House Ways and Means Committee Chairman Jason Smith (R-Mo.) is calling for an investigation into the “historic theft of taxpayer dollars from COVID-era unemployment programs” after a report by the Government Accountability Office (GAO) found that as much as $60 billion may have been spent on fraudulent claims for unemployment insurance during the pandemic. The report, released on Jan. 23, said…
House Ways and Means Committee Chair Calls for Probe Into ‘$60 Billion’ in Fake COVID-19 Unemployment Claims
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 23)
Benchmark U.S. crude oil for March delivery fell 2 cents to $81.62 a barrel Monday. Brent crude for March delivery rose 56 cents to $88.19 a barrel. Wholesale gasoline for February delivery rose 5 cents to $2.70 a gallon. February heating oil rose 8 cents $3.55 a gallon. February natural gas rose 27 cents to…
Using Home Equity Credit? What Not to Do
A home equity line of credit (HELOC) uses your home’s equity to finance a variable interest-rate loan. You wouldn’t have the money upfront like you would a conventional loan. Instead, you draw against your line of credit. With a HELOC, your home is your collateral. There are times a HELOC is a worthwhile mechanism. But…
I Know He’s Your Dad, but It’s His Responsibility—Not Yours
Dear Dave, My husband and I just heard of your plan. We are excited to learn more about money, and we have already saved up $1,000 for our beginner emergency fund. Right now, we have a problem. My father has never taken his finances seriously, and the other day, he asked us for $400 to…
Gen Zers Are Overly Optimistic About Being Wealthy
Commentary Gen Zers, according to a recent Magnify Money survey, are overly optimistic about being wealthy. In fact, according to the survey, they are the most financially optimistic generation. To wit: “Nearly three-quarters (72 percent) of Gen Zers believe they’ll become wealthy one day, making them the most financially optimistic generation.” But, interestingly, that optimism,…
7 Fun Places to Work Away from Home
Working from home is an amazing lifestyle improvement over going into the office every day, but sometimes the office can be quite isolating. A recent Twitter conversation got me thinking about some fun places to work outside of the home when you don’t have a company office as an option. Here are some fun places…
The Savings Game: Timing Regular and Charitable IRA Distributions
By Elliot Raphaelson From Tribune Content Agency Question: I recently read that in order to take a qualified charitable distribution from your IRA, you had to take it first before any other withdrawals. Is that correct? Answer: No. It is not necessary to take a qualified charitable distribution (QCD) as your first Individual Retirement Account (IRA)…
The IRS Increased the Standard Mileage Deduction for 2023
Due to the recent high fuel costs, the Internal Revenue Service has raised the standard mileage deduction for the business use of a vehicle. It means you can recover more of the costs of operating your business vehicles. In 2023, the IRS raised the standard mileage rate for businesses by $0.03. It brings it up…
Buying a Home Warranty: Pros and Cons
Coming up with that downpayment for your new home was challenging. But, although you’re a bit cash poor, you have your beautiful new home. But now, can you afford to replace an appliance or the heating, ventilation, or air conditioning (HVAC) if they malfunction? That’s where home appliance warranties come in. They claim to give you…
Family Finances: Voters Weigh in on State Taxes
By Sandra Block From Kiplinger’s Personal Finance While control of Congress received most of the attention during the November midterm elections, voters in more than a dozen states also voted on a smorgasbord of ballot initiatives that could affect your state tax bill. As was the case with many congressional elections, the results were all…
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