As the U.S. real estate market flourishes, homeowners are increasingly confronted with the potential burden of capital gains taxes when they sell their properties. The rise in home equity has led many sellers to grapple with higher profit margins, and a significant number are now surpassing the federally mandated exclusions designed to protect a portion
Personal
Recent financial trends reflect a vital shift in the American consumer landscape. Amid ongoing challenges posed by inflation and rising interest rates, an encouraging report reveals that many Americans are successfully building their emergency savings. According to a study conducted by Bankrate, 30% of adults reported having increased their emergency savings over the past year.
Tax withholding is a vital aspect of personal finance that can significantly impact your financial health. When your paycheck reflects a larger-than-expected tax bill or an unusually high refund, it’s an indication that your withholding amount needs to be reevaluated. A refund typically suggests you overpaid your taxes throughout the year, while a tax bill
As tax season unfolds, the anxiety surrounding potential IRS audits looms large for many taxpayers. Acknowledging the agency’s recent funding boost, the IRS has committed to increasing its audit frequency, specifically targeting the wealthiest individuals. However, the evolving landscape of the agency’s priorities—amid shifts in congressional leadership—adds a layer of uncertainty for filers. While the
As tax season approaches, millions of Americans will begin the process of gathering essential documents to file their income tax returns. The 2024 tax year brings significant changes, particularly concerning the handling of business income derived from digital payment platforms and online sales. For many taxpayers, this may be their first encounter with Form 1099-K,
Recent data from the Federal Reserve Bank of New York has revealed a startling truth: Americans now carry an unprecedented credit card debt of $1.21 trillion. This staggering figure, which marks an increase of $45 billion from the previous quarter, has been fueled largely by heightened holiday spending. Notably, this represents a 7.3% rise over
In January, inflation marked a noteworthy rise, primarily driven by increased prices in essential consumer goods such as groceries and energy resources. The U.S. Bureau of Labor Statistics reported a consumer price index (CPI) increase of 3% for the year ending in January, signifying a rise from the previous month’s 2.9%. This ongoing upward trend
The egg market is currently experiencing unprecedented turmoil, with wholesale prices soaring to record highs. This surge can largely be attributed to an escalating avian influenza outbreak, commonly referred to as bird flu, which has dramatically reduced the supply of egg-laying chickens across the United States. As consumers brace for higher prices at grocery stores,
As the tax season gets underway, individuals across the nation begin preparing their returns, eager to settle their tax obligations or, more often, anticipate their refunds. As of January 31, the IRS reported disbursing around 3.2 million refunds for the current filing season, with an average refund of approximately $1,928 over just a few days.
In the midst of evolving economic conditions, credit card interest rates remain a significant burden for many Americans. Despite the Federal Reserve’s recent maneuvers to cut rates, the average annual percentage rate (APR) on credit cards stands at a staggering 24.26% as of January 2025, according to LendingTree. This situation raises critical questions about the