money

'30 days to find a job:' Over 2 million workers face unemployment benefits cliff

More than 2 million workers could see their unemployment benefits cut or canceled entirely in the next month as more states oppose federal unemployment programs. Some of the hardest hit are unemployed black Americans.
"The states give them 30 days to find a job," Andrew Stettner, an unemployment ...

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Here are the worst summer destinations for car rental shortages

Pandemic-weary Americans planning their trips after vaccination may run into rental car shortages when visiting certain summer hotspots, according to a new analysis.
Hometown visitors to Disney World could encounter the biggest problems caused by a broken rental car network that is driving rental...

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'Do not fill plastic bags with gasoline:' Government warns drivers hoarding fuel

As industry experts and government officials ask drivers in the Southeast not to hoard gasoline, the US Consumer Product Safety Commission makes another plea: "Don't fill plastic bags with gasoline."
"We know this sounds easy, but when people are desperate, they stop thinking clearly," the commis...

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Calls to end pandemic unemployment benefits gain steam after disappointing jobs report

Calls for the pandemic-era unemployment benefit to be cut heightened this week as worries about a labor shortage grew and culminated in a crescendo on Friday following a hugely disappointing April job report.
South Carolina and Montana announced plans to end their unemployment programs in late Ju...

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Stimulus checks: IRS sends 1.1 million more payments in latest round

According to the Internal Revenue Service, nearly 1.1 million more stimulus checks were paid out in the last batch of payments this week, bringing the total number of payments in the third round to 164 million, including additional payments for previous stimulus checks.
So far, about $ 386 billio...

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Treasury Secretary Janet Yellen calls estimated $7 trillion tax gap 'shocking and distressing'

Treasury Secretary Janet Yellen urges the rich to pay their fair share of taxes and fill the tax gap by improving tax compliance and audits.
“It is really shocking and disturbing to see that estimates suggest that the gap between what taxes we collect on current taxes and what we should be collec...

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Only the ‘lucky few’ will pay higher taxes under Biden’s plan, analysis finds

President Joe Biden plans to generate revenue to fund his infrastructure plans through numerous tax increases that would hit the top 0.7% of Americans most of all, according to a new analysis.
"The vast majority of the population will not see any tax increases," Steve Wamhoff, director of federal...

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Rich Americans switch up money plans to soften Biden's proposed tax hikes

President Joe Biden's tax proposals threaten the preferential treatment wealthy Americans receive in terms of income, investment, and inheritance, causing the wealthy to adjust their finances before tax changes can take effect.
"People have been thinking about this ever since there was an opportu...

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Europe’s decision to allow vaccinated US tourists will ‘lead to a flurry of new bookings,’ expert says

The European Union is reversing its longstanding stance on American tourists and will welcome vaccinated U.S. passport holders this summer, the New York Times reported.
"[This] is going to see a spate of new bookings this week ... because people have a much greater sense of confidence that they c...

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Warren Buffett’s 2010 advice on cash reserves is more relevant than ever

Many Americans who have stuck to their jobs and cut spending over the past year are cashless.
The personal savings rate is at its highest level in decades, but when the economy reopens and vaccinations rise, many people might be tempted to do things they've avoided for 12 months: travel, food, co...

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Here's where you can shop with Bitcoin and other crypto

Venmo, the peer-to-peer personal payments app, announced Tuesday that it would expand its platform to include cryptocurrency.
The launch of Crypto on Venmo means that over 70 million users of the app can buy, hold and sell cryptocurrency directly in the Venmo app. This is evident from a press rel...

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IRS is holding over 29 million tax returns, delaying refunds for many poorer Americans

The Internal Revenue Service holds 29 million returns for manual processing - delaying refunds for many - due to legislative changes related to pandemics, processing errors, and fraud detection.
"As you would expect, the IRS staff are very thin in handling these tax returns manually," National Ta...

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Romney introduces legislation to tackle Social Security's funding shortfalls

Senator Mitt Romney (R-UT) leads a non-partisan coalition to promote social security among other federal trust programs that are in a funding crisis.
Jointly sponsored by six Democrats, nine Republicans, and one Independent in the Senate and House of Representatives, the United States Trusts Resc...

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Legislation would enable 50-year-old Americans to qualify for Medicare

A group of Democratic Senators reintroduced what became known as the Medicare at 50 Act, which would widen Medicare's access to Americans between the ages of 50 and 64.
"This legislation has the potential to cut people's costs and strengthen the existing Medicare program," Senator Debbie Stabenow...

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The IRS is on track to send $300 Child Tax Credit payments in July

According to IRS Commissioner Charles Rettig, the Internal Revenue Service is on track to send monthly child tax credit (CTC) prepayments starting in July. Payments are worth up to $ 300 per child.
The agency is also launching a portal where taxpayers can update their information by July 1st.
"We...

