Financial planners

Catherine Mcqueen | Moment | Getty ImagesIt's easy to transfer cash when a charity pulls at your heartstrings. But other giving strategies may provide a bigger tax break, financial experts say.Despite economic uncertainty, nearly 70% of Americans plan to donate a similar amount to charity in 2022 as last year, according to a recent study from Edward Jones.Most people give cash out of convenience, but it's generally not the most tax-efficient strategy, said certified financial planner David Foster, founder of Gateway…

Hoxton/Sam Edwards | Getty ImagesBond yields jumped this week after another major rate hike from the Federal Reserve, flashing a warning for market distress.The policy-sensitive 2-year Treasury yield on Friday climbed to 4.266%, notching a 15-year high, and the benchmark 10-year Treasury reached 3.829%, the highest in 11 years.Soaring yields come as the markets weigh the effects of the Fed's policy decisions, with the Dow dropping nearly 600 points into bear market territory, tumbling to a fresh low for 2022. The yield…

With lingering high inflation, stock market volatility and recession fears, it's easy to see why some Americans might trim charitable giving.But some donors may be eyeing bigger gifts for 2022 because of that economic uncertainty, according to a study from Fidelity Charitable, a nonprofit enabling investors to give through a so-called donor-advised fund, a charitable investment account.Nearly 75% of those surveyed said they worry about other community members, and 64% are concerned about nonprofits amid threats of a…

Morsa Images | E+ | Getty ImagesAs investors digest another 0.75 percentage point interest rate hike by the Federal Reserve, government bonds may be signaling distress in the markets.Ahead of news from the Fed, the policy-sensitive 2-year Treasury yield climbed to 4.006% on Wednesday, the highest level since October 2007, and the benchmark 10-year Treasury reached 3.561% after hitting an 11-year high this week.related investing newsThese ETFs could help protect your portfolio as the Fed pushes rates higherWhen…

It's been a rough year for the stock market, and some consumers are closing investment accounts due to inflation and volatility concerns, according to a recent survey from Ally Financial. As investors brace for another major interest rate hike from the Federal Reserve, inflation is still hovering near a 40-year high and the S&P 500 is down nearly 20% year-to-date.Meanwhile, nearly 1 in 5 consumers have closed an investing, trading or brokerage account over the past 12 months, with more closures, 21%, among millennial…

Cecilie Arcurs | Getty ImagesThere's about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns.An estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns, according to the IRS.Kevin Brady, a certified financial planner and vice president of Wealthspire Advisors in New York, said tax professionals have faced many challenges, including deadline changes and new Covid-19-related legislation."When you…

If you haven't been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty.The deadline for third-quarter estimated taxes is Sept. 15, applying to income from self-employment, small businesses, investments, gig economy work and more, according to the agency."It's a pay-as-you-go system," said certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas. "A lot of folks don't find out until they file their tax return and they get a very nasty…

If you missed the deadline for 2019 or 2020 tax returns, you may receive a refund for late-filing penalties. But you must file overdue returns by Sept. 30 to qualify.The IRS will shell out more than $1.2 billion in collective refunds or credits to nearly 1.6 million late filers, according to the federal agency.Many individuals and small businesses will receive automatic payments by the end of September, the IRS said.More from Personal Finance:Borrowers in these states may owe taxes on student loan forgivenessHow to…

Nirunya Juntoomma | Istock | Getty ImagesIf you're feeling unsteady amid stock market volatility, high inflation and rising interest rates, you may wonder how much cash you really need to have handy.But the right amount to have in your emergency fund depends on your family's situation and needs, financial experts say.  related investing newsStocks are stormy heading into September. Here is how to assess which safe haven might be right for youStill, with two-thirds of Americans worried about a recession, it's easy to see…

dmphoto | E+ | Getty ImagesThere's good news if you're eligible for student loan forgiveness: It won't trigger a federal tax bill. And while some may still owe state taxes, it may be fewer borrowers than expected.It depends on whether and when states conform to federal tax laws, including the American Rescue Plan of 2021 provision making student loan forgiveness federally tax-free through 2025.While the Tax Foundation initially estimated that 13 states may tax student loan forgiveness, the organization has revised…