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A visual representation of dogecoin and other cryptocurrencies.
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The Securities and Exchange Commission issued long sought after guidance Thursday evening saying it does not deem most meme coins securities under U.S. federal law.
Meme coins “typically have limited or no use or functionality” and are “more akin to collectibles,” according to the agency’s Division of Corporation Finance.

“It is the Division’s view that transactions in the types of meme coins described in this statement do not involve the offer and sale of securities under the federal securities laws,” the statement says. “Persons who participate in the offer and sale of meme coins do not need to register their transactions with the Commission. … Accordingly, neither meme coin purchasers nor holders are protected by the federal securities laws.”
It also said “a meme coin does not constitute any of the common financial instruments specifically enumerated in the definition of ‘security’ because, among other things, it does not generate a yield or convey rights to future income, profits, or assets of a business. In other words, a meme coin is not itself a security.”
The clarification comes after the latest rapid rise of such cryptocurrencies following the election of President Donald Trump, as well as their crash in recent weeks. It’s also another notch in the belt of the new administration, which has promised to create clearer and perhaps more favorable regulatory conditions for the crypto industry, and to do so swiftly.
“The SEC’s recent statement on meme coins is the clarity that the digital asset space has been demanding for years,” said Ishmael Green, a crypto attorney and partner at the law firm Diaz Reus. “This will drive continued investment in the U.S. crypto space, as the vast majority of meme coins launched in the last 12 months with multibillion dollar market caps have been released on Solana, an American blockchain.”

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Dogecoin has suffered from the recent meme coin crash but is still holding on to postelection gains

“[It] also comports with the current administration’s promise to the crypto community to end needless and frivolous enforcement actions which stifle innovation and investment,” he added.

Dogecoin, the original meme coin and sixth largest cryptocurrency by market cap, rose 3%. The token tied to Solana, which has become the go-to host for meme coins – including the Official Trump meme coin – rose 2%.
Shares of both Coinbase and Robinhood rose about 1% in after hours trading.
The clarity could pave the way for both exchange operators to list more meme coins without the risk of regulatory enforcement.
In January, at the height of the Trump-fueled meme mania, Coinbase CEO Brian Armstrong said that “given there are [about 1 million] tokens a week being created now, and growing … evaluating each one by one is no longer feasible,” in a post on X. “And regulators need to understand that applying for approval for each one is totally infeasible at this point,” he said.
Meme coins, of which there are thousands, sit at the furthest end of the risk spectrum. They’re three to four times more actively traded than bitcoin and ether, adjusting for market cap, which makes them lucrative offerings for newcomers to the market who feel they may have missed the boat on bitcoin. Historically, they’ve been a gauge of retail interest and risk appetite in crypto, though most market participants warn strongly against them.
Despite their purely speculative nature and lack of intrinsic value, they’re widely viewed as a significant sector of the crypto market and an important part of internet culture that reflects the origins, culture and permissionless nature of the crypto community.

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After year-end, there are limited ways to lower your previous year’s tax bill, especially for W-2 workers.
However, you have until the April 15 tax deadline for three tax strategies, experts say.

Pra-chid | Istock | Getty Images

With tax season well underway, you may be eager for strategies to reduce your 2024 taxes or boost your refund. However, there are limited options, especially for so-called “W-2 employees” who earn wages, experts say.
After Dec. 31, there are “very few” tax moves left for the previous year, according to Boston-area certified financial planner and enrolled agent Catherine Valega, founder of Green Bee Advisory.

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Once the calendar year ends, it’s too late to claim a tax break by boosting 401(k) plan deferrals, donating to charity or tax-loss harvesting.
But there are a few opportunities left before the April 15 tax deadline, experts say. Here are three options for taxpayers to consider. 

1. Contribute to your health savings account

If you haven’t maxed out your health savings account for 2024, you have until April 15 to deposit money and score a tax break, experts say.
For 2024, the HSA contribution limit is $4,150 for individual coverage or $8,300 for family plans. However, you must have an eligible high-deductible health insurance plan to qualify for contributions.  

