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Greg Hinsdale | The Image Bank | Getty ImagesIf you live in a high-tax state, you could see some relief from income and property levies for 2025 — thanks to a change enacted via President Donald Trump’s “big beautiful bill.” The Republicans’ multitrillion-dollar legislation temporarily raised the limit for the federal deduction for state and local taxes, known as SALT.For 2025, the SALT deduction cap is $40,000, up from $10,000 in 2024, which includes state and local income taxes and property taxes. You can claim the SALT deduction if you itemize tax breaks.While the $40,000 limit increases by 1% yearly…

CEO Bruce Bond will walk away with the largest share of Innovator Capital’s $2 billion payday, seven years after he cofounded the firm.Nate Ryan for ForbesWith investors getting increasingly anxious about the nosebleed valuations of public stocks, Goldman Sachs announced Monday morning that it’s spending $2 billion to buy Innovator Capital Management, a firm that will cushion its clients from a crash.Wheaton, Illinois-based Innovator manages $28 billion in assets, mostly in defined-outcome ETFs which use options contracts to shield investors from the stock market’s losses up to a defined buffer, in exchange for a cap that limits the funds’ upside.…

Sturti | E+ | Getty ImagesSome workers with health flexible spending accounts may be on the verge of giving their employers an unintentional gift this holiday season.Each year, the share of employees who miss the typical Dec. 31 deadline to spend their FSA money and end up forfeiting it to their companies is between 40% and 50%, according to ongoing research from the Employee Benefit Research Institute, which began tracking FSA data in 2019. Although some companies give account holders an extension, most — about two-thirds — employ a use-it-or-lose-it rule.”People tell us one of the main reasons they forfeit…

Krisanapong Detraphiphat | Moment | Getty ImagesRising health-care expenses as part of an overall increase in the cost of living are forcing some Americans — including higher earners — to make tough financial choices. In 2026, employees could see their total health benefit cost increase by 6.7% on average, pushing the average cost per employee above $18,500, according to global consulting firm Mercer. It’s the steepest jump in 15 years, the firm said.This year, premiums for families with employer-sponsored plans rose 6%, more than twice the rate of inflation, at 2.7%, and outpacing wage growth of 4%, according to KFF, a nonprofit…

Man planning home budget and using calculatorRockaa | E+ | Getty ImagesMany student loan borrowers could soon have access to lower monthly payments, as the U.S. Department of Education finishes implementing changes to one of its repayment plans. Previously, borrowers needed to prove a “partial financial hardship” — or income below a certain level — to get into the Income-Based Repayment plan, or IBR. But President Donald Trump’s “big beautiful bill” waived that requirement, and the change should be widely available in December, according to a recent update on the Education Department’s website. “In the meantime, servicers will hold IBR…

After a battle over immigration policies and international student visas, fewer new international students chose to study on U.S. college campuses this fall, which comes at a significant economic cost.In the fall 2025 semester, the tally of new international students studying in the U.S. sank 17%, according to a fall snapshot from the U.S. Department of State and the Institute of International Education released earlier this month. Altogether, international students at U.S. colleges and universities contributed nearly $55 billion to the U.S. economy over the 2024-25 academic year, including tuition revenue as well as student spending, according to the IIE’s Open Doors…

Yellow Dog Productions | The Image Bank | Getty ImagesIf you plan to donate money on Giving Tuesday, you could score a tax break. But recent changes enacted via President Donald Trump’s “big beautiful bill” could affect your savings, financial experts say.   Some 36.1 million U.S. adults participated in Giving Tuesday for 2024, with donations totaling $3.6 billion, up from $3.1 billion in 2023, according to estimates from GivingTuesday Data Commons.Despite economic uncertainty in 2025, high assets in donor-advised funds could continue to bolster philanthropy in the coming years, according to an analysis from consulting firm RSM. These funds, which act…

Alistair Berg | Digitalvision | Getty ImagesRecent legislation and policy changes under the Trump administration have upended federal student loans. For some borrowers, the shifts may affect their tax situation — how much they owe the IRS, or whether they actually get an expected tax refund.More than 40 million Americans hold student loans, and the outstanding debt exceeds $1.6 trillion. Taxability of student loan forgiveness is changing. A law that shielded student loan forgiveness from taxation at the federal level — a provision in the American Rescue Plan Act of 2021 — expires at the end of 2025. President Donald Trump’s “big beautiful bill” did not extend or…

Many people saving in 401(k) accounts get a company match from their employer. But that money may not yet belong to them.Someone may have to remain employed with a company for up to six years to take full control of those matching funds — a longer timeline than is typical for many workers, which may pose an additional financial hit for those laid off in a cooling labor market. The 401(k) match is often referred to as “free” money: Employees who contribute to their 401(k) plan may get a matching contribution to their account from their employer, up to a…

Westend61 | Westend61 | Getty ImagesIf you’re in the market for a new car and hoping to score a huge holiday deal, you may want to temper your expectations.While you might be able to find some Black Friday sales and end-of-year specials, they are neither plentiful nor generous this year, said Joseph Yoon, consumer insights analyst for Edmunds, an auto research and car-buying site. Couple that with elevated auto prices and the high cost of financing, and the purchase could be more painful than you anticipated.”I think a lot of buyers may be a little disappointed,” Yoon said.Inventory is up,…