Key takeaways Plan for success by building a business plan, putting together a budget and saving enough money to launch. Separate your business and personal finances by opening a business bank account and choosing business credit cards with useful benefits. Stay on top of your finances with…
Key takeaways Brand loyalty to certain credit cards or issuers can limit your rewards earning potential. Use multiple cards to maximize rewards rates, which might involve switching cards or using different cards for different types of spending. Understand the redemption options for each of your cards to get the most…
Key takeaways Both a line of credit and a credit card are types of revolving credit where you can borrow up to a certain amount and only pay interest on what you borrow. A line of credit typically has a lower APR and a higher credit limit than a credit…
Key takeaways Lying on a credit card application is fraud and can have serious legal consequences. You shouldn’t need to lie to qualify for a credit card because there are cards available for all types of financial circumstances, including for those with poor or non-existent credit, as well as for…
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Apple, FedEx and Oracle all got loans guaranteed by the Small Business Administration. But rules and red tape keep many…
While there has been much conversation on not buying from companies with poor diversity, little has been said about investing…
The Trump administration has been rapidly dismantling protections for student loan borrowers, leaving millions of Americans with diminishing options as…
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Key takeaways The typical mortgage payment doubled between 2020 and 2024, while today’s new homes are smaller than they have been in more than 10 years. Experts caution that home size isn’t always the best measure of value, especially in competitive markets with rising home…
Dept Managmnt
Key takeaways To pay off debt, you need to know how much you owe, how much you’re spending and where you can cut…
Banking
In my last column, I likened artificial intelligence to the wizard in “The Wizard of Oz.” It received a good reaction so I…
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Your current tax bracket is an important consideration when evaluating whether to convert a tax-deferred retirement account to a Roth account. However, it’s just one of several elements to keep in mind. For example, your tax bracket in retirement is just as important as the one you’re in now. If…
Key takeaways Some online-only banks allow for cash deposits at ATMs or participating retailers, providing an additional option for those who frequently need to deposit cash. While most online banks don’t charge fees for ATM cash deposits, there may be fees associated with depositing cash at participating retailers through the…
Key takeaways “Sell in May and go away” is a phrase that aims to reflect the seasonality of the stock market. However, it doesn’t always hold true, and investors who follow it may be missing out on opportunities for portfolio growth. Ultimately, it’s an interesting adage to understand the origins…
Key takeaways Using rewards credit cards strategically during a recession can help you offset expenses via cash back rewards and possibly save you money through access to card-specific perks. Now is a good time to do an audit of your credit card portfolio to ensure you have the right mix to get…
When you donate noncash items—such as artwork, vehicles, clothing or other property to a qualified charitable organization, you must report those contributions using Form 8283: Noncash Charitable Contributions if the total value exceeds $500. This form helps document the nature of the donation, how the value was determined and whether…
At 55, many people are about 10 years from retirement and may wonder how much they should have saved to support their desired lifestyle. Comparing your savings to different benchmarks can help guide your retirement decisions. And a financial advisor can work with you to assess your progress, identify gaps…
Form 8396 is used to claim the mortgage interest credit. This is a nonrefundable federal tax credit available to certain homeowners who receive a mortgage credit certificate (MCC) through a state or local housing agency. The credit is designed to make homeownership more affordable for low- and moderate-income individuals by…
For many Americans, $1 million is the benchmark for a secure retirement. But in today’s economy, at what age you can retire with $1 million dollars will depend on a range of factors. These include lifestyle and expenses, your investment strategy and your withdrawal rate. You might find that it’s…
An 83(b) election lets individuals who receive restricted stock or stock options pay taxes on the value at the time of grant, rather than when the shares vest. This election is only available within 30 days of receiving the stock and can affect the amount and timing of taxes owed.…
A key question in retirement planning is how much of your income you’ll need to replace once you stop working. This figure, called the wage replacement rate, is a helpful retirement planning tool. It helps you estimate how much to save and what kinds of income sources to rely on.…
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