“The HSA is easy,” said CFP Thomas Scanlon at Raymond James in Manchester, Connecticut. “If you are eligible, fund it and take the deduction.” 

2. Make a pre-tax IRA deposit

The April 15 deadline also applies to individual retirement account contributions for 2024. You can save up to $7,000, plus an extra $1,000 for investors age 50 and older.
You can claim a deduction for pre-tax IRA contributions, depending on your earnings and workplace retirement plan.
The strategy lowers your adjusted gross income for 2024, but the account is subject to regular income taxes and required withdrawals later, said CFP Andrew Herzog, associate wealth manager at The Watchman Group in Plano, Texas.
“A traditional IRA simply delays taxation,” he added.

A traditional IRA simply delays taxation.

Andrew Herzog
Associate wealth manager at The Watchman Group

3. Leverage a spousal IRA

If you’re a married couple filing jointly, there’s also a lesser-known option, known as a spousal IRA, which is a separate Roth or traditional IRA for nonworking spouses.  
Married couples can max out a pre-tax IRA for both spouses, assuming the working spouse has at least that much income. It’s possible to claim a deduction for both deposits.
But whether you’re making a single pre-tax IRA contribution or one for each spouse, it’s important to weigh long-term financial and tax planning goals, experts say. More

As the Department of Government Efficiency looks to make massive spending cuts, there’s talk of sending some of the money back to Americans.
That may come in the form of $5,000 DOGE dividend checks, an idea welcomed by President Donald Trump and DOGE leader Elon Musk.
Experts weigh in on whether they think the idea could work.

Elon Musk and President Donald Trump in the Oval Office at the White House, Feb. 11, 2025.
Andrew Harnik | Getty Images News | Getty Images

As the so-called Department of Government Efficiency looks to cut federal spending, Elon Musk and President Donald Trump have floated the idea that some of any savings could come back to Americans in the form of $5,000 dividend checks.
But experts say it’s too soon to say whether such checks could materialize — and caution that if they did, there could be economic consequences for consumers.

How ‘DOGE dividend’ proposal came to be

Both Musk and Trump boosted a proposal that James Fishback, CEO of investment firm Azoria, posted Feb. 18 on social media platform X, that suggested sending millions of American households checks.
“Americans sent their hard-earned tax dollars to Washington, D.C.,” Fishback told CNBC.com. He said he believes some of “those tax dollars were wasted.”
“There needs to be restitution to correct that,” Fishback said.
The White House released in early February a list of what it called “waste and abuse” of funds at the U.S. Agency for International Development, including $1.5 million to promote diversity, equity and inclusion in Serbia’s workplaces and $70,000 for a DEI musical in Ireland.
Under Trump, DOGE, an advisory group, set an aim to cut $2 trillion in federal spending. However, Musk said in a recent interview that target may be the “best-case outcome” and there may be a “good shot” of cutting half that amount.

In his proposal, Fishback starts from the presumption that DOGE will achieve $2 trillion in cuts to the government. By taking 20% of that total savings — or around $400 billion — that may leave room for around 79 million tax-paying households to each receive a $5,000 tax refund, per Fishback’s plan.
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The idea of direct money may sound familiar to American households, millions of whom received Covid-era stimulus checks. But these payments would be different from the stimulus checks, which work to stimulate the economy at a time of weak gross domestic product growth, Fishback said. Unlike the stimulus checks, the DOGE dividend checks would be only for households that pay federal income taxes, Fishback said.
The idea calls for a dividend closer to something like the Alaska Permanent Fund, in that it would represent a share of collected savings, noted Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.
The rebate would be sent only to households that are “net payers of federal income tax,” per the plan — people who pay more in taxes than they get back. Under those terms, lower-income Americans would not qualify for the return. According to the Pew Research Center, most Americans who have an adjusted gross income of under $40,000 effectively pay no federal income tax.
Fishback, meanwhile, told CNBC.com there’s no minimum income requirement, but Americans would have to file a federal tax return to receive the money. The prospect of the payments may provide an incentive for nonworking individuals to reenter the labor force, according to the plan.
To be sure, the terms of the plan could change if lawmakers decide to consider it.
Trump has welcomed the idea. Musk, who Trump brought on board to implement DOGE, “very much agrees the incentives are in place” to get everyday Americans to report waste, fraud and abuse, Fishback said of a recent conversation he had with the billionaire.

