You may have heard a lot of talk about rising interest rates and how that can slow the economy, but do you know what that means for you? Interest rates, as they relate to the U.S. market, refer to the cost of borrowing money from the central bank of the United States,...
When it comes to personal finance, the 50/30/20 rule is a long-standing rule of thumb to help people budget their income and allocate enough money to help cover immediate expenses, investing, savings and debt repayment, and discretionary expenses. The rule states that...
It doesn’t matter how young you are, it’s never too early to start planning for retirement. We all know that we’re supposed to save money to allow us to live a good life once we finally stop working, but not everyone knows where to start. 1. Understand Your Time Frame...
Taxpayers who are in business to make a profit can generally deduct related expenses on their tax returns. If the IRS doubts a profit motive exists, it may deem an activity to be a hobby with a limited ability to deduct costs. The burden to prove there’s a profit...
One of President Biden’s 2023 budget proposals would require that stakes in certain foreign financial accounts that hold cryptocurrencies and other digital assets be disclosed to the IRS. These enhanced reporting requirements are outlined in the U.S. Treasury...
You know what they say: the only constant in life is change—and for most of us, that’s especially true when it comes to family life. You’re probably thinking of all kinds of big changes that have impacted your life, from getting married to having kids, and...
