Most people see taxes come out of their paycheck without thinking much about where the money goes. Federal taxes follow one set of rules no matter where you live, but state taxes vary widely depending on your location. Some states have no income tax at all while others take a…
Try to Offer Advice or Support Instead of Criticism While younger generations are often criticized for their lack of financial literacy, getting into debt can happen to any one at any age, and for a variety of reasons. The suggestion that younger generations are “terrible with money” is certainly not…
Key takeaways Down payment amounts vary widely depending on home prices and loan types. They can range from less than $10,000 to $200,000 or more. Most housing market data focuses on the median down payment, rather than the average, because it’s a better measure of what the typical borrower contributes.…
Spring is the season for renewal, a perfect time to perform a “deep clean” of your financial profile. While March marks National Credit Education Month, the real goal is gaining the freedom that comes with a top-tier credit rating. Whether you’re planning to buy a home, finance a car, or…
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Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
With Republicans ending the Grad Plus program, private lenders are eyeing billions in new business, while some students could be…
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While buy-to-let real estate can generate steady cash flow and long-term appreciation, it also introduces specific tax rules, reporting requirements and potential liabilities. Rental income is generally taxable, but investors may qualify for deductions that reduce their overall tax burden. These can include expenses like…
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Paying off Debt on a Fixed Income: Making Sacrifices and Learning Patience Paying off debt on a fixed income requires discipline. Jill emphasizes…
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For fintech startups, the first five years of the decade have been a roller-coaster ride. At the outset, companies were awash in easy…
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I’m a big fan of getting money back from purchases I would have made anyway. I rarely carry cash, use a debit card or write a check. Instead, I used three credit cards for most of my purchases in 2025, and when all was said and done, I earned close…
Reaching your 80s doesn’t automatically mean saying goodbye to income taxes. Many retirees live on fixed incomes and may owe little or nothing to the IRS. However, others with pensions, investment income or retirement withdrawals may still face tax obligations. The key to understanding your tax situation in your later…
Images by Getty Images; Illustration by Issiah Davis/Bankrate The average savings account rate is a benchmark for the overall interest-rate environment, but it’s not a rate you should settle for. Rather, aim for an annual percentage yield (APY) many times the national average, such as those offered by high-yield savings…
The IRS generally treats unemployment compensation as taxable income. If you don’t plan for this, or don’t withhold money from your weekly payments, you may owe money when you file your tax return. State tax rules vary, too, which can further impact your final tax bill. Knowing how to report…
Key takeaways Start by identifying your primary banking needs: checking, savings, CDs or specialized services. Avoid banks with excessive fees — average overdraft fees are $26.77, but many banks offer fee-free options. Consider traditional banks, online banks and credit unions, keeping in mind that the latter two may provide better…
Whether you owe taxes or receive a refund comes down to how much tax was withheld from your paychecks, how your income changed over the year, and whether you still qualify for the credits and deductions you may have relied on in the past. If too little tax is withheld…
For most of your working career, the focus of your retirement planning is on accumulating savings and investing that money wisely. As you approach retirement, more attention will go to estimating your income after you stop working, and the kind of lifestyle that this will support. The way to do…
Photography by Getty Images; Illustration by Bankrate The tax deadline will be here before you know it. The good news is that there are a few different options to file your taxes for free in 2026 — and many of them offer guided support to make sure you file your…
Key takeaways Figuring your AGI is a crucial step on the path to calculating your taxable income and, in turn, your tax bill. Your AGI determines your eligibility for a variety of tax deductions and tax credits. (Sometimes, your modified adjusted gross income comes into play — more on that…
Key takeaways If you donate household items to charity, you may be able to claim a tax deduction. But you must itemize your deductions to enjoy this tax break — you can’t claim it if you use the standard deduction. The big tax bill that became law in 2025 created…
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