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Personal finance

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FILE - Travelers walk through Miami International Airport on Nov. 22, 2023, in Miami. Experts say paying down debt and saving for a rainy day remain the safest things to do with your tax refund. Some consumers are spending the money, however, on things like travel and patio furniture.(AP Photo/Lynne Sladky, File)

Your tax refund could be bigger this year. Here’s what to do with it

The average taxpayer is getting a $2,852 refund, $75 more than last year. That’s based on the most recent IRS data. So what should you do with that money?

FILE - Social Security Administration commissioner Martin O'Malley testifies on Capitol Hill, March 20, 2024, in Washington. The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according the annual Social Security and Medicare trustees report released Monday, May 6, 2024. O'Malley called the report "a measure of good news," but said, "Congress still needs to act in order to avoid what is now forecast to be, in absence of their action, a 17% cut to people's Social Security benefits." (AP Photo/Mariam Zuhaib, File)

Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’

FILE - The Internal Revenue Service 1040 tax form for 2022 is seen on April 17, 2023. The IRS said Friday, April 26, 2024, more than 140,000 taxpayers filed their taxes through its new direct file pilot program. It says the program's users claimed more than $90 million in refunds, saving roughly $5.6 million in fees they would have spent with commercial tax preparation companies. (AP Photo/Jon Elswick, File)

140,000 people did their taxes with the free IRS direct file pilot. But program’s future is unclear

FILE - The Federal Trade Commission building is seen, Jan. 28, 2015, in Washington. U.S. companies would no longer be able to bar employees from taking jobs with competitors under a rule approved by the FTC on Tuesday, April 23, 2024, though the rule seems sure to be challenged in court. (AP Photo/Alex Brandon, File)

How US changes to ‘noncompete’ agreements and overtime pay could affect workers

FILE - Heavy traffic is seen at O'Hare International Airport in Chicago, Monday, April 15, 2024. Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago. (AP Photo/Nam Y. Huh, File)

Surging auto insurance rates squeeze drivers, fuel inflation

Stories Under 60 Seconds

How to file your taxes last minute

0:46

Do you have an unclaimed refund from 2020

0:43

How to keep yourself safe from tax scams

1:12

Protect yourself from tax professional impersonators

0:48

What is Direct File, the new IRS tool?

0:30

Three tips to avoid making mistakes on your tax return

0:45

Tax Season is here. Here’s what to know

0:35

Lawmakers announce bipartisan effort to enhance child tax credit

0:45

IRS announces Jan. 29 as start of 2024 tax season

0:36

FILE - Passenger drop off their baggage at United Airlines in C Terminal at George Bush Intercontinental Airport, Thursday, Dec. 21, 2023, in Houston. The Biden administration issued final rules Wednesday, April 24, 2024, to require airlines to automatically issue cash refunds for things like delayed flights and to better disclose fees for baggage or canceling a reservation. (Brett Coomer/Houston Chronicle via AP, File)

Airlines will now be required to give automatic cash refunds for canceled and delayed flights

The Biden administration is setting new rules on airline fees and refunds. The Transportation Department said Wednesday that the final rules will spell out exactly when consumers are owed a refund for a delayed flight.

Sheri Wilkins talks about her experience using the DailyPay app outside of the clubhouse at her apartment complex in College Station, Texas on Tuesday, March 26, 2024. (AP Photo/Sam Craft)

These apps allow workers to get paid between paychecks. Experts say there are steep costs

More people are using so-called Earned Wage Access apps to get money to pay bills and buy groceries in between paydays.

FILE - The exterior of the Internal Revenue Service (IRS) building is seen in Washington, on March 22, 2013. The IRS is promoting the improvements its made to its customer service since its received tens of billions in new funds through Democrats' Inflation Reduction Act. Agency leadership is trying to bring attention to what's been done to repair the agency's image as an outdated and maligned tax collector. Monday, April 15, 2024, is the last day to submit tax returns or to file an extension. (AP Photo/Susan Walsh, File)

It’s Tax Day. And your refund may be big this year

On this Tax Day, refunds are looking a bit bigger for taxpayers. According to the latest IRS statistics, the average refund this season has been $3,011, up $123 compared to last year.