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Retirement expert details ‘3 things you got to do’

According to one expert, retirement planning can be demystified and distilled in three steps.
"There are essentially three things you need to do to prepare for retirement," Caroline Bruckner, executive director of the Kogod Tax Policy Center, recently told Yahoo Finance Live. “Number one, you nee...

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Stimulus checks: IRS sends 2 million more payments in latest round

Almost 2 million more stimulus checks were paid out this week as part of the fifth series of payments, bringing the total number of payments to 159 million, according to the Internal Revenue Service.
Total payments sent amount to $ 376 billion, roughly 84% of the $ 450 billion earmarked for stimu...

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IRS: $1.3 billion in tax refunds will go to Treasury if unclaimed by May 17

Over $ 1.3 billion in unclaimed tax refunds await more than 1.3 million Americans who failed to file their federal taxes in 2017, according to the Internal Revenue Service, but taxpayers have just over a month to file them close.
These taxpayers may miss an average of $ 865 on their 2017 refund. ...

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Stimulus checks: 25 million more payments sent in latest round, IRS says

According to the Internal Revenue Service, more than 25 million more stimulus checks were paid out as part of the fourth batch of payments this week, bringing the total number of payments to 156 million.
Total payments sent amount to $ 372 billion, roughly 83% of the $ 450 billion earmarked for s...

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Stimulus checks: 4 million more payments sent in latest round, IRS says

According to the Internal Revenue Service (IRS), more than 4 million more stimulus checks have been paid out under the third batch of payments this week, bringing the total to 130 million.
"This batch contains the first ongoing supplement for people who received payments based on their 2019 tax r...

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1 in 4 Americans have no retirement savings — and those who do aren’t saving enough

Americans are saving too little for retirement, according to PwC's report on retirement in America.
One in four Americans has no retirement savings and those who save are not saving enough, Bernadette Geis, US wealth manager and wealth manager at PwC, told Yahoo Money.
"Those who, on average, [sa...

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Retirees who pay the most in taxes make only $36,000 a year on average, study finds

Retirees who have the most money pay the most taxes, according to a recently released working paper, but are not necessarily rich.
"Most of the tax burden comes from the top quintile of households," Anqi Chen, co-author and assistant director of savings research at the Center for Retirement Resea...

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Stimulus checks: Payment blockage resolved for nearly 30 million Social Security recipients

The blockade of nearly 30 million stimulus checks for social security and other federal benefit recipients was resolved after the social security agency sent relevant files to the Internal Revenue Service (IRS) Thursday morning, according to the House Ways and Means Committee.
"We are delighted t...

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Many Americans need years to get their retirement savings back on track after the pandemic

As the nation enters the 13th month of the pandemic, many Americans say it will take them between two and three years to get their retirement savings going again, a new poll found. Most, however, remain optimistic.
More than 4 in 5 Americans said the economic impact of the pandemic is affecting t...

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Up to 2 million workers could be left with no unemployment benefits for weeks as states reprogram systems

Up to 2 million workers may not receive unemployment benefits until next month as states reprogram their unemployment systems. The delay comes nearly two weeks after President Joe Biden's $ 1.9 trillion aid deal expanded many programs for the unemployed.
"We never want to delay, we never want the...

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Stimulus checks: Here's why you're still waiting for your payment

While some Americans received their stimulus payments over the weekend, tens of millions will be receiving their payments on Wednesday, March 17th, based on instructions from the Internal Revenue Service.
"The IRS recently sent an initial wave of tens of millions of economic impact payments throu...

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Retirement expert reveals the two biggest mistakes people make

Retirement planning is done over several decades, but even over time, people are still making avoidable mistakes, an expert said.
Larry Swedroe, chief research officer at Buckingham Wealth Partners, joined Yahoo Finance Live and shared the top mistakes people make when planning retirement. And th...

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More than $200 billion in unemployment aid may have gone to fraudsters in the pandemic

A significant portion of government support reserved for unemployed Americans instead went to scammers during the pandemic, according to new estimates.
According to ID.me, a computer security service that 19 states - 75% of the national population - use to verify the identity of workers, thieves ...

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Stimulus checks: Debt collectors can garnish your $1,400 payment

Many Americans waiting for the third round of stimulus checks may find that their payments go to collection agencies instead.
The new $ 1.9 trillion American Rescue Plan, signed Thursday, does not prevent stimulus payments from being garnished. While lawmakers tried to include a provision to prot...

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Stimulus checks: 85% of US households could get their payment as soon as this weekend

The majority of U.S. households are eligible for the $ 1,400 stimulus checks, and payments could be in their bank accounts as early as this weekend.
According to a tweet by the House Ways and Means Committee, around 85% of households can expect the third payment round to be paid directly into the...

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