Personal finance

Eddie Rodriguez (R) and other City of Hialeah employees hand out unemployment applications to people in their vehicles in front of the John F. Kennedy Library on April 08, 2020 in Hialeah, Florida. Joe Raedle | Getty Images Americans are filing for unemployment benefits in record numbers as the coronavirus pandemic continues to crush the

kate_sept2004  If you’re paying a financial advisor to guide you through current market havoc, groups representing those professionals want you to nab a tax break for those fees. A quintet of groups representing financial advisors is calling upon Congress to restore a tax deduction for advisory fees. “We think it’s good public policy at any

Jetta Productions | Iconica | Getty Images As the economy craters, small businesses are among the hardest hit. When unemployment claims began to jump nationwide in March, layoffs among small business spiked 1,021% compared to the month before, according to exclusive data compiled by human resource provider Gusto, based on more than 100,000 small businesses nationwide.

Getty Images Millions of taxpayers missed out on a pile of tax write-offs when they filed their returns last year. In all, 16.7 million households claimed itemized deductions on their 2018 income tax returns, according to data from the IRS. That’s down from 46.2 million taxpayers during the 2017 tax year. The decline is the

As more than 16 million Americans have lost their jobs in the last three weeks, many have scrambled to apply for unemployment insurance to help cover their expenses. And some workers age 62 and up may also consider tapping another source: Social Security retirement benefits. During the financial crisis, more people decided to file for

Framing designer Leticia Bartelle Lorenzoni searches Social Security services on the internet in her house after losing her job at a framing art gallery, during the coronavirus outbreak, in Los Angeles, California on April 1, 2020. APU GOMES Many Americans, now more than ever, are learning how to stretch their dollars. Faced with layoffs, furloughs

Thomas Barwick This year, the coronavirus relief law is letting savers bypass mandatory withdrawals from their retirement accounts. While that’s good news, it’s still generating plenty of questions from account holders. Generally, savers who turn 70½ must begin annual required minimum distributions, or RMDs, from their retirement accounts and pay taxes on those withdrawals. However,

With most Americans under stay-at-home orders due to the coronavirus outbreak, the roads are quieter – and safer – than usual. So why should you keep paying your regular auto insurance premium?  Many insurers have a perhaps surprising answer to that question: You shouldn’t.  Allstate announced this week that it would slash April and May’s

If all goes well, Kaylee Klein, 18, will begin her freshman year at Slippery Rock University in western Pennsylvania in the fall. “She is so excited,” said her mom, Kim Klein. But now the family must also contend with the coronavirus pandemic, which has dramatically changed their financial circumstances. “I worry that, financially, it is

A Japanese male businessman typing on a laptop computer. kazuma seki Whether you were looking for a new job before the coronavirus pandemic hit or have lost your job because of it, one thing is clear: Getting hired now isn’t going to be so easy.  “We’re seeing a lot of interviews rescheduled or canceled,” said Emily

Steven Mnuchin, U.S. Treasury secretary, speaks during a Coronavirus Task Force news conference at the White House in Washington, D.C., U.S., on Thursday, April 2, 2020. Kevin Dietsch | Bloomberg | Getty Images Small businesses are clamoring for funds from a new forgivable loan program to combat the economic toll of the coronavirus pandemic. But

damircudic Stay … Assuming there’s no outstanding loan, ask yourself if there’s a chance you’ll return to this employer. “If yes, leave it alone,” Parks said. “There are provisions to let you rejoin the plan, and you will get credit for time served.” You could stay in the plan, most likely, if your account balance

If you already are paying on a loan from your 401(k) account and lose your job amid the coronavirus pandemic, that borrowed money could generate a tax bill you weren’t expecting. Although the latest round of economic rescue legislation provides relief for coronavirus-related withdrawals from 401(k) plans, loans that already have been in repayment are subject

Victor Maffe | iStock / 360 | Getty Images The government is just getting started in sending out $1,200 in stimulus relief money it promised to millions of Americans. Many already say it won’t be enough. A recent survey from SimplyWise, a retirement income technology company, found that 63% of respondents said they will need

By every measure, the job market is getting grim. With many non-essential businesses forced to close, workers across the country are suddenly facing extended furloughs or lay-offs. The unemployment rate jumped to 4.4% — from 3.5% — its highest level since August 2017, and it will likely climb much higher. “There’s no avoiding a substantial rise in

Author Simon Sinek speaks on stage during the Massachusetts Conference For Women 2019 in Boston on Dec. 12, 2019. Marla Aufmuth/Getty Images for Massachusetts Conference for Women 2019 Motivational speaker and author Simon Sinek also prefers to include another title alongside his name: optimist. Sinek’s books include titles like, “Find Your Why: A Practical Guide

Rolling coins is one way of teaching kids about money. Michelle Fox | CNBC With many schools shut down to protect against coronavirus exposure, many parents have found themselves in a new role: teacher. So why not add some personal finance to your lesson plans? “This is the most amazing opportunity for doing things with

SIphotography | Getty Images It’s been about a week since Congress pushed through a new bill that will send $1,200 stimulus payments to millions of Americans. And your questions about who is eligible for that money and how soon it could arrive keep on coming. Individuals with adjusted gross income of up to $75,000 stand

Damircudic As the country grapples with an unprecedented pandemic that’s left millions of Americans unemployed, the U.S. Department of Education is giving most federal student loan borrowers a break from their monthly bills until at least October.  That reprieve started on March 13 and goes until Sept. 30. And during that time, no interest will

Elenaleonova | Getty Images Online tax preparation service TurboTax has launched a free stimulus registration website so that Americans who do not typically file tax returns can get their relief checks faster. Millions of Americans are slated to get one-time government checks of up to $1,200 or $2,400, based on whether they are single or