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☆ 'You can control your tax reporting destiny.' 4 key year-end tax moves
▼ + stars: | 2022-12-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

While your tax return isn't due until April, several key deadlines are approaching by year-end, experts say. "You can control your tax reporting destiny," said certified financial planner Jim Guarino, a CPA and managing director at Baker Newman Noyes in Woburn, Massachusetts. Since few Americans itemize deductions, it's harder to claim a tax break for charitable gifts. Time Roth IRA conversions with transfers to a donor-advised fundAnother charitable giving strategy, donor-advised funds, may pair well with a Roth IRA conversion, Guarino said. Donor-advised funds act like a charitable checkbook, allowing investors to "bunch" multiple years of gifts into a single transfer, providing an upfront tax deduction.

☆ What borrowers need to know while student loan forgiveness is in limbo
▼ + stars: | 2022-11-21 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

Loan payment pause may be extended againThe Biden administration is reported to be considering extending the payment pause on student loan bills yet again. Indeed, a top official at the Education Department recently said student loan default rates could dramatically spike if its loan forgiveness plan is thwarted, "due to the ongoing confusion about what they owe." Borrowers have other aid optionsThose unnerved by the possibility of student loan forgiveness falling through may take some comfort in a number of other options that may offer help. (Use one of the calculators at Studentaid.gov or Freestudentloanadvice.org to find the repayment plan most affordable for you.) The Public Service Loan Forgiveness program, which allows those who work for the government and certain nonprofits to get their debt cleared after a decade, is also getting a number of improvements.

☆ Children's hospitals call on Biden to declare emergency in response to 'unprecedented' RSV surge
▼ + stars: | 2022-11-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +10 min

The president should declare an emergency under the Stafford Act or the National Emergencies Act, and the health secretary should declare a public health emergency, Wietecha and Del Monte wrote. ACEP described the situation as a public health emergency. Oregon this week became the first state to declare on emergency in response to the RSV surge. A national public health emergency would be determined based on countrywide data, science trends and the insight of public health experts, the spokesperson said. UPMC Children's Hospital in Pittsburgh has faced a huge surge in respiratory illnesses since September, said Dr. Raymond Pitetti, director of the hospital's emergency department.

☆ New Medicare enrollment rules that eliminate coverage gaps take effect in 2023. Here's what you need to know
▼ + stars: | 2022-11-15 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

That's poised to change: Beginning next year, current months-long delays in certain Medicare enrollment situations will be eliminated. Additionally, would-be beneficiaries who missed signing up when they were supposed to due to "exceptional circumstances" may qualify for a special enrollment period. Signup rules for Medicare can be confusingMedicare's enrollment rules can be confusing at best and costly at worst, experts say. One change applies to initial enrollment periodsYour initial enrollment period, as it's called, starts three months before your 65th birthday and ends three months after it (seven months total). Additionally, beneficiaries who qualify for the special enrollment period will not face Part B late enrollment penalties.

"I respect companies protecting their resources, but how they treat impacted employees is very telling to employees that are still working there," he said. "I respect companies protecting their resources but how they treat impacted employees is very telling to employees that are still working there." Be mindful of remaining workers' concernsCompanies should "recognize this is a very difficult time for people who remain with the organization" as well, Benz said. "Make sure managers and leaders are available for remaining employees and can be clear about the future without overpromising. Inform remaining workers about the changes that may need to be made in light of job cuts.

☆ Here are 4 ways to take advantage of your health-care expenses before the end of the year
▼ + stars: | 2022-11-13 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

Take advantage of reaching your deductibleIf you've met your plan's deductible, you may be able to pay less for qualifying health-care services before the end of the year than you would after the deductible resets Jan. 1. Once you've met your plan's deductible, you may or may not face copays or coinsurance — it depends on your plan's out-of-pocket maximum, which may be higher. See if you can get the medical expense tax deductionThere is a tax deduction for medical expenses, although it comes with parameters that prevent some taxpayers from using it. For starters, you can only deduct health-care expenses that exceed 7.5% of your adjusted gross income. Its gains grow tax-free, and as long as withdrawals are used for qualifying medical expenses, tapping those funds also comes with no tax.