In this image made from video, Lindsay Bryan-Podvin, a financial therapist and founder of Mind Money Balance, is interviewed, Wednesday, April 10, 2024, in Ann Arbor, Mich. With tax season upon us, Bryan-Podvin recommends that you make a plan to tackle your return step by step and focus on self-care if you're experiencing financial stress. (AP Photo/Mike Householder)

Here’s how to reduce stress and get your taxes done

For many people, tax season isn’t only about gathering W-2 forms or calling an accountant. It can also bring intense feelings of stress or anxiety about dealing with finances.

FILE - A woman and child walk as light rain falls in downtown Kansas City, Mo., on March 7, 2024. Tax pros say there are a few tips parents should keep in mind when filing their tax returns this year. (AP Photo/Charlie Riedel, File)

Got kids? Here’s what to know about filing your 2023 taxes

Tax pros say there are a few tips parents should keep in mind when filing their tax returns this year.

FILE - Students cross the campus of Dartmouth College, March 5, 2024, in Hanover, N.H. While tax pros say it's great for college students to start filing their own forms, parents and students should double-check everything carefully before anyone pushes the "submit" button. (AP Photo/Robert F. Bukaty, File)

Tax tips for college students and their parents

There are lots of things college students and their parents should keep in mind before filing their taxes.

FILE - A couple sit along a trail overlooking White Rock Lake in Dallas on Feb. 24, 2024. Coming up with the best tax strategy in retirement can be much trickier than it seems, and tax pros agree that it is a time when people need to be especially careful. (AP Photo/Tony Gutierrez-File)

If you’re retired or about to retire, think carefully about your tax strategy

Coming up with the best tax strategy in retirement can be much trickier than it seems, and tax pros agree that it is a time when people need to be especially careful.

FILE - Money is donated for out of work musicians on March 18, 2021, in New York. At tax time, the three biggest potential deductions for most people are mortgage insurance, charitable donations in cash or in property, and eligible state and local taxes. (AP Photo/Kathy Willens, File)

Should you itemize or take a standard deduction on your tax return? Here’s what to know

When you’re doing your taxes, it can sometimes be hard to know whether to itemize or take the standard deduction.

A page from the Internal Revenue Service website is shown on a laptop on Monday, April1, 2024 in New York. Taxpayers usually know their identity has been stolen when they try to file their tax returns and the IRS says they've already done so. (AP Photo/Peter Morgan)

Here’s how to protect yourself from common scams this tax season

Scammers look for ways to trick people into giving them money year-round, but tax season can be particularly fraught. One of the most common tax scams is identity theft.

FILE - A cash register is seen on the front counter at the Alpha Shoe Repair Corp., Feb. 3, 2023, in New York. As Tax Day, April 15, approaches, there are plenty of things small business owners should keep in mind when filing taxes this year. (AP Photo/Mary Altaffer, File)

Tax changes small business owners should be aware of as the tax deadline looms

As Tax Day approaches, there are plenty of things small business owners should keep in mind when filing taxes this year.

FILE - A box filled with dollar bills is shown in New York, April 3, 2019. The IRS is warning taxpayers that they may be leaving more than $1 billion on the table. The federal tax collector said Monday, March 25, 2024, that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020. (AP Photo/Mark Lennihan, File)

The IRS has 940,000 unclaimed tax refunds from 2020 that are about to expire. Is one of them yours?

The IRS is warning taxpayers that they may be leaving more than $1 billion on the table. The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.

FILE - Logos for Cash App are shown on devices in New York, Sept. 8, 2023. Tax reporting requirements for freelancers or gig workers who receive payments via apps like Venmo, Zelle, Cash App or PayPal will change for the 2024 tax year. (AP Photo/Richard Drew, File)

How freelancers can prepare for changing tax requirements

If you’re a freelancer or gig worker who receives payments via apps like Venmo, Zelle, Cash App or PayPal, your tax reporting requirements will change for the 2024 tax year.

IRS Commissioner Danny Werfel poses for a photo in his office at the IRS headquarters in Washington, Tuesday, March 19, 2024. (AP Photo/Susan Walsh)

IRS chief zeroes in on wealthy tax cheats in AP interview

IRS Commissioner Danny Werfel says in a wide-ranging interview with The Associated Press the federal tax collector will expand its pursuit of high-wealth tax dodgers with new initiatives in the coming months.

FILE - An Internal Revenue Service 2023 1040 tax form and instructions are shown on Jan. 26, 2024 in New York. It's tax season in the U.S., and for many people, filing tax returns can be a daunting task that's often left until the last minute. (AP Photo/Peter Morgan, File)

The IRS launched a free online tax filing system. Find out here if it’s available in your state

After weeks of testing, an electronic system for filing returns directly to the IRS is now available for taxpayers from 12 selected states.

