When you file your federal income tax return, you have a choice to make: Claim the standard deduction or itemize your deductions. The standard deduction…
The Trump administration on Wednesday imposed an additional 25% tariff on Indian imports, pushing some duties to as high as 50% as of Wednesday, U.S. Customs and Border Protection confirmed. The move has been framed…
Images by Getty Images; Illustration by Issiah Davis/Bankrate Key takeaways You’ll need necessary documents — including a government-issued ID, social security number, and proof of address — to open an account. If you’re denied because of your banking history, there are banks and financial technology companies that offer second-chance accounts.…
Images by GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways To afford a $1 million house with a 20 percent down payment and a 6.5 percent mortgage rate, you’ll need about $218,000 in annual income. A common housing-affordability guideline states that you shouldn’t spend more than 28 percent of your monthly…
Many people strive to achieve $1 million in savings before they reach retirement, but the reality is that most Americans struggle to meet that savings threshold. Average retirement account balances for those aged 55–64 averaged about $271,000 at the end of 2024 in plans administered by Vanguard, according to the…
Photography by Getty Images Key takeaways Citi ThankYou Rewards offers flexible redemption options, including transfers to airline and hotel partners. Points transfers typically offer more value than other redemption options, with a 1:1 ratio. It may be beneficial to pair multiple Citi credit cards, such as a no-annual-fee card and…
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Key takeaways You owe capital gains tax on any realized gain on sale of an asset, though not on unrealized capital gains. Long-term capital gains — for assets held for a year or longer —…
