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☆ 6 things to do with your tax refund other than spend it right away
▼ + stars: | 2023-04-18 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

That's what many tax filers have been considering this tax season, which ends today, April 18, for most filers. As of April 7, the average 2022 tax refund is $2,878, slightly lower than 2021's $3,175, according to the Internal Revenue Service. Of course, an IRS refund is merely a zero-interest reimbursement for overpayment on taxes throughout the year. To get you started, here are six smart things to do with your tax refund other than spend it right away. "If your tax refund can make a dent to lower the balance or possibly pay off your credit card, do it," says Nycole Freer, a certified financial planner in California.

☆ If you need more time for your tax return, do this today or 'miss the opportunity,' pro warns
▼ + stars: | 2023-04-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Getty ImagesThe federal tax deadline for most Americans is April 18, and there's still time to file for an extension. How to file a federal tax extensionThere are several ways to file a federal tax extension if you can't make the April 18 deadline. You can file Form 4868 electronically via IRS Free File, which provides free guided tax prep software. If you file Form 4868, it's very clear that you know exactly what you're doing. "If you file Form 4868, it's very clear that you know exactly what you're doing," said John Loyd, a CFP and owner at The Wealth Planner in Fort Worth, Texas.

☆ Did you buy alternative investments and big-yielding assets last year? Your tax return could get a little messy
▼ + stars: | 2023-04-16 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Tax Day is upon us – but investors who have complicated tax returns may find themselves asking for an extension. April 18 is the filing deadline for your 2022 return, and on that day, you must pay any federal income taxes you owe. Last year, an estimated 19 million taxpayers asked for an extension to turn in their 2021 tax return, according to the IRS. That's because while the MLPs themselves aren't subject to federal income taxes, the limited partners who receive income distributions are responsible for taxes. You need this form in order to file your income tax return, but partnerships may not send these details until mid-March, which could lead to investors going on extension.

☆ 'Cash stuffing' is set to earn this 31-year-old TikToker $1 million this year — how it can help you get out of debt
▼ + stars: | 2023-04-16 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

If you've heard of "cash stuffing," there's a good chance it's because of Jasmine Taylor. In the first year of cash stuffing, she paid down $23,000 in student loans and wiped out $9,000 worth of medical and credit card debt. How cash stuffing can change your mindset around moneyThe cash stuffing method isn't new. When she and her husband tried cash budgeting for a year, "we couldn't believe how much we did not spend. How to budget with cash stuffing

Catherine Mcqueen | Moment | Getty ImagesInflation is gradually falling but remains high, meaning consumers' budgets continue to be stressed by fast-rising prices. "The best defense against inflation is being true to knowing your necessities and accepting the fact that [prices have] increased," said Braxton, a member of CNBC's Financial Advisor Council. Inflation is a measure of how quickly the prices consumers pay for goods and services are rising. When inflation is high — and outpacing wage growth — there are two basic financial adjustments for households to make ends meet: increase income or decrease expenses, Braxton said. Hourly earnings fell 0.7% in the past year after accounting for inflation — meaning consumers' dollar is getting stretched a bit further.

☆ More women are out-earning their husbands, but still picking up a heavier load at home
▼ + stars: | 2023-04-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowMore women are becoming breadwinners, but the division of labor at home has barely budged, a new report found. Women are achieving increasing levels of education, making them more likely to out-earn their husbands, according to Richard Fry, a senior researcher at Pew. But as women's financial contributions increase, they still pick up a heavier load when it comes to household chores and caregiving responsibilities, the report also found. Age, race and family size also play a role, the Pew report found, with Black women more likely to be the breadwinners, as well as older women and women without children. In marriages where husbands and wives earn about the same, women spend roughly 2 hours more a week on caregiving and about 2½ hours more on housework, according to the Pew data.

☆ You still have time to claim $1.5 billion in tax refunds from 2019, IRS says
▼ + stars: | 2023-04-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

There are nearly 1.5 million people with unclaimed refunds from tax year 2019, worth almost $1.5 billion, with a median payment of $893, the agency said on Wednesday. The last chance to file and collect 2019 refunds is July 17. "The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds," IRS Commissioner Danny Werfel said in a statement. "Taxpayers can request copies of tax documents from employers and other sources like loan service providers," said Kathy Pickering, chief tax officer for H&R Block. Another way to access older tax documents is through your IRS online account, she said.

☆ Financial experts share their greatest money regrets — all have one thing in common
▼ + stars: | 2023-04-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

Here, CNBC Financial Advisor Council members share their greatest money mishaps, and what they do differently now. "For my first five years in financial planning, I made the same amount of money." Money mistake: Leasing 'too much' carThianchai Sitthikongsak | Moment | Getty Images"My biggest money mistake was back when I was working at Smith Barney as an early financial advisor," said Winnie Sun, co-founder and managing director of Sun Group Wealth Partners, based in Irvine, California. So, Sun, a member of the CNBC Financial Advisor Council, splurged on her dream car. Money mistake: Unloading inherited stock "My wife had inherited shares of Phillip Morris stock from her father," said Lee Baker, a CFP based in Atlanta.