☆ Could student loan forgiveness still happen this year? It's possible
▼ + stars: | 2022-11-10 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

But now the Biden administration finds itself unable to start delivering its relief because of a court-ordered stay of its policy. Here's where forgiveness stands, and what might happen next. Originally, the Education Department had said that borrowers would receive forgiveness within six weeks after they applied. Loan servicers were given 15 days to apply the forgiveness to a borrowers' account after they were notified, Kantrowitz said. "If the forgiveness is still paused by the end of the year, the Biden administration is likely to further extend the payment pause," Kantrowitz said.

☆ As a key deadline looms to claim 2021 tax credits, Republicans complain of 'suspicious timing' of IRS letters
▼ + stars: | 2022-11-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

The federal agency recently sent letters to more than 9 million individuals and families who may qualify for the tax benefits but who have not yet filed a 2021 federal income tax return. Alternatively, ChildTaxCredit.gov also lets people file their 2021 federal income tax returns. watch nowThat includes a tool provided by Code for America, GetCTC.org, that will allow people to claim their 2021 child tax credits, earned income tax credits and third stimulus checks. Tax filers typically have up to three years to file their returns and claim tax credits for which they are eligible. Moreover, the notices reference two additional tax credits, the EITC and CTC, in addition to stimulus checks.

☆ Most Americans want to 'age in place' at home. Here's how to plan your support systems
▼ + stars: | 2022-11-09 | by ( Deborah Nason | ) www.cnbc.com time to read: +3 min

Retirement-focused financial advisors can help with both the financial and non-financial preparations to do so. "I saw my clients struggling [with this issue] and I wanted to help them think about the process of aging." Sandy Adams partner with the Center for Financial PlanningWhen should people start this kind of planning? "None of us knows when that event might happen that will cause us to suddenly need help." Black, CFP and partner at Bridgeworth Financial Management in Birmingham, Alabama.

A donor is eligible for an immediate tax deduction when contributing cash, securities, or other assets to a DAF. watch nowThis strategy addresses the fact that charitable contributions are only tax-deductible for those who itemize their deductions. Since the gifted assets are "frozen" at today's lower values, they use up less of the federal lifetime gift tax exemption. At current levels, a married couple with an estate above $24.12 million, or $10.98 million after 2025, may be hit with federal estate tax. That means an investor can gift each person $16,000 this year gift tax-free.

Patrick Pleul/Getty Images; Vicky Leta/InsiderLate Thursday, Elon Musk began his much-anticipated mass layoffs at Twitter. The layoffs are part of a new culture that Musk has unleashed at the company. But now, this person said, the company's new workaholic culture is "psychologically unsafe" and has "Elon's stamp all over it." How Gen Z is shaping the workplace. They're happier, they have a lot more confidence, and they feel like they're able to conquer a lot more than before."

☆ Layoffs are picking up. These are the first 3 steps to take after losing your job
▼ + stars: | 2022-11-04 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

In this article UALAALTSLANFLXSHOP-CALYFT Follow your favorite stocks CREATE FREE ACCOUNTWanan Yossingkum | Istock | Getty ImagesThe labor market is still strong, but layoffs are picking up. File to collect unemployment benefits ASAPYou should file for unemployment benefits as soon as possible after a layoff, said Andrew Stettner, the director of workforce policy and senior fellow at The Century Foundation. Even if you received unemployment benefits earlier in the pandemic and are facing joblessness again, you may qualify for more aid. (However, if you have less than $5,000 in the account, the money may be sent to an individual retirement account for you, she added.) However, you won't be able to continue contributing to a plan at a company you're no longer working for.

☆ 26 million borrowers have applied for student loan forgiveness. But GOP challenges put plan at risk
▼ + stars: | 2022-11-03 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

SKLA | iStock | Getty ImagesClose to 26 million Americans have applied for student loan forgiveness, and the Biden administration has already approved 16 million of the requests, the White House said Thursday. Yet its entire loan cancellation plan could be in jeopardy due to the legal challenges brought by Republicans, it warned. "If Republican officials get their way, tens of millions of Americans' monthly costs will rise dramatically when student loan payments resume next year," according to a statement by the administration. Most recently, a legal challenge from six GOP-led states temporarily stopped the administration from starting to forgive borrowers' debt. Tribe agreed, and said the other challengers also were on shaky legal standing.

