Personal finance

Rhetoric & Writing Studies Major, Adamary Garcia studies inside of the Perry-Castaneda Library at the University of Texas at Austin on February 22, 2024 in Austin, Texas. Brandon Bell  | Getty Images If your federal student loans were forgiven in 2024, you may be wondering if there are any tax implications. Many borrowers have benefited

A bitcoin ATM in Miami.  Joe Raedle | Getty Images News | Getty Images Bitcoin prices soared in 2024. But you may want to tread with caution before euphoria leads you on a hasty buying spree. Bitcoin and other crypto should generally account for just a sliver of investor portfolios — generally no more than

Many Americans are starting 2025 a little worse off than before, at least when it comes to credit card debt. Almost half of cardholders — 48% — now carry debt from month to month, according to a new report by Bankrate. That’s up from 44% at the start of 2024. Of those carrying balances, 53%

Ryanjlane | E+ | Getty Images The start of a new year is the most popular time to make a resolution or two. For many, those include giving up alcohol for the first 31 days. This year, 22% of adults are participating in Dry January, five percentage points higher than in previous years, according to a

Pra-chid | Istock | Getty Images The 2025 tax filing season will begin on Jan. 27, which marks the first day the IRS will accept and process individual tax returns for 2024, the agency announced on Friday. Most taxpayers must file federal returns and pay taxes owed by April 15 this year to avoid penalties

Firefighters work as a brush fire burns in Pacific Palisades, California on Jan. 7, 2025. David Swanson | AFP | Getty Images Massive wildfires are devastating the Los Angeles area of Southern California. As of Thursday morning, at least five people were killed, more than 100,000 residents have been ordered to evacuate and nearly 2,000

Israel Sebastian | Moment | Getty Images The fourth-quarter estimated tax deadline for 2024 is Jan. 15, and missing a payment could trigger “unexpected penalties and fees” when filing your return, according to the IRS. Typically, estimated taxes apply to income without withholdings, such as earnings from freelance work, a small business or investments. But

Morsa Images | Digitalvision | Getty Images List prices for the top 25 prescription drugs covered by Medicare Part D have nearly doubled, on average, since they were first brought to market, according to a new AARP report. Moreover, that price growth has often exceeded the rate of inflation, according to the interest group representing

Fire engulfs a home as the Eaton Fire moves through the area on January 08, 2025 in Altadena, California.  Justin Sullivan | Getty Images Federal student loan borrowers affected by the wildfires ripping across Southern California have relief options if they’re worried about keeping up with their payments as they recover. The same holds true

Sdi Productions | E+ | Getty Images Nearly 3 million individuals are poised to see their Social Security benefits increase, thanks to new changes signed into law by President Joe Biden this week. But with the higher checks could come additional tax burdens. The Social Security Fairness Act — which passed by a bipartisan majority

Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Bloomberg | Bloomberg | Getty Images As the IRS faces scrutiny from a Republican-controlled Congress, the agency’s internal watchdog has urged lawmakers to preserve taxpayer service and technology funding. The National

sturti | E+ | Getty Images The Consumer Financial Protection Bureau on Tuesday announced it has finalized a rule to remove about $49 billion in medical debt from credit reports, a change that will affect an estimated 15 million Americans. Individuals who have medical debt on their credit reports may see their credit scores increase

Damircudic | E+ | Getty Images There’s one upside to your student loan payments: they might reduce your 2024 tax bill. The student loan interest deduction allows qualifying borrowers to deduct up to $2,500 a year in interest paid on eligible private or federal education debt. Before the Covid pandemic, nearly 13 million taxpayers took advantage of the

Simpleimages | Moment | Getty Images As the first paycheck of 2025 hits your bank account, it could have slightly more money due to IRS tax bracket changes. The IRS in October announced the federal income tax brackets for 2025, which raised each income threshold by roughly 2.8%. By comparison, the brackets increased by about

President Joe Biden after he signed the Social Security Fairness Act at the White House on Jan. 5 in Washington, D.C.  Kent Nishimura | Getty Images News | Getty Images President Joe Biden on Sunday signed the Social Security Fairness Act into law, clearing the way for nearly 3 million public workers including teachers, firefighters

Gipi23 | E+ | Getty Images If you’re eager to max out your 401(k) plan early in 2025, you could miss part of your employer’s matching contribution if the plan doesn’t have a special feature known as a “true-up.” Typically, you receive your employer’s full 401(k) plan match by saving a certain percentage of your

Melkinimages | E+ | Getty Images Target-date funds are a way for 401(k) participants to put their retirement savings on autopilot — and they capture the lion’s share of investor contributions to 401(k) plans. About 29% of assets in the average 401(k) plan were held in TDFs as of 2023, according to the Plan Sponsor

 U.S. President Joe Biden speaks as he participates in a bill signing ceremony for the “Social Security Fairness Act” in the East Room of the White House, in Washington, U.S. on Jan. 5, 2025. Nathan Howard | Reuters President Joe Biden on Sunday signed the Social Security Fairness Act, bipartisan legislation that clears the way

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.

Djelics | E+ | Getty Images Retirees can expect to see some big changes in 2025 when it comes to their Social Security and Medicare benefits. President Joe Biden is expected to sign a bill that will increase Social Security benefits for certain pensioners. Additionally, the annual Social Security cost-of-living adjustment goes into effect for