Personal Finance

Samuel Corum/Bloomberg via Getty Images The IRS will start issuing tax refunds in May to Americans who filed their returns without claiming a new break on unemployment benefits, the federal agency said Wednesday. The American Rescue Plan waived federal tax on up to $10,200 of unemployment benefits, per person, received in 2020. Households with $150,000

Zoom In IconArrows pointing outwards This year’s tax season has turned out to be a complicated one — the American Rescue Plan made changes midseason, and the IRS pushed back the filing deadline for individual returns to May 17 from April 15. Even though most Americans have extra time to file, 32% of taxpayers are

Robert Daly | Getty Images The Biden administration is expanding an existing pause on student loan interest and collections to include more than 1.1 million borrowers who are in default, the U.S. Department of Education announced Tuesday. The borrowers, whose defaulted loans are part of the Federal Family Education Loan program, were ineligible for the

In this article HMN Students sit behind barriers during a March 24 in-person English class at St. Anthony Catholic High School in Long Beach, California. Patrick T. Fallon | AFP | Getty Images Nothing beats being in a classroom. After a year of school closings and distance learning amid the coronavirus crisis, more than half

Steven Heap/EyeEm/Getty Images The deadline to contribute to individual retirement accounts and health savings accounts is May 17, the same day that individual federal income tax returns are due, the IRS said Monday. The announcement comes after the agency postponed the filing deadline to May 17 from April 15 following increased calls for more time

kohei_hara | E+ | Getty Images There’s a good reason many people want to claim head-of-household filing status with the IRS: It’s a great deal. The head of household can claim a 50% larger standard deduction than single filers can ($18,650 vs. $12,400). They also benefit from wider tax brackets on lower income levels. For

elenaleonova | E+ | Getty Images A quirk in eligibility rules for a new unemployment tax break may lead some married couples to wonder whether they should file separate returns, even if they typically file jointly. The short answer: Filing separately may make sense in some cases, especially when each spouse can get the maximum

A Social Security Administration office in San Francisco. Getty Images When the Covid-19 pandemic set in last year, one of the unintentional effects from the deep economic downturn included a potential reduction in Social Security benefits for one group of people. And now, as the U.S. economy is beginning to repair itself, signs point to

Me in my new living room. Source: Janna McPartland When I was 25, and knew nothing about pandemics, I made a list in a small notebook of the things I hoped to achieve in my life. One of those goals was, “To live in my own apartment by 37.” Some people may wonder: Why did

In this article JPM WFC BAC A small business owner in Chinatown, San Francisco Source: CNBC The Senate on Thursday passed the PPP Extension Act of 2021 with overwhelming support, extending the deadline for the Paycheck Protection Program to May 31 from March 31. Passage of the PPP extension came about one week after the

In this article IRSA3-AR Luis Alvarez | DigitalVision | Getty Images Americans can get a tax break this filing season for masks, hand sanitizer, sanitizing wipes and other personal protective equipment to prevent the spread of Covid-19, the IRS announced Friday. The tax code lets taxpayers deduct medical costs that exceed 7.5% of their adjusted

Luis Alvarez/ Getty Images. Corporate America is in need of a reboot. That’s what advocates are calling for as working parents — especially women — are looking for more flexibility and other changes to help them juggle work and family life. “This pandemic has turned the workplace upside down,” said Amber Clayton, director of the

zimmytws | iStock | Getty Images The Social Security Administration has sent information to the IRS that will help clear the way for almost 30 million people to receive their $1,400 stimulus checks, lawmakers said on Thursday. The development comes after Democratic leaders on the House Ways and Means Committee gave the agency 24 hours

RgStudio | E+ | Getty Images A second batch of $1,400 stimulus payments has been sent, bringing the total number of checks issued so far to about 127 million for a total of about $325 billion, according to the Treasury Department, IRS and Bureau of the Fiscal Service. Additional tranches will be issued in the

A small business owner in Chinatown, San Francisco Source: CNBC Beginning April 6, small businesses and non-profits can apply for up to 24 months of relief, with a maximum loan amount of $500,000, the Small Business Administration announced Wednesday. The previous limit for such businesses was six months, with a maximum loan amount of $150,000.

