Most people are used to seeing sales tax on a receipt, but not every purchase includes it. When it doesn’t, you may still owe tax on that purchase through what’s called a use tax. This comes up most often with online shopping, out-of-state purchases and private sales. Understanding the difference…
PC Photography/Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways With owner financing, the homeowner or seller extends a loan to the homebuyer, rather than a bank or mortgage lender providing the loan. The contract can be structured in a number of ways, including as a second mortgage, a rent-to-own deal…
Most people see taxes come out of their paycheck without thinking much about where the money goes. Federal taxes follow one set of rules no matter where you live, but state taxes vary widely depending on your location. Some states have no income tax at all while others take a…
Try to Offer Advice or Support Instead of Criticism While younger generations are often criticized for their lack of financial literacy, getting into debt can happen to any one at any age, and for a variety of reasons. The suggestion that younger generations are “terrible with money” is certainly not…
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Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
With Republicans ending the Grad Plus program, private lenders are eyeing billions in new business, while some students could be…
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Key takeaways Interest can be charged when you borrow money or earned when you save. When you charge something on a credit card or take out a loan from a financial institution (student loan, auto loan, mortgage, etc.), you’re charged interest for borrowing that money.…
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Paying off Debt on a Fixed Income: Making Sacrifices and Learning Patience Paying off debt on a fixed income requires discipline. Jill emphasizes…
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For fintech startups, the first five years of the decade have been a roller-coaster ride. At the outset, companies were awash in easy…
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A nursing home cannot directly seize funds held in an individual retirement account (IRA). However, retirement accounts in many states are generally treated as countable assets for Medicaid eligibility, which means their value can affect whether you qualify for Medicaid coverage of long-term care. In many cases, this requires a…
Capital gains are the profit you earn when you sell an asset like a home, business or stocks. Those gains are subject to capital-gains taxes, but capital gains are taxed differently depending on the type of asset — and how long you owned the asset. That’s because, while the federal…
Key takeaways The first step to saving is setting specific, achievable goals and tracking your progress using a digital budgeting tool, spreadsheet or pen and paper. Following a budget can help you identify ways you can add to savings as well as pay down debt. Ways to help you save…
“I’m standing there watching my house burn, and I’m like, oh my goodness, this is everything that I worked for.” When Rahkim Sabree, AFC followed a gut feeling to return home early from an outing in October, he didn’t expect to find his living room engulfed in flames. “It’s when…
Key takeaways Using extra cash to pay off your mortgage loan early can save homeowners a hefty amount of interest over time. However, putting available funds into investments instead might yield a more significant return and make you more money. The answer to which is right for you will depend…
Delmaine Donson/Getty Images Debt relief companies work on your behalf to negotiate your debts, usually through a settlement for less than you owe. While this can be a useful tool for some types of debt, not all debt can be handled through debt relief. In addition to the type of…
staticnak1983/Getty Images Key takeaways Short-term CDs typically are those that mature within one year, while long-term CDs have terms ranging from three to five years. Currently, some top-earning long-term CDs have slightly higher interest rates than short-term ones. You can use a CD ladder to take advantage of the benefits…
Key takeaways A good credit card APR is a rate that’s at or below the national average, which currently sits just below 20%. While there are credit cards with APRs below 10%, they’re most often found at credit unions or small local banks. If you don’t have good credit, you’re…
If you’re looking to buy a home, choosing the right mortgage lender can save you money. That’s especially true if you’re planning on taking out a larger jumbo loan. To help you in your search, here is our guide to the best jumbo mortgage lenders in 2026. Best mortgage lenders…
Investing in a Roth IRA can be a smart way to save for retirement, but enjoying the tax benefits of a Roth generally takes some patience. That’s because you fund these accounts with after-tax contributions, which means you won’t be able to deduct your contribution on Form 1040 at tax…
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