How to recover financially as school year ends
Jose Luis Pelaez Inc | DigitalVision | Getty Images It’s officially “Maycember,” a term making the rounds on social media to sum up the chaos and high costs of May — which mimic those of December, minus the holiday cheer. Although May is typically a month of endings and new beginnings, inflation and social pressure […]
How to pay college tuition bills with your 529 plan
Largely due to President Donald Trump‘s changing tariff policies, markets have been on a rollercoaster ride since April. Although the S&P 500 has largely rebounded from last month’s lows, some families who have been diligently saving for future college costs may still see their 529 college savings plan balance hasn’t fully recovered. For those with tuition […]
This common issue can lead to a fear of success
I started working in finance as a bank teller when I was 21 years old. Surrounded by ambitious colleagues and wealthy clients, I was inspired to take more control of my money. I learned everything I could, picking up books about financial education, building my credit and focusing on my savings. I did not grow […]
Here’s how to leverage tax-loss harvesting amid tariff volatility
Sean Anthony Eddy | E+ | Getty Images Amid stock market volatility, many investors are seeking portfolio protection. But they could be missing a prime tax planning opportunity, experts say. The strategy, known as tax-loss harvesting, is selling losing assets from a brokerage account to offset other investing gains to lower taxes. Losses are […]
Here’s who qualifies and how to claim it
Coroimage | Moment | Getty Images If you worked remotely in 2024, you may be eyeing the home office deduction. However, qualifying for the tax break may be harder than you expect, experts say. Only 7% of companies allowed fully remote work in 2024, down from 21% in 2023, according to a ZipRecruiter survey that […]
Here’s how to get a faster tax refund this season, experts say
Andreswd | E+ | Getty Images It’s official: Tax season is open for individual filers and the IRS has started to process 2024 tax returns. If you’re expecting a refund, there are key things to know, according to tax experts. “There are some very simple tips to get the fastest refund possible,” said Mark Steber, […]
There’s a big inherited IRA change in 2025. How to avoid a penalty
Greg Hinsdale | The Image Bank | Getty Images Inheriting an individual retirement account is a windfall for many investors. However, a lesser-known change for 2025 could trigger a costly surprise penalty, financial experts say. Starting in 2025, certain heirs with inherited IRAs must take yearly required withdrawals while emptying accounts over 10 years, known […]
Here’s how to maximize your 401(k) plan for 2025 with higher limits
Lordhenrivoton | E+ | Getty Images If you’re eager to save more for retirement, you could be overlooking ways to maximize your 401(k) plan, including key changes for 2025. Some 40% of Americans are behind on retirement planning and savings, according to a CNBC poll conducted by SurveyMonkey, which polled 6,657 U.S. adults in August. […]
Here’s how to retire a millionaire, according to finance pros
Goran Babic | E+ | Getty Images Building a $1 million nest egg may seem an impossible feat. However, amassing such retirement wealth is within reach for almost anyone — provided they take certain steps, financial advisors say. “You might think that, ‘Well, I have to become a Silicon Valley entrepreneur to become rich,’” said […]
Here’s how to pay for taxes on your Roth IRA conversion, advisors say
Srdjanpav | E+ | Getty Images More from FA Playbook: Here’s a look at other stories impacting the financial advisor business. When a Roth conversion is completed, you’ll owe regular income taxes on the converted balance, based on your current-year taxable income. Ideally, you’re “managing the tax bracket,” said CFP Jim Guarino, managing director at […]