Congress would have to approve payments

Yet to send the DOGE checks out, the Trump administration will need Congress’ approval. Fishback has been meeting with House and Senate members to promote the idea.
Last week, House Speaker Mike Johnson, R-La., said that while it would be “great” politically, other priorities should come first. Experts say DOGE needs to figure out how much money has been saved before promising people checks in the mail.
“We have a $36 trillion federal debt. We have a giant deficit,” Johnson said. “I think we need to pay down the credit card.”
White House deputy chief of staff Stephen Miller recently said the DOGE checks will be “worked on through the reconciliation process with Congress that’s going underway right now.”
Yet some experts have expressed doubts about the proposal.
“There’s no appropriation for this,” said Elaine Kamarck, a senior fellow at the Brookings Institution who ran the Clinton administration’s National Performance Review, which implemented cuts in an effort to modernize and improve the federal government’s performance.

“You cannot spend money without Congress telling you that you can spend money,” Kamarck said. “That is illegal.”
It also remains to be seen whether the DOGE initiative can generate enough savings to justify $5,000 payments, Kamarck said. Even with the savings DOGE plans hope to generate, initiatives like curbing immigration will require new or increased spending in other areas.
Without yet having generated meaningful savings, it’s premature to talk about dividend checks, MacGuineas said.
“The bottom line is when you’re running $2 trillion deficits every year, you can’t give away more money in stimulus checks,” MacGuineas said.
“Basically, you’re borrowing more to give back to people, but the borrowing still falls on them,” MacGuineas said.
But if DOGE were able to generate $1 trillion in savings per year, “absolutely additional savings being returned to taxpayers would make total sense and be desirable,” she said.

‘Wrong time’ to have consumer stimulus?

Inflation spiked in the aftermath of the Covid pandemic and is still higher than the Federal Reserve’s 2% target. Some experts worry that additional direct payments to Americans would contribute to more inflation.
“This is certainly the wrong time to have any sort of consumer stimulus,” said Judge Glock, director of research and senior fellow at the Manhattan Institute. “Inflation remains elevated; any sort of stimulus would exacerbate that inflation.”
However, the amount of money saved under DOGE may not provide payments big enough to fuel inflation, Kamarck said.
The prospect of direct payments comes as Congress may look at extending provisions in the Tax Cuts and Jobs Act later this year.
There are already a number of policies being added to that package that are raising deficit concerns, said Alex Muresianu, senior policy analyst at the Tax Foundation.
“This would be another very large thing to try and squeeze in as well,” he said.

Meanwhile, Fishback maintains the DOGE dividend checks would simply refund Americans money they already contributed through income taxes.
Moreover, the way Americans would likely use an unexpected $5,000 — by paying off debt, saving or investing toward long-term goals like retirement — would not be inflationary, Fishback said, citing a 2019 CNBC survey.
“Every American has the mechanism with DOGE and the incentive with the DOGE dividend to report this waste, fraud and abuse,” Fishback said. “We’ll save even more of our hard-earned tax dollars when we give every American skin in the game.”

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As the IRS faces cutbacks, some taxpayers are weighing whether to file returns this season.
But the “failure to file” penalty is 5% of your taxes owed per month or partial month the filing is late, capped at 25%, according to the IRS.
The penalties can be even higher for so-called “tax protestors,” experts say.

Valentinrussanov | E+ | Getty Images

As the IRS faces cutbacks, some taxpayers are weighing whether to file returns this season.
But skipping your federal filing can be costly, experts say.

