U.S. Representative, Nancy Pelosi (D-CA) at the ceremonial swearing in of Representative Elect Kweisi Mfume (D-MD). Michael Brochstein | Barcroft Media | Getty Images Fewer people itemizing Since the new tax law, significantly fewer people are claiming the SALT deduction. About 16 million taxpayers claimed the SALT deduction for the 2018 tax year, according to
With more than 30 million people out of work and a growing number of Americans feeling severely cash-strapped, loans are a lifeline. If you can get one. Despite rock-bottom interest rates, banks are tightening lending standards across the board, shrinking the availability of credit. “If you can get a loan, then the price of it is going
U.S. President Donald Trump speaks during a meeting with Republican members of Congress in the State Dining Room at the White House in Washington, U.S., May 8, 2020. Tom Brenner | Reuters President Donald Trump is reportedly considering another way to get more money to struggling Americans by letting them take an advance on their
Richard Cordray, former director of the Consumer Financial Protection Bureau and author of “Watchdog: How Protecting Consumers Can Save Our Families, Our Economy, and Our Democracy” Congress provided borrowers a lifeline when it passed the CARES Act. Whether it will deliver significant relief to consumers remains to be seen. The $2.2 trillion coronavirus relief bill
A month-long battle with the coronavirus made it difficult for Esteban Giron and his husband to pay their $990 rent. ”I was so sick I could barely walk to the bathroom,” Giron, 41, said. He’s lived in his apartment in Crown Heights, Brooklyn, for over seven years, and if he had to move out, it would be
Robert Kneschke / EyeEm The coronavirus has devastated economies around the world and disrupted life in ways that were unimaginable just a few months ago. The world will never be the same. But at some point, industries will start coming back online and people will start going out again. We asked travel industry experts for
Chip Somodevilla | Getty Images The IRS has a clear message for families of the deceased who receive stimulus checks: Give the money back. But what about those who recently died because of Covid-19? At least 75,852 U.S. deaths have been caused by the novel coronavirus, according to the latest data from Johns Hopkins University.
You might be wondering why the stock market is doing so well when you’re doing so badly. Even if you’re coasting, you likely know people who are struggling. The reality is, small-town America doesn’t go under the lens of Wall Street, says Walid Petiri, owner of Financial Management Strategies, an advisory firm in Baltimore. Certain
There’s no better time to think about next year’s taxes than right after you file this year. Jayme Thornton | Tooga Productions | Getty Images There’s still time to submit your bank account information to the IRS to get your $1,200 stimulus payment more quickly. But that window is closing, the IRS said on Friday.
AleksandarNakic Child care in the U.S. is becoming an almost indelible problem. Even before the pandemic, families struggled to find affordable child care. Now they scramble to find any care at all. “One of the most challenging aspects for parents these last few months was how quickly schools and daycare centers closed and therefore, how
US President Donald Trump speaks about COVID-19, known as coronavirus, after signing a Proclamation in honor of National Nurses Day in the Oval Office of the White House in Washington, DC, May 6, 2020. Saul Loeb | AFP | Getty Images The White House is weighing a second Tax Day delay, according to NBC News.
As the financial strain on the families of college students worsens, there’s one measure few schools have considered until now. A number of colleges are freezing tuition in hopes of attracting more students and families struggling with the weight of a higher-education tab. In the face of Covid-19, the College of William & Mary said it
rmbarricarte When John Vogt, Jr. wondered where his stimulus check was, he was shocked to find out that he was not eligible for one. Vogt, 49, of Bronx, N.Y., is a fourth-generation American. In July, he married to a woman who is a Brazilian citizen. This year, they filed a joint tax return as a
For undergraduates studying at home amid the coronavirus pandemic, college isn’t what it used to be. However, it costs just the same. While a number of colleges and universities are offering refunds of fees and room and board, the reimbursement policies vary from school to school — and nearly all of them have drawn the line at tuition. As
A restaurant employee wearing a protective mask poses behind the counter amid the coronavirus pandemic on April 28, 2020 in New York City. Alexi Rosenfeld When it comes to the economic fallout from the coronavirus pandemic, many young professionals are asking, “Will I still have a job?” And no wonder, as 63% of young Americans
Your health savings account may be able to give you some extra help during the coronavirus crisis. An HSA is a savings account you can use to pay for qualified medical expenses. You contribute money pre-tax, the savings grow tax-free and your withdrawals generally aren’t taxed. HSAs are available only to those who have high-deductible
Fertnig | E+ | Getty Images People who receive Supplemental Security Income or Department of Veterans Affairs benefits have just one more day to supply the federal government with information on any qualifying dependents who should be included in their stimulus payments. Millions of stimulus payments are in the process of being deployed to Americans.
