Greg Hinsdale | The Image Bank | Getty Images If you live in a high-tax state, you could see some relief from income and property levies for 2025 — thanks to a change enacted via President Donald Trump‘s “big beautiful bill.” The Republicans’ multitrillion-dollar legislation temporarily raised the limit for the federal deduction for state…
Yellow Dog Productions | The Image Bank | Getty Images If you plan to donate money on Giving Tuesday, you could score a tax break. But recent changes enacted via President Donald Trump‘s “big beautiful bill” could affect your savings, financial experts say. Some 36.1 million U.S. adults participated in Giving Tuesday for 2024, with…
West Virginia Gov. Jim Justice holds up his dog Babydog as he comes to the end of his State of the State speech in the House chambers, at the West Virginia State Capitol in Charleston, W.Va., Thursday, Jan. 27, 2022. Chris Dorst | Charleston Gazette | AP The U.S. government on Monday sued Sen. Jim…
With year-end approaching, it’s a good time to make sure your tax house is in order. It’s especially important for crypto investors, given a new IRS brokerage reporting requirement covering transactions after Jan. 1, 2025. The IRS generally treats crypto like property, similar to stocks or real estate, so selling crypto can trigger a capital…
Ascentxmedia | E+ | Getty Images About 75 million Americans will see a 2.8% cost-of-living adjustment to their Social Security and Supplemental Security Income benefits in 2026. The increase is expected to add $56 per month on average to Social Security retirement benefits, according to the Social Security Administration. But other changes — particularly a…
mapodile | E+ | Getty Images LAS VEGAS — Millions of households have individual retirement accounts, and simple mistakes can be expensive, experts warn. One of the most common IRA errors is overlooking beneficiary designations, which dictate who receives the account after you die, according to Brandon Buckingham, vice president for the advanced planning group…
Many restaurants may need to rethink their mandatory gratuity policies if they want this income to count as qualified tips for their workers under the new tax laws. The “no tax on tips” provision in President Trump’s One Big Beautiful Bill Act allows certain workers to deduct up to $25,000 in “qualified tips” per year…
Juanma Hache | Moment | Getty Images While many investors welcome a windfall, the rules for inherited individual retirement accounts are complicated — and mistakes can be costly. Since 2020, certain inherited accounts are subject to the “10-year rule,” and heirs must empty the balance by the 10th year after the original account owner’s death. …
A UPS truck at the Palace Imports warehouse in Linden, New Jersey, US, on Wednesday, Aug. 27, 2025. Michael Nagle | Bloomberg | Getty Images After a wave of big companies announcing steep job cuts, many laid-off workers may face a financially difficult and uncertain period ahead. Amazon said on Tuesday that it would eliminate…
Jetcityimage | Istock | Getty Images The U.S. Department of the Treasury has announced new rates for Series I bonds. Newly purchased I bonds will pay 4.03% annual interest from Nov. 1 through April 30, which is up from the 3.98% yield offered through Oct. 31. The new rate includes a variable portion of 3.12%,…