Josh Youngblood, an enrolled agent and owner of The Youngblood Group, a Dallas-based tax firm, said he’s had a few clients ask whether they need to file this year.
“I’m concerned we’re going to see more of this” amid IRS layoffs and calls to eliminate the agency, he said.
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Last week, the IRS faced mass layoffs as Elon Musk’s Department of Government Efficiency, or DOGE, continued to seek federal spending cuts. Meanwhile, Commerce Secretary Howard Lutnick told Fox News that President Donald Trump wants to “abolish” the agency and replace it with tariffs.     
The uncertainty could contribute to taxpayers’ filing delays.

As of Feb. 14, the IRS received about 5% fewer individual returns compared to about the same point last season, according to the agency’s latest filing statistics.   

Penalties for ‘tax protestors’ can be hefty

There are various reasons why some taxpayers don’t file returns, according to Syracuse University law professor Robert Nassau, director of the school’s low-income tax clinic.
In some cases, they may think “[the IRS is] never going to find me” or “they’re frightened and overwhelmed by the prospect of owing money,” he said.
Another category of non-filers or filers who deliberately underpay, known as “tax protestors,” argue federal taxes are unconstitutional or don’t apply to them, said certified public accountant Mark Kohler.
“There’s this whole laundry list of weird arguments that never work,” he said.

Tax protestors issues can lead to tax court and penalties can be hefty, experts say.
If you file a return without enough information to calculate the correct tax liability, you could be subject to a $5,000 civil penalty for filing a “frivolous tax return,” according to the Internal Revenue Code.  
“Like moths to a flame, some people find themselves irresistibly drawn to the tax protester movement’s illusory claim that there is no legal requirement to pay federal income tax. And, like moths, these people sometimes get burned,” a circuit judge wrote in United States v. Sloan.

Avoid the ‘failure to file’ penalty

Whether you’re protesting the government or avoiding taxes owed, non-filers can expect IRS penalties, experts say.
The “failure to file” penalty is 5% of your taxes owed per month or partial month the filing is late, capped at 25%, according to the IRS.
That’s “ten times worse” than the “failure to pay” penalty, which is levied at 0.5% of your tax balance per month or partial month, also limited to 25%, Nassau explained.  
If you owe taxes, it’s cheaper to file your return on time, or file an extension, and work out a payment plan with the IRS, he said. More

Many consumers are concerned about upcoming tariffs.
Those fears are causing some consumers to spend even more than they would otherwise.
While “doom spending” may be one way to cope with stress, it comes at the expense of your financial well-being.

A customer shops at a Costco store in San Francisco.
Justin Sullivan | Getty Images

With sweeping U.S. tariffs going into effect, more Americans are concerned about the cost of goods and the possibility that prices will rise further in the months ahead.
Those fears are causing some consumers to spend even more than they would otherwise.

To that point , 19% of adults indicate they are “doom spending,” or making impulsive purchases driven by fear and anxiety about the future, according to a recent report by CreditCards.com
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President Donald Trump said earlier Thursday that his proposed 25% tariffs on products from Canada and Mexico will start March 4.
“It’s too soon to say precisely how the new tariffs imposed by President Trump are affecting consumer spending,” says John Egan, a personal finance expert contributor at CreditCards.com. “However, they very well could cause some consumers to rethink their buying habits, especially when it comes to major purchases.”

Fear of tariffs is driving more buying

To that end, 28% of Americans have already made a large purchase, such as a home appliance or home improvement supplies. Another 22% have also started stockpiling certain items, including non-perishable food, toilet paper and over-the-counter medications, according to CreditCards.com.

But these habits are also pushing 34% of credit card borrowers to take on more debt this year, the report also found. CreditCards.com polled 2,000 adults in February.

The downside of doom spending

“One of the drawbacks of doom spending is that it could prompt you to overspend and strain your budget,” Egan said. “In addition, doom spending might lead you to pile up credit card debt, which could put you in a financial hole due to interest charges and fees.”

