deadline is approaching, and there are still a few ways to reduce your 2022 bill or boost your refund, experts say. Once the calendar year ends, “the toolbox of options is much smaller,” said certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas. He is also

Jamie Grill | Getty Images When you’re on a tight budget, It can be tough to decide between contributing to your retirement savings or to your emergency fund — especially during periods of economic uncertainty. And the banking crisis has added to fears of a recession, with further stock market volatility triggered by the collapses

In the era of social media influencers, some investors are turning to platforms like YouTube, TikTok and Instagram for answers to their most pressing financial concerns. But advisors recommend scrutiny when seeking guidance online — especially when weighing money decisions with the possibility of harmful consequences. “Because social media is democratized and everybody has a

Pascal Broze | Onoky | Getty Images An 8.7% Social Security cost-of-living adjustment for 2023 means beneficiaries received on average $140 per month more starting in January. Now, new research from Bank of America Institute finds faster spending growth among older generations that receive Social Security income. For the week ending Feb. 18, individuals born

In this article SIVB SBNY Follow your favorite stocksCREATE FREE ACCOUNT People wait for service outside Silicon Valley Bank in Menlo Park, California. John Brecher | The Washington Post | Getty Images Account holders at failed Silicon Valley Bank and Signature Bank got a lucky break in recent days when emergency federal efforts ensured that

Skynesher | E+ | Getty Images For some young adults, retirement is so far away that it can feel absurd to put part of their income in an account that they can’t tap for decades. “They want to invest but can’t envision not being able to touch it until age 59½,” said Winnie Sun, co-founder

Luc MacGregor | Bloomberg | Getty Images The latest crypto rally may be good news for digital currency investors. But if you’re still recovering from last year’s losses, it may be possible to score a tax break on your 2022 return. The crypto market plunged by nearly $1.4 trillion in 2022 after a series of

You may have heard that many taxpayers are in for a big surprise this tax season if they’re banking on a big refund check — or one that’s even close to the amount they received last year — but that’s more of a “tax myth” than reality. Last year, according to the IRS, more than

Despite the 2008 financial crisis, bank failures are considered extremely rare. However, the unexpected shutdowns of Silicon Valley Bank and Signature Bank have many consumers concerned about their deposits, their bank and the U.S. banking system. “Every American should feel confident their deposits will be there if and when they need them,” President Joe Biden said Monday in an address aimed at

When markets hit a slump, investors are often tempted to head for the exits in search of safer places to put their money. There are always reasons investors may get spooked. In the latest example, the failure of Silicon Valley Bank rattled investors and sent stocks lower on Friday. Signature Bank was seized by regulators

In this article SBNY Follow your favorite stocksCREATE FREE ACCOUNT A man walks by the headquarters of Silicon Valley Bank on March 10, 2023 in Santa Clara, California. Liu Guanguan | Getty Images The unexpected shutdowns of Silicon Valley Bank and Signature Bank have prompted new questions about the level of protection for bank deposits

President Joe Biden speaks about the U.S. response to the high-altitude Chinese balloon at the White House complex Feb. 16, 2023 in Washington, DC. Drew Angerer | Getty Images News | Getty Images President Joe Biden is proposing higher taxes on wealthy Americans to help cover priorities like Medicare and Social Security in his 2024

Halfpoint Images | Moment | Getty Images Women tend to outperform men when it comes to investing, yet some may still be at risk of falling behind. Over a 10-year span, women’s returns were, on average, 40 basis points, or .4%, higher than their male counterparts, according to a 2021 report from Fidelity Investments that

Enes Evren There’s still time to make a pretax individual retirement account contribution for 2022 — and possibly trim your tax bill or boost your refund — if you qualify. For 2022, the IRA contributions limit was $6,000, with an extra $1,000 for investors age 50 and older, and the tax deadline this year is

Morsa Images | E+ | Getty Images If you’re on track to max out your 401(k) plan for 2023 and want to save more, your plan may have another option: after-tax contributions. For 2023, you can defer up to $22,500 into your 401(k), and savers age 50 and older can add another $7,500. Some plans