☆ Families can get Pell Grants of up to $6,895 to help with college costs. Here's what you need to know
▼ + stars: | 2022-11-02 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

And it goes further for those who received a Pell Grant in college, a type of aid available to low-income families, by clearing as much as $20,000 from their student debt balance. The federal Pell Grant program, signed into law in 1965, is one of the largest sources of financial aid available to college students. Here's what families need to know about Pell Grants. There's a limit to how many Pell Grants you can getCollege students typically can receive the grant for up to six years. "The student can then use the money to pay for other college costs, such as textbooks," he said.

☆ 'Don't end up in a lopsided portfolio.' Here's what advisors say to do if you’re worried about tech exposure
▼ + stars: | 2022-10-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Investors who are worried about the tech sector can take comfort in the fact the current shift is not the same as the bust of 2000, according to Raymond James chief investment officer Larry Adam. watch nowThe biggest names in the pure tech sector — Apple , Microsoft and Visa — make up more than 45% of earnings in that space, according to Adam. Alphabet and Meta , which are technically in communication services, represent 53% of the earnings in that sector. "It's always about making sure you don't end up in a lopsided portfolio," Viktorin said. For example, someone who works in tech is already taking on substantial risk outside of their portfolio because their income is dependent on the sector, Viktorin said.

☆ How top-ranked financial advisors are responding to near-retiree concerns about inflation, longevity
▼ + stars: | 2022-10-31 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

We asked four of the financial advisors who made CNBC's FA 100 list in 2022 what they're hearing from their older clients and how they're responding. 1 on CNBC's FA 100 list. A new concern, Harlemert said, is the impact rising interest rates are having on people's pensions. The value of a pension is based, in part, on current interest rates, he explained. For the last 10 years, he said, they've seen their pensions mostly rise in value as interest rates have remained at historic lows.

Welcome back to Insider Weekly, a roundup of some of our top stories. The industry took a beating after Meta, Alphabet, Amazon, and Microsoft reported poorer-than-expected earnings, wiping nearly $1 trillion off their collective market caps. Microsoft and Amazon reported slower growth in their usually outperforming cloud divisions, with Amazon also warning of slower holiday sales. Stephen Lam/Getty ImagesAmid a streak of disappointing financial results, inflation, and global turmoil, companies like Meta, Microsoft, and Google are looking to rein in runaway costs. For years, Big Tech companies competed on pay and perks to lure workers in a tight labor market.

☆ Homebuyers are making the biggest down payments in these 5 metros. Here’s how much you actually need for a house
▼ + stars: | 2022-10-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

nd3000 | iStock | Getty Images5 metros with the biggest down paymentsIn 2022, these five metros have had the highest down payments based on LendingTree mortgage data from from Jan. 1 through Oct. 10, 2022. A larger down payment means a smaller mortgage, which can "certainly help offset the cost of rising interest rates to a degree," he said. While certain kinds of mortgages allow down payments as low as 3%, you'll have to pay mortgage insurance on loans with less than 20% down, and you may see higher interest rates, Gumbinger said. While smaller down payments mean higher interest rates and mortgage insurance, home buyers may reduce these expenses in the future, she said. When interest rates drop, there may be a chance to refinance, and buyers may remove mortgage insurance once they reach 20% equity in the home, Cohn said.

☆ Your last chance to secure 9.62% annual interest for Series I bonds is Oct. 28
▼ + stars: | 2022-10-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Insta_photos | Istock | Getty ImagesHow to estimate I bond rates for one yearThere are two parts to I bond rates: a fixed rate, which stays the same after purchase, and a variable rate, which shifts twice per year based on inflation. It's nice to know what interest rates you will get when you're committing to a 12-month lockup. Jeremy Keil Financial advisor at Keil Financial Partners"A short-term investor — somebody just wanting to put away cash — should definitely buy in October," he said. The downsides of buying I bondsWhile roughly knowing I bond rates for one year may be appealing, there are a few things to consider before buying, experts say. "The biggest downside is you are locked in for 12 months," Keil said.

