Money Tips, Author at Plunged in Debt

How Has the Consumer Financial Protection Bureau Changed Under Trump?

May 14, 2018 By Money Tips Leave a Comment

CSFB's Credit Card Report and Has the Consumer Financial Protection Bureau Changed Under Trump?

President Trump promised changes in Washington upon his election. Whether you are a Trump fan or foe, there’s no question he’s succeeded in that goal. Sometimes the change is precipitated by the President’s choice to lead an agency, as in the case of the Consumer Financial Protection Bureau (CFPB).

The CFPB was born out of the Dodd-Frank legislation in 2010 as a vehicle to both regulate banks after the Great Recession and protect consumers from harmful and predatory financial practices.

The CFPB was intentionally structured to be independent of political forces. Its money comes from the Federal Reserve, not Congress.
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Filed Under: Personal Finance

Retirement Confidence Is Increasing – But Should It Be?

May 9, 2018 By Money Tips Leave a Comment

Is the rising stock market giving workers confidence that they will have enough money to live comfortably in their retirement years?

The 28^th Annual Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI) shows a slight increase in the number of respondents that are very confident or somewhat confident in their ability to have a comfortable retirement.
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Filed Under: Personal Finance

What To Do If You Are Audited

May 8, 2018 By Money Tips Leave a Comment

You’ve received a letter from the IRS regarding an audit. What is your plan? Assuming the fetal position? Heavy drinking? Fleeing the country? Spontaneous combustion? None of these actions is necessary. Simply stay calm and assess the situation objectively.

“Anybody of any income level can potentially get audited,” says Betterment Head of Tax Eric Bronnenkant. He advises that “people prepare their taxes honestly and truthfully, and also be able to support what they put on their return in the event they get audited.”

The letter you receive may be one of three types.

1. Adjustment Letter

This notifies you of a change in your taxes owed, or the refund amount. In this case, it is generally from an obvious wrong number entry or miscalculation on your form. The Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 brought about many changes, so it is to be expected that more taxpayers will make these types of errors until they are familiar with the new tax code.
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Filed Under: Personal Finance Tagged With: IRS, tax audit, Taxes, what to do if you're audited

Can You Put Cryptocurrency in Your IRA? Study Shows Interest.

May 3, 2018 By Money Tips Leave a Comment

How’s your 401(k) or IRA doing? A typical 401(k) plan returns from 5% to 8% based on a portfolio of 60% stocks and 40% bonds and other conservative investments. If your retirement plan is not meeting expectations, you may be tempted by the high returns of cryptocurrencies like Bitcoin – but should you be wary of incorporating cryptocurrency into your account? [Read more…]