Most people no longer get a tax deduction when they donate to charity. That shouldn’t keep you from making donations, but you may want to change your approach. Typically, only taxpayers who itemize deductions can write off charitable contributions. The vast majority of taxpayers instead take the standard deduction, which was nearly doubled by the […]
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This week’s money news
This week’s top story: Smart Money podcast on end of credit card rewards, and luxury credit cards. In other news: December mortgage rates, how high-interest ‘rent-a-bank’ loans sidestep state rate caps, and lifetime income. Smart Money Podcast: The End of Credit Card Rewards, and When to Cancel Luxury Credit Cards This week’s episode starts with a […]
Q&A: Claiming divorced spousal benefits
Dear Liz: My son is 59, and his ex-wife died approximately 12 years ago. She was a nurse and paid more into Social Security than he has. Is he entitled to her Social Security benefits as indicated in your article? How does he file and get more information? Must he wait until he is 62? Answer: If their marriage […]
Q&A: Mom gave them her house before she died. Why that’s bad
Dear Liz: My mother gave her house to my brother and me in 2011 by quitclaim deed. My brother lived in the house with her until she passed in 2018, and he continues to live there. He wants to buy my half of the home, and I am wondering what my taxes may be because I am not […]
Holiday survival tips from 5 financial pros
For Ryan Decker, surviving the holiday shopping season is all about planning ahead. In fact, if he sees a gift for one of his two young sons in March, he’ll go ahead and buy it, instead of rushing through his shopping list in December. “It very much eases the burden,” he says, making his December […]
This week’s money news
This week’s top story: 5 tax moves to consider before year-end. In other news: Wells Fargo could face over $1B in fines, 4 ways savings vaults can help you manage holiday spending, and when student loan payments resume. 5 Tax Moves to Consider Before Year-End Careful tax planning can mean fewer surprises when it comes time […]