☆ Flying taxis, robotic avatars and holograms — Saudi Arabia pushes ahead with its sci-fi city vision
▼ + stars: | 2022-10-25 | by ( Emma Procter | ) www.cnbc.com time to read: +6 min

The future Site of the city Neom, a planned cross-border city, stands empty before development begins in the Tabuk Province of northwestern Saudi Arabia, December 18, 2019. NEOM political map of the 500 billion dollar megacity project in Saudi Arabia along the Red Sea coast. Granger's firm has been working closely with Neom and she believes the view of Saudi Arabia among the business community has changed inexorably. The aim is to transform and grow the kingdom's media industry — another key focus of the Vision 2030 plan. Visitors watch a 3D presentation during an exhibition on 'Neom', a new business and industrial city, in Riyadh, Saudi Arabia, October 25, 2017.

☆ Rural California city is facing the end of its water supply by Dec. 1
▼ + stars: | 2022-10-24 | by ( Lindsey Jacobson | In | ) www.cnbc.com time to read: +3 min

Coalinga city officials estimate their small town will run out of water by Dec. 1st. Ray Singleton Source: CNBCThe California valley city, located inland between Los Angeles and San Francisco, is home to an estimated 17,465 people. The city has no control over how these facilities use water, and Singleton estimates they pull around 25 to 30 percent of the city's supply. They said they have been working closely with the City of Coalinga to find solutions, including finding water that may be transferred to the city. A large solar farm in the middle of rural farmland in Coalinga California.

☆ Biden's student loan forgiveness plan is on hold. Here are key issues borrowers need to know
▼ + stars: | 2022-10-24 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Porquenostudios | Istock | Getty ImagesFor those with student debt, the last few months may have given you whiplash. Here's what borrowers need to know about the development, and what it could mean for your student debt. They filed an appeal, and asked the court to stay the president's plan, which was supposed to start unfolding as early as this week, while their request is considered. Circuit Court of Appeals granted the states' emergency petition, leaving the Biden administration unable to start forgiving any student debt for now. The U.S. Department of Education had said borrowers who hold these FFEL, or Federal Family Education Loans, can take this step to qualify for its relief.

☆ 55% of working Americans feel they are behind on retirement savings. Here's how to catch up
▼ + stars: | 2022-10-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Nicoletaionescu | Istock | Getty ImagesAs it has become more difficult to stretch a dollar at the grocery store and gas pump, some Americans are pulling back on one key long-term goal: retirement savings. More than half of workers — 55% — said they feel they are behind on their retirement savings, a new survey from Bankrate.com finds. watch nowThe results come as the IRS has just announced new contribution limits for retirement accounts in 2023. The limit for individual retirement accounts will go up to $6,500, up from $6,000 this year. 'Biggest financial regret' is not starting to save earlyHow to stay on track with retirement savings

☆ What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits
▼ + stars: | 2022-10-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Halfpoint | Istock | Getty ImagesRetirees who rely on Social Security benefits for income will get some relief from record high inflation when an 8.7% cost-of-living adjustment kicks in next year. How Social Security benefits are taxedSocial Security benefits are taxed based on a formula known as "combined" or "provisional" income. That is calculated by taking your adjusted gross income and adding non-taxable interest and half of your Social Security benefits. Taxes on Social Security benefits apply to single taxpayers starting with $25,000 in combined income, and married taxpayers starting with $32,000 in combined income. watch nowFor individuals with more than $34,000 in combined income and couples with over $44,000, up to 85% of their Social Security benefits may be taxed.

☆ Paper shortages — and skyrocketing prices — are pinching political candidates during election 2022 crunch time
▼ + stars: | 2022-10-19 | by ( Madison Hall | ) www.businessinsider.com time to read: +7 min

Political candidates are facing an expensive enemy this election season: paper shortages. Distributors and printers told Insider that the cost of paper has risen anywhere between 10% to 60%. Political candidates use paper for a plethora of marketing materials, including mailers, posters, lawn signs, flyers, and, envelopes — and jurisdictions across the country also use paper for ballots. The majority of campaigns did not reply or declined to comment, but Republican candidates who responded universally blamed President Joe Biden for the paper shortage. The real reason for the shortageMilligan told Insider there's been a 40% reduction in paper consumption during the last 10 years.

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