A: For 2023, the annual gift-tax exclusion will increase from $16,000 to $17,000. The lifetime estate exclusion will be $12.12 million for individuals and $24.24 million for couples. A: The standard deduction for 2022 is $12,950 and $25,900.
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Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own. For borrowers with credit scores of 720 or higher who used the Credible marketplace to select a lender between…
The Labor Department approved the rule last week, just two days before the Thanksgiving break. Labor Department officials said the Trump administration rules“ unnecessarily restrained” fiduciaries’ ability to weigh ESG factors when choosing 401 investments. “A final rule is necessary to reverse the rule’ s chilling effect on the integration of ESG factors…
The central economic debate in the United States right now is how aggressive the Federal Reserve should be in its effort to reduce inflation. Few economists are arguing against the need for higher interest rates to reduce demand, but there are tradeoffs, at least in the near term. Also, there's a question of where to stop: Even some economists who have been…
The Treasury secretary praised banking regulators for having been careful when it came to cryptocurrencies. U.S. job openings dropped in October but remained high, a sign that businesses became slightly less desperate for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy. Employers posted 10.3 million job vacancies in…
Amid predictions of an upcoming recession, the Federal Reserve increased the federal funds rate for the sixth time in 2022, citing inflation risks and global conflict. “There are still really amazing opportunities out there, but I think it really requires small-business owners to think about what their goals and their plans are,” says Alyssa Dangler, a…
On Nov. 17, Matthew Thomas Onofrio, 31, was indicted by a grand jury and charged by the U.S. Attorney's Office with three counts of bank fraud involving Minnesota properties in St. Cloud, Sauk Centre and Elk River. The bank that he is accused of defrauding is MidCountry Bank in Bloomington, Minn., whose deposits were insured by the Federal Deposit Insurance Corp….
LGBTQ workers less likely to be satisfied with their job, benefits and paid leave
LGBTQ workers were less likely to be satisfied with their job, employee benefits package and paid leave, according to the 2022 Workplace Wellness Survey by EBRI and Greenwald Research.
What millennials need to know about Social Security
Assuming a modest reduction in benefits is a prudent step to ensure retirement plans will meet future needs.
It seems like such good news- Social Security benefits are going up 8.7% next year, thanks to inflation. That's because tax rates on Social Security benefits are not changing with inflation. Taxing Social Security benefits began in 1984 as part of a sweeping reform of the system.
MARSHALL COUNTY, Ala.– A Florida couple has been arrested for financial exploitation of the elderly, as well as securities law violation. According to a release from Marshall County district attorney Clark E. Johnson, III, and Joesph Borg, director of the Alabama Securities Commission, two people have been arrested for exploiting an elderly Alabama couple in 2018.
The IRS said taxpayers who take the standard deduction instead of itemizing their taxes will no longer be able to deduct their charitable contributions. For those claiming the Earned Income Tax Credit or the Additional Child Tax Credit, the IRS said it can not issue those returns until mid-February because the law requires it to hold the entire refund in an…
However, an investigation revealed that“ although Jardine and D&A withheld employees’ federal income and FICA taxes over multiple tax periods between 2016 and 2019 and reported those withholdings to the IRS, they failed to pay over the withheld amounts, totaling approximately $868,000,” the statement said. Jardine told the IRS that the company could not pay, but…
The FBI and federal prosecutors are accusing a New Albany man of passing himself off as an expert cryptocurrency trader while defrauding investors of at least $10 million. Authorities arrested Rathnakishore Giri, 27, on Nov. 18 after a grand jury indicted him on five counts of wire fraud, according to the U.S. Department of Justice. Giri solicited investments…
Study finds integrating insurance products boosts value to investors
A comprehensive Ernst & Young analysis of retirement savings scenarios concluded that integrating insurance products into a financial plan significantly boosts value to investors when compared with investment-only strategies.
–Callan, a leading institutional investment consulting firm, announced the results of its 10th annual ESG Survey, revealing that 35% of respondents incorporate environmental, social, and governance factors into investment decision-making. "The level of interest and debate about ESG has never been more intense in the U.S.," said Tom Shingler, senior vice…
The Federal Reserve issued its latest interest rate hike in early November. "High APRs coupled with 72- or 84- month loans result in a person paying roughly a 20% premium over MSRP over the life of the loan," said Ivan Drury, director of insights for Edmunds. On a $40,000 vehicle, with the current average APR of 6.3% and a 72- month term, this translates to $8,139 in…
–When average monthly new-car payments surpassed $700 in May and car prices reached record highs, many potential car buyers decided to sit on the sidelines until the market returned to normal. The Federal Reserve continues to raise the federal funds rate, driving auto loan interest rates to a 20- year high, and the average new-car transaction price remains…
Financial influencer studies show TikTok is not just for twerking
Two recent studies found that financial firms and advisors are branching out into social media, including TikTok and Reddit, which can provide some useful information along with the latest dance moves.