Curt Pickens | Getty Images The woman who approached our doorstep Monday morning was wearing a mask, her eyes doing their best to smile a greeting. She was hugging a folder and a bundle of papers. I held the door open for her but didn’t extend my hand for her to shake. Nor did she,
On social media, some students have teased that their elite college experience is now akin to the University of Phoenix. However, those online institutions may have the last laugh. “If they are going to go online anyway, they may want to do it with a school that’s been at this for 30 years,” said John
The private student loan market has been growing for a decade, and now, amid an economy on near lock-down from the coronavirus pandemic, borrowers find themselves with few relief options. That’s one of the takeaways from a new report by the Student Borrower Protection Center, a nonprofit started last year by Seth Frotman, former assistant
Valerie Riley, owner of LifeSquire, a company with 22 employees based in Oklahoma City, got $140,000 in loan funding through the second round of the Paycheck Protection Program. Valerie Riley A forgivable loan program that re-opened for small businesses this week has proven much less chaotic than the initial round, according to some business owners
Helen H. Richardson | Denver Post | Getty Images If you own a home and you’re looking for some emergency funding, you may be running out of opportunities. Home equity lines of credit allow you to borrow against the equity you’ve accumulated in your home, be it for a surprise cash need or a home
NoDerog | E+ | Getty Images Millions of families are counting on government stimulus payments to get some financial relief amid the coronavirus pandemic. However, some are opening their bank accounts to find an unwelcome surprise: payments that exclude their qualifying children. Many complaints are coming from one particular group: individuals who are receiving government
Ariel Investments co-CEO and president Mellody Hobson speaks at the 2017 Fortune Most Powerful Women Summit in Washington, D.C. Paul Morigi | Getty Images Entertainment | Getty Images Investment expert Mellody Hobson is a firm believer in teaching kids about investing. She’d like it taught at every school in America — even at a young
Peathegee Inc Homeowners in New Jersey are getting a little bit of breathing room on their property taxes. Gov. Phil Murphy signed an executive order permitting municipalities to shift the property tax payment deadline from May 1 to June 1. The Garden State is home to the highest levies on property in the nation, with
The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero in response to the economic shock from the coronavirus crisis. “The most significant responsibility of the Fed now is to make sure that credit markets continue to function,” said Greg McBride, chief financial analyst at Bankrate.com. “Without functioning credit markets, there will be no economic
mediamasmedia The stock market is acting strangely these days, with headlines about market rallies next to ones about historic unemployment figures and companies filing for bankruptcy. You can’t figure it out. But you may be wondering if you should take advantage of the upswing and pull some money out of the market. After all, before this recent rally,
States facing revenues in sharp decline amid the coronavirus pandemic have tough choices ahead – and you might be shelling out more in state and local taxes as a result. State and local governments were left out of the $484 billion coronavirus relief bill that President Donald Trump signed into law last week. “Our costs
Image Source | Getty Images When it comes to coronavirus stimulus checks, many say $1,200 isn’t enough. Millions of those one-time payments are still on their way to Americans. The coronavirus shutdown, however, could have economic effects for months. Now, political leaders are turning to proposals for putting more income in Americans’ hands. “Others have
A masked pedestrian walks past shuttered shopfronts in Hollywood, California on April 23, 2020. FREDERIC J. BROWN/AFP via Getty Images Many Americans collecting unemployment benefits may be wondering: Why isn’t my check bigger? The $2.2 trillion coronavirus relief package enacted last month expanded unemployment benefits in several ways, partly by increasing jobless pay by $600