FILE - Planes are parked at a private jet terminal at Harry Reid International Airport ahead of the Super Bowl, Feb. 1, 2024, in Las Vegas. President Joe Biden is proposing a huge increase in fuel taxes for private jets, which his administration is pitching as a fairness issue compared with airline passengers, who pay special taxes on every ticket. The proposal was included in a $109.3 billion budget request for the U.S. Department of Transportation, which was released Monday, March 11, 2024. (AP Photo/John Locher, File)

Biden proposes tax increase on fuel for private jets, casting it as making wealthy pay their share

President Joe Biden is proposing a huge tax increase on fuel used by private jets, portraying that as part of an effort to make the wealthy pay their share for services like running the nation’s airspace.

FILE - TurboTax is displayed in a Costco warehouse in Pittsburgh on Jan. 26, 2023. It's tax season in the U.S., and for many people, filing tax returns can be a daunting task that's often left until the last minute. (AP Photo/Gene J. Puskar, File)

Today is Tax day. Here are some tips on how to navigate it and file your taxes

April 15 is the last day to submit tax returns from 2023. If you left your tax filing until the last minute, you’re not alone.

FILE - Brian Rodgers participates in a rally, Feb. 14, 2024, prior to a court hearing on a Chicago ballot measure that would raise a one-time tax on luxury properties to fund services for homeless people in Chicago. The ballot will be on the March 19 primary ballot, a panel of Illinois appeals court judges ruled Wednesday, March 6. (AP Photo/Charles Rex Arbogast, File)

Court rejects bid to block Chicago ballot measure that would tax real estate for homeless services

Chicago voters will get the chance this month to decide on a ballot measure that would levy a one-time tax hike on luxury properties to pay for services for homeless people, according to a panel of Illinois appeals court judges.

Internal Revenue Service employee Dixie Warden poses for a photograph on Saturday, Feb. 24, 2024, at Mary Kyle Hartson City Square Park in Kyle, Texas. Warden is quick to say she's “not a numbers girl.” But as the very first user of the government's free new electronic tax return filing system, Warden reports she completed her taxes this year using the program in about an hour. (AP Photo/Darren Abate)

A new IRS program is helping its first users file their income taxes electronically. And it’s free

The government’s new free electronic filing system for income tax returns is getting its first users this filing season.

Jesus Noyola, a sophomore attending Rensselaer Polytechnic Institute, poses for a portrait in the Folsom Library, Tuesday, Feb. 13, 2024, in Troy, N.Y. A later-than-expected rollout of a revised Free Application for Federal Student Aid, or FASFA, that schools use to compute financial aid, is resulting in students and their parents putting off college decisions. Noyola said he hasn’t been able to submit his FAFSA because of an error in the parent portion of the application. “It’s disappointing and so stressful since all these issues are taking forever to be resolved,” said Noyola, who receives grants and work-study to fund his education. (AP Photo/Hans Pennink)

Students and parents are frustrated by delays in hearing about federal financial aid for college

For many students, the excitement of being accepted into their first-choice college is being tempered this year by a troublesome uncertainty over whether they’ll get the financial aid they need to attend.

File - A Discover card is used to pay for gasoline at a Sam's Club in Madison, Miss., July 1, 2021. A combination of inflation, increased interest rates, and the end of pandemic-tied relief, such as the moratorium on student loan payments, has led to record credit card debt, experts say. (AP Photo/Rogelio V. Solis, File)

Why now is a crucial time to pay off credit card debt

For Americans who lacked savings prior to the pandemic, financial stress is rising. A combination of inflation, increased interest rates, and the end of pandemic-tied relief, such as the moratorium on student loan payments, has led to record credit card debt, experts say, with rising and worrying de

FILE - The Internal Revenue Service 1040 tax form for 2022 is seen on April 17, 2023. Majorities of U.S. taxpayers say the amount they pay in taxes is too high, with many saying that they receive a poor value for the taxes they do pay, according to a new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research. (AP Photo/Jon Elswick, File)

Most Americans feel they pay too much in taxes, AP-NORC poll finds

A majority of U.S. taxpayers feel they pay too much in taxes, with many saying that they receive a poor value in return.

