Author: Brian Lund
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Taxpayers 65 and older get a larger standard deduction that many forget to take
One of the simplest tax breaks in the code is also one of the easiest to miss: people 65 and older get a bigger standard deduction. It requires no itemizing, no receipts, and no special form, just checking a box for age. Yet older filers who prepare their own returns sometimes overlook it and pay…
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Workers can deduct up to $12,500 of overtime pay for 2026, now reported on the W-2
Workers who log long hours have a tax break coming, and starting with 2026 the amount will be printed right on the W-2. Eligible workers can deduct up to $12,500 of qualified overtime, or up to $25,000 for married couples filing jointly, when they file their federal return. It is real money for people who…
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State Farm is returning about $5 billion to auto customers, roughly $100 a vehicle
State Farm is handing back a lot of money to its auto insurance customers, and for most it will arrive without any effort on their part. The company is distributing a record dividend of about $5 billion to policyholders, averaging roughly $100 per insured vehicle. For a household watching every line of the budget, an…
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Credit unions often pay higher savings rates and charge lower fees than big banks
For a household trying to earn more on savings and pay less in fees, one of the simplest moves is also one of the most overlooked: switching to a credit union. Because credit unions are not-for-profit and owned by their members, they often pay higher rates on savings and charge lower fees than big commercial…
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Severance pay is not required by federal law unless a contract or policy promises it
Many laid-off workers assume severance is a legal right. It is not. No federal law requires an employer to pay severance at all, and when it is paid, it comes from a contract, a company policy, or a negotiated agreement rather than a statute. Knowing that changes how a worker should approach a layoff, because…
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Some workers who quit for good cause, such as unsafe conditions, can still collect unemployment
A common belief keeps people from claiming money they may be owed: the idea that quitting a job always disqualifies you from unemployment benefits. It does not. In many states, a worker who leaves for a compelling, work-related reason, such as unsafe conditions or an employer breaking the terms of the job, can still collect.…
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Gig and freelance workers must make quarterly estimated tax payments or risk an IRS penalty
For anyone earning money on the side, whether driving, freelancing, selling online, or picking up gig work, the tax bill does not wait until April. The IRS expects self-employed workers to pay as they earn, in four installments across the year, and the next one is due September 15. Skip them, and the penalty is…
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Medicaid enrollees must reprove eligibility every six months in 2027 or risk losing coverage
A major change to Medicaid arrives in 2027, and it is as much about paperwork as it is about work. Under the 2025 federal law, many adults on Medicaid will have to document that they are working or doing qualifying activities and reprove their eligibility every six months instead of once a year. The new…
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UnitedHealthcare is shrinking its Medicare Advantage rolls, dropping plans for about 20,000 members in 2027
Humana is not the only big insurer trimming Medicare Advantage plans for 2027. UnitedHealthcare, the largest player in the market, is preparing to pull out of dozens of counties, a move that would strip coverage from roughly 20,000 members. The company calls the list preliminary, but for anyone in an affected county the smart response…
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Supplemental Security Income adds a monthly federal check for low-income seniors and disabled adults
A lot of older Americans on a tight income assume there is nothing beyond their Social Security check, and they are often wrong. Supplemental Security Income is a separate federal benefit that pays a monthly amount to people who are 65 or older, blind, or disabled and who have very little income and few assets.…
