As we edge closer to 2025, a critical financial precipice looms over taxpayers and their advisors alike—the impending expiration of various beneficial tax provisions enacted under the Tax Cuts and Jobs Act (TCJA) of 2017. Historically significant, these tax reforms brought about notable shifts in the landscape of personal finance, yet without proactive measures from
Personal
As the calendar flips to 2025, significant adjustments in Social Security benefit payments and tax regulations are set to impact millions of retired Americans and high-income earners alike. While the prevalent focus tends to be on the cost-of-living adjustments (COLA) for Social Security payments, a lesser-known change regarding the taxable maximum income for Social Security
On Thursday, the Social Security Administration (SSA) delivered some pivotal news for millions of Americans who rely on Social Security benefits. They announced a modest cost-of-living adjustment (COLA) of 2.5% for the year 2025, marking a notable shift from the more substantial increases beneficiaries witnessed in prior years. While 2.5% may initially appear to be
Every year, Social Security beneficiaries eagerly await news regarding the cost-of-living adjustment, commonly referred to as COLA. This adjustment is crucial for ensuring that the benefits keep pace with inflation, thereby safeguarding the purchasing power of retirees and those relying on Social Security. As we inch closer to the announcement for 2025, preliminary projections suggest
Tax season often evokes stress and confusion for many Americans. In April, about 19 million taxpayers opted for an extension, granting them an additional six months to file their federal income tax returns. While filing extensions provide a breather, they also introduce important deadlines and considerations that must not be overlooked. As the promised October
The transformative rise of cryptocurrencies like Bitcoin and Ethereum has not only enchanted investors but also created a fertile ground for scammers. As digital currencies become more mainstream, fraudulent schemes increasingly exploit social dynamics to lure unsuspecting individuals into disastrous financial traps. Among these schemes, relationship-based scams leveraging dating apps, social media, and professional networks
Discussions about finances remain one of the most avoided subjects in American households. Recent surveys by U.S. Bank, involving 3,500 individuals, reveal that many Americans would prefer to divulge their voting preferences in the upcoming presidential elections instead of discussing their financial situation. This astounding reluctance places financial conversations on an almost taboo level, likened
As of the end of September 2023, the one-year grace period for student loan borrowers has officially come to an end, and many Americans are now reentering the realm of repayment with little preparation. This 12-month “on ramp” was designed to provide borrowers with the necessary space to readjust their financial plans following the pandemic-induced
As the November elections draw nearer, many Americans find themselves navigating a tumultuous landscape of political uncertainty that extends far beyond the confines of the voting booth. The choices on the ballot not only determine the future of leadership in the country but also influence people’s financial habits and priorities. A recent survey by the
As the 2025 tax season approaches, the Internal Revenue Service (IRS) has announced a substantial increase in the number of Americans who will be able to utilize the Direct File program. Initially piloted last year in just 12 states, this program will extend its outreach to over 30 million tax filers across 24 states. The