Many people, particularly retirees, are often surprised when they get notified of a tax audit by the Internal Revenue Service. Being audited can be unnerving, especially when some seniors think they are immune. The reality is that the IRS can audit anyone if the IRS thinks that tax forms are not honestly reporting income, expenses,…
Australian Reserve Bank Contemplated 50 Basis Point Rate Hike For February
The Reserve Bank considered a larger 50 basis point interest rate hike in February to counter persistent inflation; it’s been revealed. The central bank’s board deliberated over the move as well as a 25-point increase to the official cash rate earlier in the month but ultimately landed on the smaller rise. Leaving the rate unchanged…
3 Simple Steps to Make Sure You Don’t Fall for Investment Fraud
Reportedly, billionaire oil tycoon Robert Belfer has been impacted by investment fraud in three major scandals: Enron’s corruption, Bernie Madoff’s Ponzi scheme and now the collapse of cryptocurrency exchange FTX. Belfer, 87, has survived multiple financial frauds, including losses of tens of millions from Madoff and billions from Kenneth Lay’s energy company. As reported by…
Kimberly Palmer: Family Budgeting Tips That Actually Work
When Tom Snyder coaches people in his church about how to budget, he starts by encouraging them to track their spending. “If we don’t track, we don’t know when to stop spending,” he says. The retired engineer and financial coach in Grand Rapids, Michigan, adds that it’s easy to be bumped off track by irregular…
Australia’s Superannuation Changes Flagged to Stop Early Withdrawal
February 19, 2023
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AustraliaAustralian Superannuation FundBusiness & Marketscapping superannuationeconomyInvestmentpersonal financeWorld
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Australia’s superannuation system is facing an overhaul, with the government looking at ways to block the early release of retirement money. Treasurer Jim Chalmers proposed further protections for superannuation to safeguard retirement savings in a speech on Monday. Australians pulled out about $36 billion from their retirement funds during the pandemic. Chalmers said the early…
How to Safely Use Payment Apps
As a frequent PayPal user, I wasn’t surprised to see a payment request on the app pop up. But when I read it, I knew something was wrong. In the message, a stranger asked me to send them $699 in order to get a “refund.” While I instantly recognized the request as a scam, I…
TV Viewing Costs—What’s the Best Deal?
When you sign up with a cable or satellite provider, the first-year pricing is usually a great deal. But then the second-year hits, and you have sticker shock, and reality sets in. That first-year deal turns out to be the bait that locks you into a high-priced trap. There has to be a less expensive…
Americans’ Tax Refunds Are 14 Percent Smaller This Year, Latest IRS Data Show
The latest IRS update on tax filing data shows that Americans’ tax refunds so far this year are considerably smaller than they were last year, something that both tax experts and the agency itself predicted. As of Feb. 10, the average refund amount stood at $1,997, the latest IRS data show. That’s 14 percent lower than the…
What I Got Wrong (and Right) This Past Investment Season
Commentary One of the most important disciplines in investing, whether personally or professionally, is to look back on investments made and take stock not just of how they performed but why. What decision-making or other avoidable errors led to bad outcomes? What lessons can be learned so that any future mistakes are new and better…
Closing Prices for Crude Oil, Gold and Other Commodities (Feb. 17)
February 17, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for March delivery fell $2.15 to $76.34 a barrel Friday. Brent crude for April delivery fell $2.14 to $83 a barrel. Wholesale gasoline for March delivery fell 3 cents to $2.41 a gallon. March heating oil fell 10 cents to $2.71 a gallon. March natural gas fell 11 cents to $2.28…
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