Williams told Insider she never said she wanted to be put first on their joint taxes. "The sad part of women being the breadwinner is that they're not necessarily freed from a lot of these gender dynamics and considerations," N'Jie Konte told Insider. Laws told Insider it was the only year she and her husband ever filed joint taxes. Laws' husband was listed first on their deed and real estate documents. They put it under his account," Patterson told Insider.

☆ To improve your finances, learn your 'money script,' psychologist says
▼ + stars: | 2023-04-11 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

"We call that, in our research, 'money scripts.'" Money scripts, from avoidance to vigilanceIn Klontz's research, he's found that there are generally four different money scripts: "money avoidance," "money worship," "money status" and " "money vigilance." On the other end of the spectrum, money worshippers believe wealth is the key to solving all their problems and finding happiness. Money worshippers tend to spend too much, he added, overestimating the sense of satisfaction and meaning they'll get from buying things. Money status seekers, Klontz said, often conflate their net worth with their self worth.

☆ Here's what to do if you can't pay your taxes by April 18 — and how to avoid the 'biggest mistake,' tax pro warns
▼ + stars: | 2023-04-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Here's why: The failure to file penalty is 5% of your unpaid balance per month (capped at 25%) plus interest. Don't ignore IRS noticesAnother common mistake is ignoring IRS correspondence once you've fallen behind on your taxes, experts say. And if you miss a payment, the IRS can cancel the installment agreement and your remaining balance will be due, Pon warned. Offer in compromiseAnother option, offer in compromise, may allow you to settle for less than you owe. You can start with the Offer In Compromise Pre-Qualifier tool to gauge eligibility and send an application from the Offer in Compromise Booklet.

☆ Here's a decade-by-decade guide to building wealth
▼ + stars: | 2023-04-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

and founder and director of financial planning at Life Planning Partners in Jacksonville, Florida. You should also start planning for retirement. After that, open a Roth individual retirement account, if your income qualifies, McClanahan said. "You can borrow for college, but you can't borrow for retirement," McClanahan said. Carolyn McClanahan director of financial planning at Life Planning PartnersYou may also have aging parents, so be sure to check on their financial planning, McClanahan said.

☆ If you're worried about market volatility, here's how this advisor says you should handle the stress
▼ + stars: | 2023-04-06 | by ( Andrew Osterland | ) www.cnbc.com time to read: +4 min

Behavioral finance tells us we are inherently bad investors, prone to making decisions based on emotions rather than evidence and self-interest. "We may think we're making rational decisions, but we're usually not," added certified financial planner Maurer, who is also a member of the CNBC Financial Advisor Council. By the time that most people react to events in the market, the market has already priced in the risk. "When it feels like the market is at a top, it's not unnatural to think about changing your investment strategy. "They are more likely to look through stock market volatility and do a better job investing for their future."

☆ Need more cash? Maybe it's time to launch a side hustle—here's how to get started
▼ + stars: | 2023-04-05 | by ( Cindy Perman | ) www.cnbc.com time to read: +4 min

That has left nearly two-thirds of all Americans living paycheck to paycheck, according to a new report from LendingClub. Think about your friends, neighbors and others in your social network: What do they need and what would they pay money for? Consider the tax and legal implicationsIf you do launch a side hustle, make sure you understand any tax and legal implications. RBC Wealth Management suggests you ask yourself these additional questions: Will you need a license, insurance or to establish a corporation? What are the tax implications of the extra income?

☆ Call it the Great Cash Out: Almost half of job switchers are making the mistake of cashing out their retirement savings when they go
▼ + stars: | 2023-04-05 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

Americans are rushing to cash out their 401(k)s, and it's not just about being strapped for money. Cashing out when you leave a job can mean you miss out on major long-term savings, experts say. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAmericans have been cashing out their retirement savings at an "alarming" rate. That's despite the IRS's 10% penalty, under most circumstances, for those under the age of 59.5 who choose to cash out. Of the workers withdrawing from their funds after a job separation, only 27% were fired or laid off.

☆ 6 signs you have too much debt—and how to pay it off
▼ + stars: | 2023-04-05 | by ( Mike Winters | ) www.cnbc.com time to read: +5 min

For just credit card debt, the average amount is $5,910. If you aren't able to add anything to your emergency fund while covering your minimum debt payments, your debt burden is probably too high to comfortably manage. You can only afford to make minimum debt paymentsOnly making minimum payments can be a sign that your debt burden is unsustainable. You're opening new credit card accounts to help pay for older onesOne way to pay down credit card debt faster is through a balance transfer card that offers a 0% interest rate for a limited time, usually 12 to 21 months. To calculate your debt-to-income ratio, tally all of your monthly debt payments and divide that total by your monthly income, after taxes.

☆ The salary you need to live comfortably in 15 major U.S. cities
▼ + stars: | 2023-04-04 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +1 min

Overall, Americans need an average post-tax income of $68,499 to live comfortably in the U.S., according to recent data from SmartAsset. SmartAsset's study analyzed the after-tax income needed to live in the nation's 25 largest metro areas comfortably. The post-tax salary needed in these 25 areas increased by around 20% throughout 2022, while inflation grew about 8%. "Inflation is taking a bigger bite out of their paychecks and the cost of living is rising. What does it take in these cities to really feel not just like you're surviving financially, but like you're comfortable?