The Los Angeles Times newspaper headquarters is located in El Segundo, Calif., Tuesday, Jan. 23, 2024. The Los Angeles Times plans to lay off 94 newsroom employees starting Tuesday, according to the head of the journalists' union who said the number, while substantial, is less than feared. (AP Photo/Damian Dovarganes)

What to do if you’re concerned you might be laid off — or if you’ve lost your job

Recent mass layoffs from technology and media companies, including eBay, Riot Games and the Los Angeles Times, might have you thinking about your job security.

FILE - Credit cards as seen Thursday, July 1, 2021, in Orlando, Fla. After paying off credit card debt, it’s important to evaluate your relationship with plastic to determine whether a second chance is worthwhile. While a break from credit can be necessary and useful for establishing new spending habits, doing away with a credit card entirely could negatively impact your credit. Credit cards aren’t a match for everyone, but they can be helpful tools in your credit journey if used responsibly. If you’re considering returning to credit cards, a stay-out-of-debt plan that is tailored to your motivations may prevent debt the next time around. (AP Photo/John Raoux, File)

Overdraft fees could drop to as low as $3 under new Biden proposal

The cost to overdraw a bank account could drop to as little as $3 under a proposal announced by the White House, the latest move by the Biden administration to combat fees it says pose an unnecessary burden on American consumers, particularly those living paycheck to paycheck.

File - A graduating Boston College student speaks on a phone during commencement ceremonies on May 22, 2023, in Boston. The Free Application for Federal Student Aid, or FAFSA, has been available on and off for a few days now. While many have been able to take advantage of the new shorter application, many others have struggled to even open the application. (AP Photo/Steven Senne, File)

The new FAFSA is meant to make applying for college aid easier, but not everyone can access it yet

A new online application designed to make applying for federal student aid easier went live this week, but not everyone has been able to access it.

File - Students make their way through the Sather Gate near Sproul Plaza on the University of California, Berkeley, campus March 29, 2022, in Berkeley, Calif. The Free Application for Federal Student Aid is available for the 2024-2025 school year, three months later than usual. (AP Photo/Eric Risberg, File)

What to know about changes to this year’s FAFSA application for college students

A new version of the federal student aid application is now available to all college applicants for the 2024-2025 school year.

FILE - A "Sold" sign decorates the lawn of a new house in Pearl, Miss., Sept. 23, 2021. Homeowners are increasingly tapping their equity, taking advantage of big gains following years of soaring housing prices. Some 333,537 home equity loans were taken out by homeowners in the third quarter of 2022, according to data from TransUnion. (AP Photo/Rogelio V. Solis, File)

More homeowners tap equity juiced by soaring prices

LOS ANGELES (AP) — Homeowners are increasingly tapping their equity, taking advantage of big gains following years of soaring housing prices.

FILE - High gas prices are shown in Los Angeles, June 16, 2022. A new poll from The Associated Press-NORC Center for Public Affairs Research shows an upheaval in priorities just months before critical midterm elections. (AP Photo/Jae C. Hong, File)

Inflation, expenses rise sharply as priorities: AP-NORC poll

A new poll from The Associated Press-NORC Center for Public Affairs Research shows an upheaval in priorities just months before critical midterm elections.

FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. The annual Social Security and Medicare trustees report released Thursday, June 2, 2022, says Social Security’s trust fund will be unable to pay full benefits in 2035, instead of last year's estimate of 2034, and the year before that which estimated an exhaustion date of 2035. (AP Photo/Jenny Kane, File)

Go-broke dates pushed back for Social Security, Medicare

A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and Medicare, but officials warn that the current economic turbulence is putting additional pressures on the bedrock retirement programs.

New Mexico social studies rule adds personal finance to K-12

SANTA FE, N.M. (AP) — The New Mexico Public Education Department has issued a final rule structuring the K-12 social studies curriculum, adding personal finance following a letter-writing campaign.

FILE - In this May 7, 2020, file photo, a person looks inside the closed doors of the Pasadena Community Job Center in Pasadena, Calif., during the coronavirus outbreak. While most Americans have weathered the pandemic financially, about 38 million say they are worse off now than before the outbreak began in the U.S. According to a new poll from Impact Genome and The Associated Press-NORC Center for Public Affairs Research 55% of Americans say their financial circumstances are about the same now as a year ago, and 30% say their finances have improved. (AP Photo/Damian Dovarganes, File)

Poll: 15% of Americans worse off a year into pandemic

While most Americans have weathered the pandemic financially, about 38 million say they are worse off now than before the outbreak began in the U.S.