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Personal Finance

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  • With a diploma in hand, your new graduate might seem ready to conquer the world. But college rarely prepares students for the financial responsibilities that come with living in the real world. Graduates often have questions about money matters, such as applying for a loan, buying a house, saving for retirement and insuring newly acquired assets. Here are some questions and answers to share with your child, along with some information about job prospects for the Class of 2022.

  • Many people have incurred student loan debts. But some are fortunate enough to have their loans discharged or paid off by employers. If you’re one of the lucky ones, be aware that cancellation of student loan debt will result in taxable income, unless an exception applies. Here’s an overview of the federal income tax rules that apply in these situations.

  • Reporting by Third-Party Settlement Organizations Is Changing If you run a business and receive payments through third-party settlement organizations (TPSOs), expect significant changes in 2022. To improve voluntary tax compliance, the American Rescue Plan Act (ARPA) now requires TPSOs to significantly increase reporting of financial…

  • Home ownership can be a financially rewarding investment, especially when you factor in the potential tax savings opportunities. This article summarizes various federal tax breaks that sweeten the deal for homeowners today, including the home sale gain exclusion, itemized deductions for mortgage interest and property taxes, credits for certain “green” home improvements and more.

  • During the 2007–2008 financial crisis, many seniors saw their retirement savings plummet. That lesson is still fresh in the minds of workers who are nearing retirement today. In the face of market uncertainty, many worry that their retirement savings won’t last through their senior years. If your company doesn’t offer a traditional pension benefit, several financial service companies have in-plan annuity options for 401(k) plans that may help address these concerns.

  • Section 6050I of the Internal Revenue Code requires that any trade or business that receives more than $10,000 in cash in one or more related transactions must report this information to the IRS on Form 8300.

  • Are you at risk for this dreaded tax? Here’s a refresher on the AMT rules that apply to individual taxpayers for 2018 through 2025.

  • Before you jump on the ETF bandwagon, it’s important to understand the federal income tax rules that apply to dividend payments, as well as gains and losses on sales of ETF shares using a taxable brokerage firm account. Here are the details.

  • Some types of insurance coverage are essential, such as auto insurance if you drive a car or a homeowner policy if you own a home. But other types are strictly a matter of priorities and depend on factors such as your age, health, and family members. How can you begin to sort it out?

  • Charitable giving is often rewarded with federal income tax breaks. Recent legislation includes four temporary expansions of the breaks for individuals and businesses that donate to qualified charities through the end of 2021. Here’s an overview of these provisions, which Uncle Sam hopes will encourage you to make additional charitable contributions during the COVID-19 pandemic.