As credit card debt tops $1.21 trillion, it’s more important to focus on paying down card debt rather than spending even more, experts say.
“Anyone who tells you they know what the next few months hold for the economy is just speculating,” said Matt Schulz, chief credit analyst at LendingTree and the author of “Ask Questions, Save Money, Make More.”
“It’s easy to feel powerless with so much uncertainty out there, but there are plenty of things you can do to take more control of your financial situation,” Schulz said.
“Two of the best things you can do are knocking down your high-interest debt and building your emergency fund, to the degree that you can,” he said. “Both are easier said than done, for sure, but both will put you in a better position to handle whatever situations come your way.”
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More than 3.2 million individuals stand to receive one-time payments and higher monthly benefit checks after the Social Security Fairness Act was signed into law in January.
The Social Security Administration on Tuesday said it plans to expedite the processing of those payments.
Here’s when affected beneficiaries may see the money.

Skynesher | E+ | Getty Images

Lump-sum payments to begin arriving in February

In a new update released on Tuesday, the SSA said it will begin issuing retroactive payments in February. Most people will receive the one-time payment by the end of March, according to the agency.

The SSA plans to process the increase to monthly benefits starting in April.
The new timeline “supports President Trump’s priority to implement the Social Security Fairness Act as quickly as possible,” Social Security acting Commissioner Lee Dudek said in a statement.
“The agency’s original estimate of taking a year or more now will only apply to complex cases that cannot be processed by automation,” Dudek said. “The American people deserve to get their due benefits as quickly as possible.”

Among those affected include some teachers, firefighters and police officers in certain states; federal employees who are covered by the Civil Service Retirement System; and people who worked under foreign social security systems, according to the Social Security Administration.

What affected beneficiaries should know

Retroactive payments, which most people should receive by the end of March, will be deposited directly into bank accounts on file with the Social Security Administration.
All affected beneficiaries should receive a notice by mail from the Social Security Administration with details about their retroactive payment and new benefit amount. Those notices should come two to three weeks after the retroactive payments, according to the agency.

If your direct deposit information or current mailing address are up to date with the agency, no action is needed, according to the SSA. If you want to double-check the information the agency has on file, you may sign into your personal online account or call the agency.
If you want to ask about the status of your retroactive payment, the Social Security Administration urges you to hold off until April.
Beneficiaries should also wait until after they have received their April monthly check before contacting the agency to ask about their new benefit amount.

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The average IRS tax refund amount is down 32.4% compared to the previous year, according to early filing data.
As of Feb. 14, the average refund amount was $2,169, compared to $3,207 reported about one year prior.
However, the numbers should “even out” as the tax deadline approaches and the agency receives more returns, the IRS said.

The average tax refund is 10.4% lower than last year according to the latest Internal Revenue Service data, and inflation is taking more of those dollars.
Bill Oxford | E+ | Getty Images

The average tax refund this year is down 32.4% compared to last year, according to early filing data from the IRS. 
Tax season opened on Jan. 27, and the average refund amount was $2,169 as of Feb. 14, down from $3,207 about one year prior, the IRS reported on Friday. That figure reflects current-year refunds only.

However, the Feb. 14 filing data doesn’t include refunds receiving the earned income tax credit or additional child tax credit, which aren’t issued before mid-February, the IRS noted. The previous year’s filing data included tax returns claiming these credits. The value of these tax breaks can be substantial, even resulting in five-figure refunds, in some cases.
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Typically, you can expect a refund when you overpay taxes throughout the year via paycheck withholdings or quarterly estimated payments. By comparison, there’s generally a tax bill when you haven’t paid enough.

Filing season numbers will ‘even out’

Although the average refund is currently smaller, “historically, filing season numbers even out as more tax returns come in,” according to the agency.
As of Feb. 14, the IRS received roughly 33 million individual tax returns of the more than 140 million it expects before the April 15 deadline.

As of Dec. 27, 2024, the average tax refund for the 2024 season was $3,138, compared to $3,167 in late December 2023. 

