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One of the hot topics after the Biden administration unveiled its student loan forgiveness plan last week was how canceled debt might impact borrowers’ income tax returns. The details are still not clear, though the plan could have tax consequences, depending on where you live. By Vance Cariaga See Our List: 100 Most Influential Money ExpertsFind: 22 Side Gigs That Can Make You Richer Than a Full-Time Job The plan will forgive $10,000 to $20,000 in federal student debt for borrowers who meet certain income requirements....

Since mid-summer — when the U.S. Federal Reserve began raising interest rates to fight inflation — the agency and experts knew it would have to take cautious steps to ease the inflationary economy into a “soft landing.” That is, the goal is to tighten the money supply and reduce inflation without triggering a recession. By Dawn Allcot Take a Look Back: 2022 Year in ReviewFind: What Is the Highest Income Level for Food Stamps in 2023?...

Cryptocurrency has often been touted as a way to decentralize our finances (DeFi), freeing money from the throes of government control. And while crypto does have its benefits, it can also be incredibly sensitive to market forces and to negative sentiment in the media. By Bob Haegele Small Business Spotlight 2022: Nominate Your Favorite Small BizCash App Borrow: How To Borrow Money on Cash App For example, when Elon Musk called Dogecoin a “hustle” on “Saturday Night Live” in May 2021 and the cryptocurrency’s value dropped by 36% the next day....

New retirement legislation increases the age you must eventually withdraw from your retirement accounts — but doing so could end up costing you. By Josephine Nesbit See: How 2023 Recession Will Differ From 2008 and How You Should Prepare DifferentlyRead: With a Recession Looming, Make These 3 Retirement Moves To Stay On TrackFind: How Much Does a Person on Social Security Make? On Dec. 29, 2022, President Biden signed a bill into law (SECURE 2....

Many of us are ringing in the new year with the two following resolutions: to eat healthier and to cut back on our spending. But too often it seems that these two aspirations just don’t go hand in hand. By Nicole Spector More Advice: 16 Ways To Save Money on FoodWatch Out: Costly Mistakes People Make While Grocery Shopping Healthy foods are often more expensive than junk food. Furthermore, nutritious meals tend to take longer — and require more skill — to prepare....

Over the next decade, the Treasury Department estimates that the tax gap will grow to $7 trillion, roughly 15% of all taxes owed. On Thursday, Deputy Assistant Secretary Mark Mazur told Congress that the tax gap will only widen over the next several years without more funding from lawmakers, reports CNBC. By Josephine Nesbit See: Child Tax Credit Payment Schedule Is Out Now – Here’s When You’ll Get Your Money Find: Nearly Half of Wealthy Households Support Higher Taxes, According to Millionaire Survey...

When you hear the word “trust” in financial or business terms, you probably think of either Teddy Roosevelt or rich kids who drive Range Rovers in high school. The truth, however, is that trusts aren’t only for the wealthy and many average families can benefit by including them in their estate planning. Trusts come in many shapes and sizes and can deal with issues as varied as Social Security, insurance, and inheritance....

The inflation rate dropped from a 40-year high of 9.1% in June to 8.5% in July, and gas prices have fallen back under $4 from their record highs above $5 in early summer. Even so, back-to-school shopping will be much more challenging this year for millions of American families. By Andrew Lisa Read: 9 Best Dollar Tree Items for Fall 2022Find Out: This Credit Score Mistake Could Be Costing Millions of Americans...

The members of the G7 as well as Australia — collectively known as the “Price Cap Coalition” — recently announced a price cap of $60 per barrel on Russian crude oil and petroleum products to be implemented by each coalition member. This follows an earlier, similar agreement by the 27 member states of the European Union (EU) and will be implemented as of Dec. 5, 2022, for crude and Feb. 5, 2023, for refined petroleum products....

Two things that have been front-and-center in the minds of many Americans lately are taxes and inflation. However, few have probably thought about how the two are intertwined — especially in terms of how some provisions in the tax code are adjusted to match inflation, but others are not. By Vance Cariaga See: 10 Reasons You Should Claim Social Security EarlyFind: What Income Level Is Considered Middle Class in Your State?...

