Cash News In 2023, the Federal Reserve raised nationwide rates to fight high inflation, and banks raised annual percentage yields. On Dec. 13, the rate hikes were paused, but they still remain high. This has led to some positive interest rate changes across personal finance tools. Because interest rates are on the rise, now’s a […]
Cash News Like many things in today’s economy, credit card debt doesn’t just seem more expensive these days — it is. But that doesn’t mean you’re stuck paying higher prices. A new report from the Consumer Financial Protection Bureau (CFPB) found that total outstanding credit card debt topped $1 trillion for the first time in […]
Cash News If you have existing debt, you already know how much of a burden it can be on your personal finances. Credit card debt, in particular, may present an especially long-lasting challenge — after all, average credit card interest rates are upwards of 22%. For some cardholders, balance transfer credit cards offer a quicker, […]
Cash News The child tax credit is a relatively straightforward tax break that applies a credit to your income taxes for a qualifying child or children, potentially earning you a refund on your federal tax return. The value of the credit has fluctuated in recent years. We’ll cover the maximum the credit is worth for […]
Cash News Many people who lose their jobs are surprised to learn that unemployment benefits are considered taxable income. If you didn’t have taxes withheld from your benefit check, you could find yourself owing money when you file your return. Wondering how unemployment will affect your taxes? Don’t panic. We’ll explain how unemployment benefits are […]
Cash News Ready to file your taxes and watch that refund check hit your bank account? This year, the Internal Revenue Service promises a new era of easy, inexpensive tax preparation with free tax filing options. While the ability to use online forms to file your taxes has long been an option, most taxpayers needed […]
Cash News The earned income tax credit is one of the most valuable federal credits available to American families. It’s designed to help low-income to moderate-income workers get a much-needed tax break and pocket more of their wages. Not sure if you qualify to claim the earned income tax credit on your tax return? Read […]
Cash News The Retirement Savings Contributions Credit, or saver’s credit for short, gives a tax break to low- and moderate-income taxpayers who contribute to certain retirement accounts. So, by building your retirement nest egg for financial security when you’re ready to retire, you also save money on your income taxes. If you’re wondering whether you […]
Cash News Claiming dependents on your tax return can save you money, but unfortunately, you can’t claim yourself as a dependent. A tax dependent is someone who relies on you for at least 50% of their support, like a child or another relative. The rules for claiming dependents can get a bit complicated, but we’ll […]
Cash News If you get Social Security, some of your benefits may be taxable at both the federal and state level. Up to 85% of Social Security benefits can be taxable, depending on your income and filing status. That doesn’t mean that you could pay up to 85% of your Social Security income in taxes, […]