The IRS has raised contribution limits for Health Savings Accounts (HSAs) to $4,300 for single coverage and $8,550 for families in 2025. HSAs offer triple tax advantages: tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses. To qualify, you must have a high-deductible health insurance plan.
Millions of taxpayers have over $1 billion in unclaimed 2020 tax refunds, but the deadline to file and claim them is May 17th. These refunds may include pandemic relief like stimulus checks. The IRS urges taxpayers to start the filing process as soon as possible, and provides tools like online account access to help them gather necessary information. Missing forms can be obtained online from banks or financial institutions. After the deadline, unclaimed refunds will expire, resulting in forfeited money.
New rules aim to make it easier for Americans to qualify for Supplemental Security Income (SSI) benefits and increase payments. Starting September 30th, changes will expand the definition of who qualifies for SSI and make it less likely that renting or receiving food assistance will affect eligibility or payments. These updates address outdated practices and reduce burdens for beneficiaries, improving access to benefits for millions of Americans who rely on them.
Adding your child as an authorized user on your credit cards can teach them financial responsibility. They can make purchases while you oversee their spending, and they can start building their credit history. Set clear limits and rules to prevent misuse, and be prepared to strike a balance between trust and monitoring.
Germany's top trading partner, once China, may soon be replaced by the United States. US-German trade has surged, while German-Chinese trade has dipped due to China's weakening economy, the US's growing demand, and Germany's de-risking strategy from China. This shift reflects increased tensions between the EU and China and a gradual move towards decoupling from the Asian giant.
The UK has ended its short recession with economic growth of 0.6% in the first quarter of 2023. The services sector, including transport, led the recovery. While Prime Minister Sunak hailed this as a positive sign, experts caution that economic challenges remain, such as high inflation and low productivity. The Bank of England is closely monitoring inflation and has kept interest rates unchanged.
Traders and economists are reconsidering when the Bank of England (BOE) will lower interest rates. Initially, August was expected, but a strong economic growth report has led many to predict a June cut. The GDP exceeded expectations, growing by 0.6% in the first quarter of 2024, ending a technical recession. This indicates the economy may be more resilient to high interest rates and persistent inflation, potentially delaying BOE rate cuts until later in the year.
A new regulation aimed at lowering credit card late fees from $32 to $8 faces a legal challenge. The US Chamber of Commerce has sued to prevent its implementation, which could save Americans billions in fees. The industry argues the rule is unfair and would harm responsible borrowers. A federal judge in Texas is expected to decide soon whether to grant an injunction to delay the regulation.
