Author: Money Mechanics

KEY TAKEAWAYS The IRS is suspending the Direct File program, a free guided tax software for taxpayers in 25 states, for the upcoming filing season.Other free federal tax preparation programs will still be available during the 2026 tax filing season for many taxpayers. A free tax preparation program used by thousands of taxpayers will not be available in the upcoming filing season. The IRS Direct File, which provided a free guided tax software directly from the IRS website to taxpayers in 25 states, has been suspended. Treasury Secretary Scott Bessent, also the current interim IRS commissioner, told reporters that there…

Key Takeaways Those under age 35 had a median transaction account balance of $5,400 as of 2022 and an average balance of $21,000. Those in the 35-44 range had a median of $7,500 and an average of $42,000. Those in the 45-54 range had a median of $9,000 and an average of $71,000. The average down payment on a home in the U.S. is around $60,000, as of the third quarter of 2025. If you’re looking to buy a home in your 30s or 40s, you can boost your savings by seeking out down payment assistance, strategically paying down debt,…

Key Takeaways Block shares tumbled Friday after the payments provider posted weaker-than-expected earnings and higher expenses.Cash App remains a big source of growth for Block, outpacing Square’s gross profit gains for the third quarter. Block (XYZ) shares slumped Friday after the fintech company’s quarterly results fell short of Wall Street’s expectations on the top and bottom lines. The stock dropped close to 8%, making it one of the biggest decliners in the S&P 500 Friday. Read Investopedia’s full daily markets coverage here. Block reported adjusted earnings of 54 cents a share on revenue that rose about 2% year-over-year to $6.11 billion in the third…

Gold is having a moment, and so is Costco.The retail giant’s glittering 1-ounce gold bars have been selling out consistently online, with curious investors and everyday members alike clamoring for access. Costco now offers 24-karat gold, silver and platinum options through its website (and occasionally in warehouses). Some shoppers are picking up bullion the same way they stock up on paper towels and bottled water.But what makes Costco’s gold bars even more intriguing isn’t just the price or the brand. It’s the potential to earn up to 4% in rewards through Costco’s membership and credit card programs. For savvy shoppers,…

Key Takeaways The Federal Reserve cut its benchmark rate by a quarter point last week, but the top high-yield savings and money market accounts still pay up to 5.00%, while the best CDs offer as much as 4.50%. Brokerage and robo-advisor cash accounts are down slightly this week, with a top yield of 3.95%, while U.S. Treasuries pay up to 4.70%. Compare today’s top rates to see which accounts still offer strong yields as interest rates cool and savers look to keep cash working harder. The Best Cash Yields Still Range Up to 5% It’s always smart to make sure…

Each week, in our Ask the Editor series, Joy Taylor, The Kiplinger Tax Letter Editor, answers questions on topics submitted by readers. This week, she’s looking at four questions on the new tax deduction for paying interest on vehicle loans. (Get a free issue of The Kiplinger Tax Letter or subscribe.)1. What are the general rules for the deduction?Question: I hear that individuals can now deduct interest paid on their car loans. Can you explain this tax break? Joy Taylor: The “One Big Beautiful Bill” law that was enacted on July 4 provides several new tax breaks for individuals. One…

Key Takeaways Mortgage rates recently hit an almost 13-month low before inching higher again, currently averaging 6.48% nationwide.The latest data show Kentucky with the lowest rates, while mortgages were priciest in Hawaii. Our map shows the average in every state.Because rate timing is tough to predict, buyers are often better off purchasing when they’re ready and the right home comes along. While mortgage rates generally move in the same direction nationwide, some states average slightly higher or lower than others. The states with the lowest 30-year fixed mortgage rates are currently Kentucky, New York, North Carolina, Louisiana, California, and New…

Selling continued on Wall Street to start Friday, with sentiment taking a hit from lofty equities valuations and the ongoing government shutdown. But two of the three main indexes finished in positive territory as media reports refreshed hope that the funding standoff could end sooner rather than later.The October jobs report was slated to be released today, but due to the government shutdown, the data are delayed for a second month in a row. Based on the private data we’ve seen, Comerica Chief Economist Bill Adams believes “employment likely fell in October as weak private hiring failed to offset a…

According to analytics company Curinos, the current national average HELOC rate is 7.64%. Yahoo Finance is seeing home equity line of credit interest rates dropping by 0.25% or more at national lenders. Shop more than one HELOC lender to find your best offer. According to Curinos data, the average weekly HELOC rate is 7.64%, down 40 basis points since January. This rate is based on applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio (CLTV) of 70%. Homeowners have an impressive amount of value tied up in their houses — more than $34 trillion at…

They are coming not just from the precious metals market itself, but from other markets as wellBitcoin on the BrinkThat’s : Barely hanging above $100k (currently below it; shorting it above $104k was most likely an excellent idea), but already below the previous highs and the lower of the rising support lines. This is a severe technical damage, and I don’t think the bulls will be able to save the cryptocurrency market this time. This week’s performance tells us why. What did the anti-USD asset – bitcoin – do in the last few days? It declined and even though it…