In recent years, the federal government has been increasing its efforts to enforce tax compliance by threatening to revoke the passports of individuals with seriously delinquent tax debts. This change has not gone unnoticed by experts in the field, who have seen a surge in such enforcement actions. The threshold for a seriously delinquent tax
Personal
When it comes to planning for retirement, maximizing your 401(k) contributions is often seen as a wise financial move. However, financial advisors suggest that this may not be the best option for everyone. While it is true that employees can defer up to $23,000 into their 401(k) plans for 2024, with an additional $7,500 for
Federal Reserve chair Jerome Powell recently hinted at potential interest rate cuts, which would be the first time in over four years. This news has left investors contemplating their next moves in light of this impending policy shift. Financial advisors suggest that while the overall sentiment may be positive, investors should approach this development with
The recent data breach at National Public Data has sent shockwaves throughout the cybersecurity community, with reports suggesting that billions of personal records may have been exposed. While the breach has raised concerns about the security of personal information, experts are pointing out that much of the data leaked was already publicly available. In this
The Covid-19 pandemic brought about a significant change in the U.S. labor market with the rise of remote work. Economists suggest that this trend is not just a passing phase but has become a permanent fixture. According to Nick Bunker, the economic research director for North America at Indeed, the work-from-home revolution is one of
Retirees face the ongoing challenge of managing their income from various sources, including Social Security, pensions, retirement plans, and other investments. With the responsibility of withholding taxes or making quarterly payments to the IRS, retirees must stay on top of their tax obligations to avoid penalties. One lesser-known strategy that can help retirees cover their
After funneling money into pretax retirement accounts, retirees will eventually face mandatory withdrawals in retirement known as required minimum distributions, or RMDs. These withdrawals can trigger higher taxes and pose a challenge for retirees who may not necessarily need the money. However, experts suggest that RMDs present an opportunity to optimize and enhance your portfolio.
As the 2024 election approaches, both former President Donald Trump and Vice President Kamala Harris have outlined their respective economic agendas, with tax changes being a central focus. Trump aims to preserve the tax cuts brought forth by the Tax Cuts and Jobs Act (TCJA), which include individual and business tax cuts. These tax cuts
The federal minimum wage has remained unchanged at $7.25 per hour for the past 15 years, leaving many workers struggling to make ends meet. Democratic presidential nominee Kamala Harris has called for an increase in the minimum wage to support working families. However, despite some states enacting higher minimum hourly pay rates, 20 states still
Vice President Kamala Harris recently unveiled an economic plan that includes an expanded child tax credit worth up to $6,000 in total tax relief for families with newborn children. This plan is aimed at restoring the higher child tax credit enacted through the American Rescue Plan in 2021. The proposed tax break would provide $6,000