☆ Don't want to return to the office? Here's how to work remotely indefinitely, according to a digital nomad
▼ + stars: | 2023-04-04 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"The nature of work is shifting for a lot more people," said Sophia Bera Daigle, CEO and founder of Gen Y Planning, a financial planning firm for millennials. watch nowEven before the pandemic, Bera Daigle, a certified financial planner and a member of CNBC's Advisor Council, knew that the daily grind wasn't for her. After working at traditional financial planning firms since 2007, she quit to become a location-independent entrepreneur. Pad your retirement plan. (Although brokerage accounts don't have the same tax benefits as a workplace retirement plan, there are no income or contribution limits or restrictions on when funds can be withdrawn.)

☆ Tips for American expats from a financial advisor who helps clients move abroad
▼ + stars: | 2023-04-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

"There are a certain number of people who can work remotely and permanently," which has opened the doors to living abroad, said Boudreaux, who is a certified financial planner and a member of CNBC's Financial Advisor Council. Roughly 9 million U.S. citizens were living abroad in 2020, according to estimates from the U.S. Department of State. Income reporting requirements add complexityOne of the key things prospective American expats need to consider is the yearly tax filing requirements, Boudreaux said. While living abroad, you must pay annual U.S. income taxes on worldwide earnings, including your salary, business profits, investment income and more. The yearly tax reporting requirements have even led some expats to consider renouncing their U.S. citizenship, according to a 2022 survey from Greenback Expat Tax Services.

☆ My younger sister asked me for money advice. Here are 5 answers I gave to improve her financial life
▼ + stars: | 2023-04-02 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

This cash should be in a high-yield savings account, offer higher-than-average returns, experts say. You can find an online savings account offering an interest rate of 3% or more, for example, while the typical savings account rate is around 0.4%. Make sure the savings account you choose is insured by the Federal Deposit Insurance Corp., which means up to $250,000 of your deposit is protected from loss. Where should I invest money? To get a better understanding of your spending, experts recommend looking back at your purchases over the past couple of months.

☆ Try this 30-day money challenge to get smarter and be more successful with your money
▼ + stars: | 2023-04-01 | by ( Emmie Martin | ) www.cnbc.com time to read: +14 min

Day 2: Find an accountability buddyYour financial goals don't mean much if you don't stick to them. This ratio represents how much of your available credit you're using at any given time. Take a look at your credit card statements for the past 12 months. There are a number of ways to check your score for $0, starting with your credit card issuer or bank, many of which offer free services to their clients. Day 16: Update your income with your credit card companyIf you've received a raise or promotion since opening your credit card, consider reporting your increased income to your lender.

☆ Don't be fooled by these 9 common money myths, finance gurus say
▼ + stars: | 2023-04-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.

Below, you'll find our top picks for the best banks for avoiding ATM fees. The best banks for avoiding bank ATM fees have free regional or national ATM networks, so you won't be charged for using an ATM. The Best Banks for Avoiding ATM FeesLendingClub Bank: Best online bank for avoiding domestic ATM feesConnexus Credit Union: Best credit union for avoiding domestic ATM feesChase: Best national bank for avoiding domestic ATM feesCharles Schwab: Best institution for avoiding international ATM feesTD Bank: Best regional bank for avoiding domestic ATM feesBetterment: Best online banking platform for avoiding domestic ATM feesWe've included brick-and-mortar banks, online banks, credit unions, and online banking platforms, so you can choose from a variety of options. Unlimited refunds on out-of-network ATM fees Check mark icon A check mark. You could also refer to the schedules of fees document to review ATM fees and ATM withdrawal limits."

☆ Investors 'are pretty afraid right now,' financial psychologist says. These 2 steps can help
▼ + stars: | 2023-03-31 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

watch nowWith high inflation, the threat of a recession and ongoing market volatility, we're in a period of high financial uncertainty. Understandably, many investors "are pretty afraid right now," said Brad Klontz, a psychologist and certified financial planner. And when we're stressed, our frame of reference tends to become short, said Klontz, who is also a member of CNBC's Financial Advisor Council. If you're investing for retirement, you may not need that money for decades, and so the answer is no. If market volatility is causing you a lot of stress, you may need to make adjustments.

☆ This tax move is a 'game changer' for freelancers and gig economy workers, advisor says
▼ + stars: | 2023-03-31 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're a freelancer or contract worker, there are still ways to lower your 2022 tax bill — including contributions to a retirement plan improved by legislation passed in December. One of the provisions from Secure 2.0 included a change to solo 401(k) plans, designed for self-employed workers (and possibly spouses) or business owners with no employees. Like standard 401(k) plans, there's a deduction for pretax solo 401(k) contributions. But since solo 401(k) account owners can make deposits as both the employee and employer, there's a chance to save more. Before 2022, you needed to open a solo 401(k) by Dec. 31 for current-year deposits.

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