Landing in a higher tax bracket can feel like a penalty for earning more, but it doesn’t have to be inevitable. With the right strategies, you may be able to reduce your taxable income and limit how much of your earnings are exposed to higher tax rates. Smart tax planning…
Co-signing a mortgage can affect your taxes in several ways, depending on the loan’s structure and the property’s use. In general, being a co-signer does not automatically give you the right to claim mortgage interest or property tax deductions. Those tax benefits typically belong to the person who actually pays…
We’ve all heard that money is a leading cause of friction in relationships, but it’s rarely just about the math. It’s about what that money represents: security, freedom, power, or even fear. How we manage money, create financial goals, and communicate about financial matters can significantly affect the health and…
Key takeaways Using a personal loan to pay off credit card debt could be a smart move if you can secure a lower rate or are juggling multiple credit card payments Paying off credit card debt with a personal loan may not be right for you if you’re overwhelmed by…
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The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
Historically Black colleges and universities are on the frontlines of the One Big Beautiful Bill Act’s new limits on parent…
The big new fees JPMorgan Chase is planning to charge some financial technology companies may well trickle down to consumers,…
With artificial intelligence beginning to eat away at many white-collar entry-level jobs, and the unemployment rate for recent college graduates…
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The topic of money can often be the invisible wedge that divides couples, creating strain, tension, and misunderstandings. In fact, 41% of couples argue about money according to a Ramsey survey. However, with the right approach, you can navigate these choppy waters together and even…
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By Julie Jaggernath If you’ve been spending your time shoveling snow recently, try using it as a chance to think about what money…
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OBSERVATIONS FROM THE FINTECH SNARK TANKBankers wants to discuss AI strategy. They’re excited about chatbots, machine learning models, generative AI tools, and AI…
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Relationships provide comfort, companionship, and support throughout all of life’s challenges. However, when financial pressures, like high credit card debt enter the equation, even the strongest relationships can be burdened. If these financial pressures are creating friction between you and your partner, you are not alone. With the right plan,…
Whether you’re making a budget or planning your retirement date, it typically comes down to the same basic math: how much money you can reliably generate and how does that compares to your budget. To help you estimate how much you will need for retirement, let’s work through an example…
MesquitaFMS/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Unlike banks, credit unions often limit membership to those belonging to the same community, workplace or organization, though there are credit unions with unrestricted membership. Credit unions tend to charge lower fees compared to banks, but you should still compare fees and account…
The tax implications of a parent living with you depend on several factors, including financial support, income levels and household arrangements. In some cases, you may be able to claim a parent as a dependent, which can affect credits, deductions and filing status. Shared housing can also influence eligibility for…
Americans are estimated to spend a record breaking 29.1 billion (National Retail Federation NRF) on this Valentines Day. While chocolates and dinners are nice, the most romantic gift you can give your partner is financial security and transparency. Navigating finances as a couple is a rewarding challenge. Creating a shared…
Selling a home below its fair market value can trigger tax considerations that go beyond a standard real estate transaction. When a property is sold at a discount, the IRS may treat part of the difference between the sale price and market value as a gift, which can affect gift…
Pulling money out of a trust can feel straightforward, but the tax consequences are often anything but. Depending on how the trust is set up and what type of funds you withdraw, a distribution could be tax-free, or it could come with an unexpected tax bill. Many people assume that…
Image: Getty Images; Illustration: Bankrate Slight gains for home equity rates in the latest week. The $30,000 home equity line of credit rose one basis point to 7.32%, according to Bankrate’s national survey of lenders. Meanwhile, the five-year $30,000 home equity loan gained two basis points to 7.92%. Even with…
Image by PM Images/Getty Images; Illustration by Hunter Newton/Bankrate Mortgage rates fell this week, with the 30-year fixed rate averaging 6.16%, down from 6.23% last week, according to Bankrate’s latest lender survey. Current mortgage rates Loan type Current 4 weeks ago One year ago 52-week average 52-week low 30-year 6.16%…
Key takeaways Refinancing your mortgage can help you lower your rate, access your home’s equity or move to a fixed-rate loan. For most homeowners, the best time to refinance is when you qualify for a lower rate than you’re currently paying. If you want to refinance, calculate the break-even point…
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