Financial planning

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…

James Harden of the Philadelphia 76ers looks to pass against the Toronto Raptors during game five of the Eastern Conference First Round on April 25, 2022.Tim Nwachukwu | Getty ImagesFor NBA player James Harden, boosting financial know-how among young adults is personal.Harden, a point guard and shooting guard who recently signed a reported $68.6 million two-year contract with the Philadelphia 76ers, remembers being a 20-year-old rookie in 2009 with a suddenly sizable salary. As a first-round draft pick — third overall —…

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…

Morsa Images | E+ | Getty ImagesMany investors worry a recession is coming amid rising interest rates, high inflation and stock market volatility. But the majority haven't changed their portfolios, according to research from Fidelity Investments.Only 5% of 401(k) and 403(b) investors shifted asset allocations during the second quarter of 2022, the report found, slightly lower than the 5.3% who made changes the quarter prior. Among the savers who made adjustments, the majority of investors only made one, with the top…

If you're one of the millions of Americans with student loans, President Joe Biden's forgiveness plan may be welcome relief.However, there are some key things to know about the income limits, experts say.Biden will cancel $10,000 for most borrowers or up to $20,000 for Pell Grant recipients, limited to those making less than $125,000 per year or $250,000 for married couples filing together or heads of household.And financial advisors have already received a flurry of client questions, including whether their income may be…

Ekaterina Goncharova | Moment | Getty ImagesThe IRS on Wednesday announced it will waive penalties for many Americans who late-filed tax returns during the pandemic.Nearly 1.6 million filers will automatically receive a collective $1.2 billion-plus in penalty refunds or credits, according to the federal agency, with many payments expected to come by the end of September.  The relief applies to many individuals and businesses that filed tax returns for 2019 and 2020 late, the IRS said. More from Personal Finance:What…

dowell | Moment | Getty ImagesAfter nearly eight months of market volatility, many investors still worry about rising interest rates and how those changes affect their portfolio.Some 88% of investors are concerned about rising inflation and interest rates, according to a J.P. Morgan Wealth Management study published Monday, polling more than 2,000 Americans, with oversamples of Black and Hispanic investors.    The Federal Reserve in July enacted its second consecutive three-quarters of a percentage point interest rate…

Oscar Wong | Moment | Getty ImagesMost investors think of exchange-traded funds as a simple way to buy a diversified basket of individual stocks tracking an index or with exposure to a particular theme.But now there are also so-called single-stock ETFs, allowing leveraged bets on individual stocks.However, regulators and advisors warn these products may be too complex and risky for everyday investors."Single-stock ETFs are inappropriate and way too risky for over 99% of investors," said certified financial planner Jason…