As we start the third tax season of the COVID-19 era, I advise you to take a deep, breath. It’s going to be another confusing year, as Americans try to reconcile special stimulus measures on their tax forms and others scramble to recoup missing funds from the past two years. Here’s a handy Q&A that addresses the biggest issues this year.
Economists were scratching their heads as the government reported the Dec. jobs numbers. As a reminder, the report is a compilation of two surveys: The “establishment” or payroll survey asks employers how many jobs were filled during the month, how much these firms had to pay workers and how many hours were worked. The “household survey”...Read more
It may have taken a brutal twenty-two months of a pandemic to do it, but when it comes to personal finances, there is one silver lining of the New Year: 84% of Americans say that they have learned to stop worrying about what they can’t control. That tidbit was just one data point that jumped out from the Fidelity Investments Annual Financial ...Read more
Most of us would like to put the past two years in the rearview mirror — in a major way. Since March 2020, we have been absorbing the devastating physical, emotional, and financial impact of COVID-19. Now, as the year draws to a close, it’s worth reviewing where we stand as this second tumultuous year concludes.
Big Picture: After the worst...Read more
One of the coolest parts of my job is interviewing authors of books that pique my interest—and then compiling my favorites into a “best of” list. Given the chaos of 2020, I skipped this annual ritual last year, but happily, I present Books of the Year, Jill on Money style. In each case, I have interviewed the author on my podcast, so feel ...Read more
With holiday and end of year charitable giving season upon us, the IRS has an important reminder: Recent legislation extended some temporary tax changes through 2021 — two of which are likely to impact a lot of filers.
1) Deduction for individuals who don’t itemize. Usually, taxpayers who take the standard deduction cannot deduct their ...Read more
It’s time for my annual year-end money move column. While I have written about this topic previously, some of it bears repeating. Additionally, there are some new aspects to the planning process due to various government efforts amid COVID.
Think about 2021 taxes NOW: You can kiss those IRS tax filing extensions goodbye. In 2022 we will ...Read more
A week ahead of the Federal Reserve’s final meeting of the year, Chair Jerome Powell testified before the Senate Banking Committee and admitted what most economists had been saying for some time: the term “transitory” has overstayed its welcome, when it comes to describing inflation.
For months, Fed officials have clung to the notion that...Read more
You have undoubtedly heard about the difficulty in getting holiday gifts this year, due to supply chain problems. As a reminder, there have been problems with the global supply chain for some time, which were further exacerbated by trade conflicts. Then, when COVID hit, factories from China to South Korea to Germany were shut down or were forced...Read more
As we all reel from higher prices on everything from steak to gas to furniture to bedding, here’s another big-ticket item that you need to think about: health insurance. In its annual survey of costs, Kaiser Family Foundation (KFF) found that annual premiums for employer-sponsored family health coverage are up 4% from last year, “with ...Read more
The labor market bounced back in October, as Delta variant cases decreased. The economy added 531,000 new positions, at the upper end of the range of estimates -- and revisions to the two previous months added an additional 235,000 more than previously reported. The October hiring, which was broad-based across most sectors, brings average ...Read more
It’s Medicare open enrollment season, which means that more than 60 million Americans over the age of 65 have within their grasp a fat, softcover book, Medicare & You handbook, that is likely destined for the recycling bin. According to research from the Kaiser Family Foundation (KFF), 71% of Medicare beneficiaries didn’t compare plans ...Read more