There is a promising trend emerging where people are starting to speak up about money. In an economy marked by inflation and where women hold nearly two-thirds of the outstanding U.S. student loan debt, friends are discussing shared financial expectations with one another. By Heather Taylor It can be a bit intimidating to talk to your friends about money. However, if you use a thoughtful approach there’s an incredible opportunity to share experiences with one another where you can learn what to do and what not to do....

After months of economic shutdown due to the COVID-19 pandemic, the economy began to shuffle toward recovery. Jobs rebounded and people could get off unemployment. For all intents and purposes, 2021 promised a better economic landscape than 2020. What experts did not anticipate, however, was that 4 million people would quit their jobs in April 2021, according to the Department of Labor, prompting what some are calling “the Great Resignation.” The reasons behind this mass exodus may be manifold....

As Christmas looms closer, Americans are feeling the crunch. A consumer survey from health marketplace Sesame revealed that 70% of Americans are feeling more financial stress this holiday season compared to 2020. Three-in-five Americans also said that their mental health is negatively impacted by the holidays, with 60% reporting increased anxiety and 52% reporting increased depression. By Dawn Allcot See: Will SNAP Benefits Be Affected by the Christmas Holiday?Find: 6 Holiday Purchases That You Should Only Make at Costco...

These days, many aspects of our lives are being overtaken by an algorithm — from our online searches to our social media accounts and even our investments. You may hear terms thrown around — for example, algorithmic trading, automated trading, algo-trading or black-box trading. These terms all refer to the same thing, but what exactly is it? By Kelli Francis About Algorithmic Trading How It Works When It’s Helpful Algorithmic vs....

In preparation for the upcoming holiday meals, you may be ready to start eating healthier. Or maybe grabbing something quick to go or eating snack foods from your pantry because you forgot to pick up groceries again are habits you don’t want to keep repeating. By Cynthia Measom While making shopping lists and visiting your local grocery store (or picking up curbside) can help you meet your goal of eating healthier, there’s another option — meal home delivery services....

Crypto custody bank Anchorage is now adding ethereum-backed loans to its digital collateral offerings. The bank will provide the crypto-backed loans through BankProv, formerly known as Provident Bank. Anchorage already offers bitcoin-backed loans through Silvergate Bank. By Georgina Tzanetos See: Banks in Nebraska to Accept Crypto – Despite Warren Buffett’s MisgivingsFind: Americans are Looking for Bitcoin Life Insurance BankProv CEO said, “We firmly believe in our mission that the crypto market should be afforded the same access and rights to traditional financing tools as any other legal, well-capitalized and compliant business in America....

President Joe Biden recently signed the $739 billion Inflation Reduction Act, with $80 billion in funding being directed towards the Internal Revenue Service over the next 10 years. More than $45 billion of those funds are going towards enforcement to help close an estimated $600 billion “tax gap,” which is the difference between what Americans owe and what they pay, CNBC Make It reported. By Josephine Nesbit See: 9 Bills You Should Never Put on AutopayFind: Will Student Loan Forgiveness Include Parent Plus Loans?...

President Joe Biden’s plan for student loan forgiveness announced on Aug. 24, could add $1 trillion to the federal deficit, according to some experts. By Yaёl Bizouati-Kennedy See: How Biden’s Student Loan Forgiveness Plan Can Boost Retirement SavingsFind: Will Student Loan Forgiveness Include Parent Plus Loans? Under the plan, there will be up to $10,000 in federal student debt relief for most borrowers, up to $20,000 for recipients of Pell Grants, as well as an extension of the payment pause “one final time” to Dec....

And in another quick twist of events, Binance — just 24 hours after it announced it would acquire embattled FTX and after it would conduct due diligence — walked away from the deal, leaving the platform on the brink of collapse, sending shockwaves across the industry and bringing the crypto prices tumbling. By Yaёl Bizouati-Kennedy On Nov. 9, Binance tweeted: “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX....

Bitcoin will continue to take market share from gold as a byproduct of broader adoption of digital assets — and possibly due to Bitcoin-specific scaling solutions — leading to a potential $100,000 price, a Goldman Sachs analyst said in a note. Several other financial experts agree with the bullish view. By Yaёl Bizouati-Kennedy See: Reddit Recap: Meme Stocks, Dogecoin, Bitcoin and the Growth of Crypto in 2022 Find: Bitcoin Returns Reach Over 70% in 2021, Outperform Gold and Stock Market for Third Straight Year...