Author: Money Mechanics

(Oil Price) – Oil producers in the Arab Gulf have already lost at least $15.1 billion in oil and gas revenues since the start of the Middle East war, per estimates by commodities analytics firm Kpler cited by the Financial Times. The de facto closure of the Strait of Hormuz has choked off since March 1, millions of barrels per day of crude oil and refined petroleum products, and 20% of the global LNG supply. Since the war began, Gulf producers have already lost $15.1 billion in revenues, based on estimates that the choked supplies that cannot pass the Strait of Hormuz…

Key Takeaways The national average gas price rose another 3 cents to $3.63 Friday, as oil prices continue edging higher amid the Iran war.Pump prices have jumped 65 cents per gallon since the end of February.Even the cheapest states now average above $3 per gallon, while drivers in six states are paying more than $4. Get personalized, AI-powered answers built on 27+ years of trusted expertise. Gas Prices Have Jumped 65 Cents in Under Two Weeks Oil prices are extending their surge that began at the start of March, triggered by the Iran conflict. That escalating price for crude is…

Key Takeaways The Willie Sutton Rule advises pursuing the most obvious path in decision-making.Investors should seek low-hanging fruits before trying complex strategies.In medicine, common diagnoses should be checked first before rare conditions. What Is the Willie Sutton Rule? The Willie Sutton Rule is based on a statement by notorious American bank robber Willie Sutton. When asked by a reporter why he stole from banks, Sutton answered, “Because that’s where the money is.” His end goal was money so why waste time looking for it in obscure or questionable places? He instead took the path of least resistance and most success…

Key Takeaways A personal tax exemption was available until 2017, but was eliminated from 2018 to 2025.Taxpayers, their spouses, and qualifying dependents were able to claim a personal exemption.The personal exemption was eliminated in 2017 as a result of the Tax Cuts and Jobs Act. Get personalized, AI-powered answers built on 27+ years of trusted expertise. What Is a Personal Exemption? The personal exemption was a federal income tax break up until 2017. The Tax Cuts and Jobs Act of 2017 eliminated the personal exemption for tax years 2018 to 2025. The exemption was earmarked for a subsistence level of…

Key Takeaways Whether you prepare your own taxes or send them out to be completed by an accountant, it is up to you, the filer, to provide accurate and truthful information.An experienced tax preparer will easily identify red flags in the information you provide that could indicate a lie or fudging the numbers.These red flags may include commingling business and personal income and expenses, claiming unqualified dependents, or trying to hide assets overseas.Lying on your tax returns can result in fines and penalties from the IRS, and can even result in jail time. Get personalized, AI-powered answers built on 27+…

(Image credit: Getty Images)Tax season can be a lot, but it also offers an opportunity to turn taxes from a once-a-year burden into a series of small, strategic moves to help you build financial confidence and momentum for the future.For most tax filers — especially those with workplace financial benefits such as a 401(k) or equity compensation — tax awareness usually pays off most when practiced throughout the year, rather than just focusing on deadlines.What’s more, workplace benefits, such as retirement plans, health savings accounts (HSAs), employee stock purchase plans (ESPPs) and financial wellness tools, can be used to simplify…

Editor’s note: This article is the fourth in a five-part series featuring the best advice about money from investing greats, renowned economists, top financial planners and other experts. Other articles focus on advice about managing money, saving and investing, retirement planning and the best advice experts have gotten from their moms and dads.We asked a diverse group of 35 top financial experts — acclaimed investors, advisers, money managers, economists, influencers and more — to share their very best advice with Kiplinger readers. The essential question we put to them: Of all the many recommendations about money you’ve given or received,…

To help you understand the trends surrounding AI and other new technologies and what we expect to happen in the future, our highly experienced Kiplinger Letter team will keep you abreast of the latest developments and forecasts. (Get a free issue of The Kiplinger Letter or subscribe.) You’ll get all the latest news first by subscribing, but we will publish many (but not all) of the forecasts a few days afterward online. Here’s the latest…The artificial intelligence race is gobbling up memory chips and sending prices soaring. Now the war in Iran threatens to make those problems worse. The smartphone…

Crude oil prices were on course for another weekly gain today, despite a temporary dip following the announcement of a 30-day sanction waiver on Russian crude stuck on tankers as the Trump administration tries to alleviate an increasingly serious-looking supply tightening. was trading at $100.2 per barrel at the time of writing, and was trading at $95.03, both slightly down on Thursday’s close but higher on the start of the week. Washington’s sanction waiver follows an admission by the International Energy Agency that “The war in the Middle East is creating the largest supply disruption in the history of the…

After several months of declines, new listings are posting a small improvement. Sellers are betting on mortgage rates that are closer to 6% than 7% bringing buyers off the sidelines.  New listings of U.S. homes for sale rose 0.5% from a year earlier during the four weeks ending March 8, the first increase since November.  While it’s a modest improvement, it may be a sign that some home sellers are feeling more hopeful about this spring’s housing market now that mortgage rates have dipped down to 6%. That has pushed the median monthly housing payment down 3.2% year over year,…