The financial news that actually matters
Thousands of American storefronts could go dark before the end of the year. Coresight Research projects about 7,900 U.S. store closures for 2026, a figure driven by individual chain restructurings that are already well underway. Among the largest single contributors is 7-Eleven, which plans 645 North American store closures in its current fiscal year while…
California drivers are paying more at the pump starting July 1, 2026, as the state’s gasoline excise tax rose to 63.4 cents per gallon. The increase, which took effect automatically through an annual inflation adjustment, applies to every gallon of motor vehicle fuel sold statewide through June 30, 2027. Combined with a federal excise tax…
Workers who leave a job and take a 401(k) distribution as a paper check face a hard 60-day deadline to deposit those funds into an IRA or another eligible retirement plan. Miss that window, and the entire amount counts as taxable income, potentially triggering a 10 percent early-withdrawal penalty for anyone under 59 and a…
Millions of credit-card holders who pay their bills on time each month can still watch their credit scores drop for a single reason: carrying a balance that eats up too much of their available credit. Federal consumer guidance puts a clear number on the safe zone, advising that revolving balances stay at or below 30…
Investors with modest taxable income can legally owe zero federal tax on profits from selling stocks, real estate, or other long-term assets. The IRS confirms that some or all net capital gain may be taxed at 0% depending on taxable income and filing status, a benefit written directly into the tax code. With the agency…
Workers nearing retirement hold more than 14 times as much in their 401(k) accounts as the youngest employees just entering the workforce. Baby boomers average $260,300 in their workplace retirement plans, while Gen Z workers hold roughly $18,000, according to Fidelity’s Q1 2026 Retirement Analysis released May 28, 2026. The gap reflects decades of compounding…
Single-income married couples can now set aside up to $7,500 in a spousal IRA for 2026, even when one partner earns nothing on their own. The IRS confirmed the higher limit through Notice 2025-67, part of a broader set of cost-of-living adjustments that also raised the 401(k) ceiling to $24,500. For households where one spouse…
Thousands of U.S. importers that paid duties under tariffs the Supreme Court has since struck down are still waiting for most of their money back. The federal government has returned roughly $20.6 billion of the estimated $166 billion collected under those duties, and it is actively contesting further repayment in lower courts. The gap between…
Ford Motor Company brought back roughly 350 veteran engineers to its factory floors after an AI-powered inspection system failed to catch production defects that later surfaced as customer complaints and warranty claims. The quiet rehiring came as the automaker was already under federal scrutiny, having agreed to a $165 million civil penalty under a consent…
Claire’s, the accessories retailer known for ear piercings and jewelry aimed at teens and tweens, has filed for Chapter 11 bankruptcy protection for the second time since 2018. The voluntary filing, made in Delaware, will lead to the closure of at least 18 U.S. stores as the company pursues what it calls a process to…