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Oct 25, 2024 | 
forbes.com | Kemberley Washington |Caren Weiner
Key TakeawaysNew income thresholds are in effect for 2023 and 2024 tax brackets. Your effective tax rate is the total amount of tax you pay divided by your taxable income. Deductions lower your taxable income, while credits decrease your taxes dollar for dollar. Understanding your tax bracket and rate is essential regardless of your income level. Both play a major part in determining your final tax bill. The IRS has announced its 2024 inflation adjustments.
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Jul 17, 2024 | 
consumeraffairs.com | Caren Weiner
Which states have the lowest cost of living? ConsumerAffairs looked at taxes and housing, utility, food and gas costs to make some rankings.
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Jun 25, 2024 | 
forbes.com | Dawn Nici |Caren Weiner
Homeowners who have been dropped by their insurance companies may soon find it more difficult—or more expensive—to obtain coverage through a state-mandated plan. A new Florida rule that takes effect on July 1 will require insurance agents to have three appointments with authorized insurers—instead of just one—before they’re eligible to steer a homeowner to a policy with Citizens Property Insurance Corporation, the state’s insurer of last resort.
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Jun 18, 2024 | 
forbes.com | Dawn Nici |Caren Weiner
Nationwide has announced that it will drop about 100,000 pet insurance policies over the next year, citing the rising cost of going to the vet as one big reason. That could leave thousands of pet owners scrambling to find coverage for their pets, especially older animals with pre-existing conditions that might not be covered under a new policy.
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May 30, 2024 | 
forbes.com | Dawn Nici |Caren Weiner
The 2024 Atlantic hurricane season may turn out to be especially wild. The National Oceanographic and Atmospheric Administration, or NOAA, predicts this year will see between 17 and 25 named storms, with at least four of them becoming major hurricanes packing winds of 111 miles an hour or more. An average season brings 14 named storms and three major hurricanes.
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May 28, 2024 | 
forbes.com | Natalie Campisi |Caren Weiner
Debt relief can take many forms, from consolidating debt to filing for bankruptcy. A so-called debt relief program, also known as a debt settlement program, is a detailed road map designed to help people reduce their balances, secure lower interest rates or improve repayment terms. For a fee, counselors at debt relief companies will negotiate with your creditors on your behalf, working to lower certain types of consumer debt to a more manageable level.
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May 22, 2024 | 
forbes.com | Kemberley Washington |Caren Weiner
Thousands of U.S. taxpayers have falsely claimed tax credits on their federal returns based on inaccurate tips in social media posts, the IRS has announced. The agency said the suspicious advice appears to be aimed at people looking to score larger refunds. Influencers on TikTok and other social media channels encouraged taxpayers to say they qualify for certain tax credits.
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May 16, 2024 | 
forbes.com | Kennedy Edgerton |Caren Weiner
The fixed interest rate on federal student loans for undergraduates during the 2024–2025 academic year will be 6.53%, according to a U.S. Department of Education announcement. That’s the highest rate since the 2007–2008 school year when undergrad borrowers were charged 6.8%. Graduate students, professional students and parents who borrow will also see significant rate increases.
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May 15, 2024 | 
forbes.com | Dawn Nici |Caren Weiner
Car insurance premiums continued to climb in April, rising 22.6% over the past year, according to the latest Consumer Price Index from the U.S. Bureau of Labor Statistics. That turbocharged rise far outstrips the current annual inflation rate of 3.4%. Over the same 12-month period, car repair costs increased 9.8%, with combined maintenance and repair costs up 7.6%. Auto insurance premiums have now risen for 28 straight months.
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May 6, 2024 | 
forbes.com | Dawn Nici |Caren Weiner
The Internal Revenue Service is cranking up its number of taxpayer audits, thanks to an $80 billion infusion from the Inflation Reduction Act, or IRA, which was signed into law in August 2022. But not all taxpayers will be affected equally. By 2026, with the audit changes fully in place, the IRS expects to have increased the 2019 audit rate by at least 50% for individuals with incomes of $10 million or more.
