The financial news that actually matters
Millions of taxpayers who requested a six-month filing extension are now accumulating interest on any balance they owed as of the original April deadline. The extension pushed their paperwork deadline to October 15, but it did nothing to delay the date their taxes were due. Interest began running the moment that original deadline passed, and…
American households carrying credit-card debt face a worsening squeeze. Balances at least 90 days past due have climbed to 13.1 percent, the highest share recorded since 2011. That figure, drawn from Federal Reserve data tracking consumer credit bureau records, signals that millions of borrowers are falling deeper behind on payments even as the job market…
Workers earning modest incomes can cut their federal tax bill by up to $1,000 simply by putting money into a retirement account, yet the credit designed to reward that behavior remains one of the least discussed tools in the tax code. The Retirement Savings Contributions Credit, commonly called the Saver’s Credit, applies to contributions made…
Homeowners who bought during the pandemic-era price surge and now sell their primary residence could keep as much as $500,000 in profit out of the IRS’s reach, but only if they pass a strict residency clock. Federal law requires the home to have been owned and used as a principal residence for at least two…
Workers enrolled in high-deductible health plans can shelter more pretax income from the IRS starting in 2026, after the agency set new health savings account contribution ceilings at $4,400 for individual coverage and $8,750 for family coverage. The figures, published through Rev. Proc. 2025-19 in Internal Revenue Bulletin 2025-21, represent the official inflation-adjusted limits that…
Widows and widowers who lose a spouse face an immediate financial shock, but Social Security offers a two-step claiming strategy that can significantly increase lifetime income. A surviving spouse can begin collecting a reduced survivor benefit as early as age 60, then later switch to a higher retirement benefit based on their own earnings record….
Consumers chasing bank sign-up bonuses of $1,000 or more this year face a tax bill that can shave hundreds of dollars off the advertised payout. The IRS treats those bonuses as taxable interest income, and banks are required to report them on Form 1099-INT once the amount hits $10. For a filer in the 22…
Scammers posing as federal marshals and court officials are calling people across the country, claiming an arrest warrant has been issued for missed jury duty and demanding immediate payment through apps or cryptocurrency. The Federal Trade Commission issued a fresh consumer alert in June 2026 warning that these calls, texts, and emails are fraudulent. No…
Medicare beneficiaries who end up in the hospital for longer than 60 days in a single benefit period face a sharp financial cliff: a daily coinsurance charge of $434 starting on day 61, with no annual cap on total out-of-pocket spending under Original Medicare. For patients battling serious illness or recovering from major surgery, that…
Retirees who shift traditional IRA balances into Roth accounts during a year when their income drops can permanently shrink the tax bill on those savings. The strategy hinges on a simple timing advantage: Roth IRAs carry no required minimum distributions, so every dollar converted escapes the forced taxable withdrawals that traditional accounts eventually demand. Converting…