Until recently, many people thought that purchases and money transfers made with cryptocurrency were safe and secret. The convenience and anonymity led many people—including criminals—to use it for shady and illegal deals—such as profiting from illegal porn and drug transactions. Others thought they could profit and never have to report it to the Internal Revenue…
3 Steps to Downsize in a Hurry
Ideally, you’d spend months or even years carefully purging excess belongings—but life may have other plans. Maybe you or someone you love has a health crisis and needs to move into assisted living. Or someone has died and their home has to be cleared before next month’s rent is due. Maybe you’re just moving soon…
Your Pension Could Become a Retirement Tax Bomb
May 9, 2023
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If you have a pension coming to you when you retire, it could affect your taxes in the future. The biggest problem would be that you put a lot of your retirement money into tax-deferred accounts. As a result, it means that you will have to pay taxes on that money when you withdraw it,…
Freelancing Full-Time? 5 Personal Finance Moves
May 8, 2023
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I did everything backward when I started freelancing. I was fresh out of journalism school. Instead of getting an entry-level job at a newspaper or magazine, I immediately started looking for online gigs. My then-husband and I were up to our eyeballs in student loan debt. He still had years of schooling ahead of him….
Where’s the Best Place to Park Your Savings?
Besides under the proverbial mattress, knowing where to keep your cash can be challenging. This is especially true with the latest bank failures. Of course, you want your money to earn interest, but you also need it to be safe. And there are numerous choices. When deciding to park your savings, it’s best to examine…
Roth IRA Contribution Limits for Business Owners
May 3, 2023
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As a business owner, you have an assortment of retirement options. These range from the straightforward, think an Individual or Simple 401 (k), to the more complex, such as a Money Purchase Plan or Profit Sharing. However, for many, the creme de la creme is a Roth IRA. Why? Because not only is able to set…
Small-Business Tax Planning for the Coming Increased Taxes
Small businesses can save a lot of money if they take time to plan how they can reduce their taxes. Waiting until the end of the year to discover which tax credits or tax deductions you can get is too late. Most likely, you will wish you knew about some new deductions before the year…
Is My Money Safe? What You Need to Know About Bank Failures
May 1, 2023
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NEW YORK—Recent turmoil in the banking industry may have you worried about your money. Officials announced Monday that they closed San Francisco-based First Republic Bank, making it the third U.S. bank to collapse in the past two months. Most of First Republic’s assets are being acquired by JPMorgan. First Republic had wealthy clients who rarely…
IRS Says Little Time Left to Claim Your Portion of the $1.5 Billion in Tax Refunds
The Internal Revenue Service (IRS) has revealed that many people have not yet received their tax refunds for 2019. The announcement states that there is as much as $1.5 billion in unclaimed tax refunds. The 2019 tax forms were not due in April 2020 because of the COVID-19 pandemic. The IRS delayed the required filing…
Bank Rates Are Up. How to Avoid Leaving Money on the Table
April 29, 2023
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NEW YORK—Moving your savings around by opening a new account and closing an old one can seem like a hassle. But it’s a use of time that can pay off. After years of paying low rates for savers, banks are finally offering better interest on deposits. Though the increases may seem small, compounding interest adds…
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