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President Barack Obama is set to announce changes to the government’s Home Affordable Refinance Program (HARP) on Monday. The mortgage refinance program, which has been criticized in the past for not impacting the number of homeowners intended, is expected to adjust its requirements so that it will be easier for borrowers to capitalize on current low-interest rates even if they owe much more than their homes are worth.
HARP Refinance Program Struggles to Help Intended Borrowers 
According to an announcement this week by the Internal Revenue Service, individuals contributing to their 401(k), along with other retirement plans, will be able to add more tax-free money to their accounts next year. The contribution limit for employees participating in these retirement programs will increase to $17,000 for the tax year 2012.
401(k) Retirement Contribution Increases for First Time Since 2009
Continuing advances in breast cancer treatment may be improving the odds of survival for many cancer patients, but this advanced technology also means that the cost of treating this disease may be higher than ever. Even for those with insurance, the medical bills associated with breast cancer treatment are a significant burden.
Researchers from the Duke University Medical Center and the Dana-Farber Cancer Institute examined the costs and pegged them at about $712 per month, even those with insurance coverage. Fortunately, the IRS does allow cancer patients to deduct their medical expenses, which can help ease some of the financial burden of fighting this disease. Here we’ll take a look at how medical tax deductions work and what breast cancer patients can and can’t claim.
Late Thursday evening, Senate Democrats and Republicans attempted to push through measures in a much-needed jobs bill, but fell short of the 60 votes required to bring the measures to the floor. However, the disagreements between both parties came down to taxes and whether they should be increased.
Jobs Bill Blocked Along Party Lines
Two U.S. Senators are preparing to introduce a bipartisan bill which provides non-U.S. citizens residence visas if they purchase homes within the country. According to a new report from the Wall Street Journal, the bill is designed to help the suffering housing market and encourage foreign investment in the United States.
Bill Will Grant Visas to Home Buyers Spending $500,000+
Today is International Credit Union Day, and local CUs have plenty to celebrate. The recent outrage over rising bank fees and spreading Occupy Wall Street demonstrations have put national financial institutions in a negative light, to say the least. All the while, local banks and credit unions are snapping up enraged customers left and right.
Senior citizens and other recipients of Social Security benefits will see their payments increase in 2012, according to a new government announcement. This 3.6 percent cost-of-living increase is the first granted for Social Security recipients since 2009.
Low Inflation Impacted Previous Years’ Social Security Payment Increases
Every year, millions of Americans make resolutions to get back into shape. The formula is usually the same: Improve diet and increase exercise to achieve better health. Sounds easy enough, right? If only it were as easy to do as it is to type.
Why is it so difficult to follow these simple steps? The answer is simple, too: Choices. Other things take priority over exercise and diet, so we choose to put fitness aside. The more we ignore it, the harder it is to meet our goals and we’re back to making the same new year resolutions all over again. It’s a vicious cycle.
Government officials and big banks are working on a plan to make refinancing available to some borrowers who are saddled with underwater mortgages, according to a new report from the Wall Street Journal. Sources close to the matter say the refinancing plan will only apply to mortgages owned by banks currently working with officials.
Plan to Help Borrowers Who Lack Equity in Homes
If you filed for a 2010 income tax extension this year, today is the deadline to file your return. In other words, you must have your return postmarked no later than October 17, 2011 to prevent penalties this year.
Tax Returns Due Today
In preparing tax returns, some taxpayers find they have not acquired the proper documentation to submit their return by the standard April deadline to file.