Happy Friday everyone! We hope you are all settling into our new normal even though it is anything but! Today we are reading some interesting articles about the Federal Reserve balance sheet hitting $5 trillion, some IRS FAQs about the tax deadline extensions, how much of an emergency fund you should have and a few others. We hope everyone has a great weekend!
The Federal Reserve’s balance sheet topped $5 trillion for the first time amid the U.S. central bank’s aggressive efforts to cushion debt markets against the coronavirus outbreak through large-scale bond-buying programs.
House members are scrambling back to the Capitol on Friday morning as one member’s opposition to a $2 trillion coronavirus rescue package is set to delay its passage.
Taxpayers have extra time to contribute to their individual retirement accounts now that the Internal Revenue Service has extended the tax filing and payment deadlines to July 15.
In a just-released FAQ on the extension, the IRS states that contributions can be made to an IRA, for a particular year, at any time during the year or by the due date for filing your return for that year.
U.S. consumer sentiment fell to a three-year low as the coronavirus outbreak takes a toll on the economy, according to data from the University of Michigan released Friday.
Financial advisors generally encourage you to set aside three to six months’ worth of living expenses in an emergency fund in case you lose your job, have a medical scare or have to deal with a car breaking down.
Does this rule of thumb still apply today, as the COVID-19 pandemic threatens the global economy and is projected to put millions of Americans out of work?