ozgurcankaya The IRS recently extended the filing deadline for individual tax returns to May 17 from April 15. You may still want to file by the original date. That’s because the extension only applies to individual returns, from taxpayers who file an IRS Form 1040. For people who make estimated tax payments, including the self-employed

Samuel Corum/Bloomberg via Getty Images The IRS issued guidance Tuesday on a new unemployment tax break that makes more people eligible for the benefit. The American Rescue Plan waives federal tax on up to $10,200 of unemployment benefits collected last year, per person. But the $1.9 trillion Covid relief measure, which President Joe Biden signed

LaylaBird The U.S. Labor Department launched a website Monday to help Americans report identity fraud linked to unemployment benefits. Unemployment fraud has surged during the Covid pandemic. Much of it is linked to organized crime rings that bought identity information stolen in past data breaches, according to the labor bureau. Criminals use this data to

Getty Images New $1,400 stimulus checks could be landing in your mailbox soon. Government agencies including the Treasury Department, IRS and Bureau of the Fiscal Service on Monday announced a second batch of payments will be sent this week. While that includes more direct deposit payments, it also includes a large number of mailed paper

Members of the Ohio National Guard at the Mid Ohio Foodbank in Columbus. Due to the ongoing Covid-19 pandemic and rising unemployment, demand placed on food banks around the U.S. has grown rapidly. Matthew Hatcher | SOPA Images | Getty Images The $1.9 trillion American Rescue Plan signed into law by President Joe Biden on

Getty Images Watching your retirement account grow can be exhilarating. However, if it’s a 401(k) or individual retirement account holding pre-tax contributions, don’t forget Uncle Sam owns a portion of the balance you see.  “All too often, investors look at their traditional 401(k) statement forgetting that they have a partner invested there alongside them,” said

IRS headquarters in Washington, D.C. Samuel Corum/Bloomberg via Getty Images The IRS plans to automatically process refunds for taxpayers who had unemployment income in 2020 and filed their tax returns before legislation passed that made those benefits tax-free. The American Rescue Plan, which was signed into law by President Joe Biden on March 11, made

Victor Washington fell behind on his rent during the pandemic. He and his landlord, Andrea Sorum, joined forces to keep him in his home. Source: Andrea Sorum At one point in the pandemic, Victor Washington was nearly four months behind on his rent. The problems began soon after he moved into the one-bedroom condo in

Marko Geber | DigitalVision | Getty Images The child tax credit payments authorized in the latest Covid relief bill may not be sent monthly and may not even start in July, IRS Commissioner Charles Rettig said. The $1.9 trillion American Rescue Plan signed into law by President Joe Biden on March 11 contained a significant

Getty Images As the government pushes millions of $1,400 stimulus checks out the door, some Americans could come up empty handed. The reason: overdue unpaid debts. The issue prompted Capitol Hill lawmakers to enter into a crossfire of sorts on Thursday over whether or not those checks can be garnished, as some looked to change

Maskot The IRS and Treasury Department have extended the tax-filing season, pushing the deadline to May 17 from April 15. The extension won’t help every taxpayer, however. That’s because it does not include estimated tax payments, which are still due April 15. Some taxpayers must make quarterly estimated tax payments throughout the year to avoid

10’000 Hours Millions of Americans will get a tax break on their unemployment benefits this tax season. But certain income rules limit who can qualify. Fortunately, there are a few tax maneuvers involving individual retirement accounts, health savings accounts and write-offs for business equipment that may help workers skirt those restrictions. “There’s a little ray

The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBC Taxpayers will have more time to get their taxes in order this year. The IRS is planning to push back the deadline for filing tax returns by about one month, originally thought to be May 15, from the usual April 15, CNBC confirmed.

Allen J. Schaben | Los Angeles Times | Getty Images More than 2,200 organizations have written a letter to President Joe Biden urging him to extend the national eviction moratorium. The Centers for Disease Control and Prevention announced a ban on evicting struggling renters during the pandemic last September, and that protection is scheduled to

Marko Geber | DigitalVision | Getty Images Millions of Americans who collected unemployment benefits last year got a new tax break from the American Rescue Plan. Here’s how it works. $10,200 tax break President Joe Biden signed a $1.9 trillion Covid relief bill Thursday that waives federal tax on up to $10,200 of unemployment benefits