Personal finance

Rep. Bill Pascrell, D-N.J., speaks at a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images House Democrats’ $1.75 trillion spending package boosts the limit on the federal deduction for state and local taxes, known as SALT, to $80,000

Joe Amon | MediaNews Group | Denver Post | Getty Images A temporary expansion of a tax credit aimed at workers with low to moderate pay could be extended for another year if the Build Back Better bill is passed. That would be a win for people without children, particularly childless Black workers, according to

Inflation is too high and the central bank needs to move quicker to get it under control by raising interest rates, said Gilbert Garcia, a managing partner at Garcia Hamilton & Associates in Houston. “I wished we’d retire the word ‘transitory,'” Garcia said, at the CNBC Financial Advisor Summit on Wednesday, speaking of predictions that

Financial advisors may want to view cybersecurity as a critical issue on more than one level. While protecting client data should be a priority, cyber attacks also could affect the investments they make on behalf of their clients. Basically, some companies may be more prone to costly cyber attacks than others. “The sectors that I

shapecharge | E+ | Getty Images It’d be surprising if you weren’t scared by recent headlines, yet how you responded to them as an investor will have major consequences for your long-term financial picture. Most recently, reports of a new Covid variant that could be more contagious and less affected by vaccines than other strains

Steven Heap / EyeEm | EyeEm | Getty Images It has been 39 years since Congress has taken action to change Social Security. Some House Democrats are hoping to change that with a bill to improve benefits that has been revamped and reintroduced in Congress. On Tuesday, a House Ways and Means Social Security Subcommittee

maybefalse | E+ | Getty Images Whether you drew up a will recently or years ago, keep in mind it’s generally not something you can set and forget. Experts recommend revisiting your will and other estate-planning documents at least every few years unless there are reasons to do it more frequently — which is common.

zimmytws | iStock | Getty Images The federal government could reach the maximum amount of money that the U.S. Department of the Treasury is allowed to borrow as soon as Dec. 15. If Congress doesn’t act to fix that limit, known as the debt ceiling, there could be big ramifications for the timeliness of government

Petra Richli | iStock | Getty Images It’s a good time to make sure your house is ready for Old Man Winter to show up. Whether snow, ice, freezing or flooding, winter weather can cause a host of headaches for homeowners. And if you’re in a new house that you’re still getting to know, it’s

Betsie Van Der Meer | Getty Images Struggling to find last-minute holiday gifts that won’t be delayed by supply chain issues? One simple way to help children or relatives start investing is to gift them stocks or other financial assets. “If you’re looking at it as a Christmas gift or a holiday gift for a

Scarlet Poulet (right), pictured with wife Nadine Kujawa, before Poulet was diagnosed with cancer in 2019. Courtesy: Scarlet Poulet Medicare’s rules for signing up have put 68-year-old Scarlet Poulet in an unenviable situation. The New Orleans resident, who is recovering from cancer, has been enrolled in Medicare Part A (hospital coverage) since 2018 when she

CandyRetriever | iStock | Getty Images Tens of millions of Americans should soon have access to free at-home Covid tests. The White House made the announcement amid fears of a new variant of the coronavirus. Cases of the variant, called omicron, have already popped up in California, Minnesota, Colorado and New York. Other countries have

10’000 Hours | DigitalVision | Getty Images Americans opened their hearts and wallets for another record-breaking Giving Tuesday. It’s estimated that 35 million U.S. adults participated in 2021, with total gifts of $2.7 billion, a 9% increase from 2020. While most aren’t shelling out for tax purposes, they may not know there’s a special write-off

Xavier Lorenzo | Moment | Getty Images Some states are making it easier for Americans to collect unemployment benefits if they’re fired for being unvaccinated against Covid-19. The governors of Florida, Iowa, Kansas and Tennessee signed laws in recent weeks that change eligibility rules for jobless benefits. Workers in these states who lose a job

Did your “Great Resignation” lead you to start a business or become your own boss this year? You may be able to write off the cost of your home office come tax time. “Knowing that you’re not a 9-to-5 [worker] anymore, you can now take advantage of the home-office deduction,” said Sheneya Wilson, CPA and

FatCamera | E+ | Getty Images Almost half of U.S. families with young children have faced a high risk of falling into poverty in the first six years of their children’s lives, according to new academic research. What put those families at risk? Insecure or precarious parental work, according to a study from experts at

Joe Raedle | Getty Images The number of long-term unemployed fell by 136,000 in November, continuing a downward trend since early 2021 as the economy and labor market have rebounded. However, the decrease was the smallest since April, when long-term unemployment fell by 35,000 people. Long-term unemployment is a period of joblessness that lasts more

Yellow Dog Productions | Getty Images Amid the hustle and bustle of the holiday season, don’t forget about required minimum distributions from your retirement accounts. After being waived for 2020, those RMDs — amounts you must take each year from most retirement accounts once you reach a certain age — are again in force for

Pavel Peskov / EyeEm | EyeEm | Getty Images The other day, combing through my old work wardrobe, I felt like an archeologist before ancient artifacts – I didn’t even remember some of the shirts and pants. Out of view from bosses and colleagues throughout the pandemic, I’ve interviewed sources in my bathrobe and worn

sturti | E+ | Getty Images As millions of Americans quit their jobs in favor of taking time off, finding a new job or even starting their own business, financial experts have a warning: Don’t lose track of valuable employer-sponsored retirement plans. Neglecting such a plan, which can hold thousands of dollars after just a