Get smart with your money
The typical advice about what people should do with their tax refunds — save for retirement! pay off debt! — ignores how little wiggle room many families have with their finances.
Tax refunds averaged $2,895 last year, and were the largest single cash infusion received all year by 40 percent of the checking account holders recently studied by the JPMorgan Chase Institute. In my latest for the Associated Press, a look at how Americans use their tax refunds.
Today’s top story: Quick – Can you come up with $400? Also in the news: Is 4-year college right for you, car negotiating secrets for people who hate haggling, and 5myths about your 2017 tax refund and what not to do if you want to do if you want it quicker.
Quick — Can You Come Up With $400?
Most of America cannot.
Ask Brianna: Is 4-Year College Right for You?
Do you really need all 4 years?
Car Negotiating Secrets for People Who Hate Haggling
Negotiating without pressure.
5 myths about your 2017 tax refund and what not to do if you want it quicker
Calling the IRS won’t help.
Today’s top story: How debt settlement can make a bad money situation worse. Also in the news: Using an IRA as a legal, last-minute way to lower your taxes, 4 reasons why it’s smart to buy a used cell phone, and how to budget as a freelancer.
Debt Settlement Can Make a Bad Money Situation Worse
Not the perfect solution.
An IRA Is a Legal, Last-Minute Way to Lower Your Taxes
There’s still time for 2017 taxes.
4 Reasons It’s Smart to Buy a Used Cell Phone
Saving on new-to-you tech.
How to Budget as a Freelancer
Budgeting when income isn’t reliable.
Today’s top story: 5 items that make any hotel room feel like home. Also in the news: 3 “tax-friendly” states that are anything but, the best thing you’ve done to get your finances in order, and 5 gas mileage myths that are wasting your money.
5 Items That Make Any Hotel Room Feel Like Home
You don’t have to feel like a stranger while on the road.
This Harsh Tax Can Make These 3 “Tax-Friendly” States Anything But
Nevada, Texas, and Washington.
What’s the Best Thing You’ve Done to Get Your Finances in Order?
Share your tips.
5 gas mileage myths that are wasting your money
You can leave the air conditioning on.
Today’s top story: 4 blunders to avoid when doing your own taxes. Also in the news: What to do if your W-2 is missing, 6 key investing concepts, and why there’s no such thing as a dumb question when it comes to money.
Doing Your Own Taxes? Pros Say Avoid These 4 Blunders
Getting it right the first time.
What to Do If Your W-2 Is MIA
You have options.
6 Investing Key Concepts — in Plain English
Understanding the basics.
Don’t Let the Fear of Looking Stupid Lead to Money Mistakes
There’s no such thing as a dumb question.
Dear Liz: I am 79, in fairly good health and fortunately have almost $600,000 in my IRA account. My minimum required distribution is currently about $30,000 a year, which means my IRA funds will last until I am well over 100! I realize that I can pay a penalty and draw down some of the funds but I don’t want to be pushed into a higher income bracket. Any suggestions on how I can enjoy the money while I am able?
Answer: You won’t pay a penalty for pulling more than the minimum from your IRA. That early withdrawal penalty disappeared 20 years ago, after you turned 59½. You will owe income taxes, of course, but a visit with a tax pro can help you determine how much more you can withdraw before you’re pushed into a higher tax bracket.