‘Don’t call the IRS’ for refund updates

The latest filing statistics come amid mass layoffs for the agency as Elon Musk’s so-called Department of Government Efficiency, or DOGE, continues to cull the federal workforce. 
It’s unclear exactly how the staffing reduction could impact future taxpayer service. But experts recommend double-checking returns for accuracy to avoid extra touch points with the agency.
“Don’t call the IRS looking for your refund,” said Tom O’Saben, an enrolled agent and director of tax content and government relations at the National Association of Tax Professionals. 
You can check the status of your refund via the agency’s “Where’s My Refund?” tool or the IRS2Go app, which is “available 24 hours a day,” O’Saben said.
Typically, the agency issues refunds within 21 days of a return’s receipt. But some returns require “additional review,” which can extend the timeline, according to the IRS. More

Amid White House threats to eliminate the Education Department and reports that Musk’s DOGE had gained access to student loan data, consumer advocates are issuing warnings to borrowers on ways to protect themselves.
Student loan holders should gather their account information now, in case their balances or payment progress are reported inaccurately in the future.
They should also take steps to protect their data.

Students walk through the University of Texas at Austin on February 22, 2024 in Austin, Texas. 
Brandon Bell | Getty Images

Gather student loan records ASAP

If the Trump administration is successful in dismantling key parts of the Education Department, the Treasury Department would be the next most logical agency to administer student debt, said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit.
It’s also possible that the Justice Department or the Department of Labor could carry out some of the Education Department’s functions, according to a December blog post by The National Association of Student Financial Aid Administrators.
But the transfer of tens of millions of borrowers’ account information between agencies would likely lead to errors, experts said. As a result, borrowers should gather the latest information on their student loan balance now, and keep an updated record of it, Yu said.
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At Studentaid.gov, borrowers should be able to access data on their student loan balance and payment progress, Yu said. If you don’t know which company services your student debt, you can find that information on that site, as well.
Borrowers should also request a complete payment history of their student loans if their debt has been transferred between companies in the past, Yu said. All this documentation will come in handy if your loan balance or payment history is reported inaccurately in the future.
Those who are pursuing Public Service Loan Forgiveness should certify their work history with the Education Department now, Yu said, “to ensure all eligible periods of employment count toward PSLF.”(PSLF offers debt erasure for certain public servants after 10 years of payments, and borrowers have already long complained of inaccurate payment counts.)

Protecting your student loan data

Consumer and privacy advocates are also concerned by recent reports that Musk’s DOGE had entered the Department of Education and gained access to federal student loan data on tens of millions of borrowers.
In a Feb. 6 letter signed by 16 Democratic senators, including Elizabeth Warren of Massachusetts and Chuck Schumer of New York, the lawmakers said that the Education Department’s student loan database “contains millions of borrowers’ highly sensitive information, including Social Security numbers, marital status, and income data.”
That data “could be used to target financially vulnerable people for Musk’s upcoming financial services company, could be easily breached, or abused in any number of ways,” said Ben Winters, the director of artificial intelligence and privacy at the Consumer Federation of America.
A federal judge in Maryland on Monday granted a temporary restraining order barring DOGE staffers from accessing individuals’ sensitive data at the Education Department until March 10 while a lawsuit unfolds.

Unfortunately, “it’s nearly impossible to track a specific source of data, including how it’s leaked or used or sold,” Winters said. With that being said, people can check if certain information was included in a data breach on websites like, haveibeenpwned.com, he said.
Some services manage your online presence to try to limit where your data ends up, such as one offered by Discover, Winters said. Monitoring your credit score each month to ensure no unauthorized accounts have been opened in your name can also be useful, he added.
“Also carefully scan your card and account statements periodically,” Winters said.
If you’re worried about how your personal data with the Education Department may have been used, you can make a complaint with the Consumer Financial Protection Bureau at consumerfinance.gov/complaint. You may also report it to your state’s attorney general.

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