The U.S. Department of the Treasury and the IRS recently announced a significant achievement of collecting over $1 billion in tax debt from high-income individuals over the past year. This accomplishment comes as a result of the IRS’s plans to expand its focus on individuals earning above $1 million annually with more than $250,000 in
Personal
Despite the decrease in the share of people with medical debt in collections appearing on their credit reports over the past decade, unpaid balances due to healthcare costs remain a significant burden for many individuals and families. Research conducted by the Urban Institute revealed that in 2013, 19.5% of Americans had medical debt in collections,
The upcoming presidential election between President Joe Biden and former President Donald Trump has sparked feelings of anxiety among investors. According to a survey conducted by investment company Betterment, more than half of investors (57%) expressed nervousness about the election, with 40% expecting to make changes to their investments based on the outcome. The survey,
The Biden Administration’s Spring 2024 Unified Agenda reveals that a final rule on student loan relief may be published in early October, right before the presidential election in November. According to higher education expert Mark Kantrowitz, regulatory changes like these usually take a significant amount of time to implement, but the Department of Education could
The strategy of Roth individual retirement account conversions is a well-known method to reduce taxes for future pretax 401(k) or IRA withdrawals. The concept of a “Roth conversion ladder” is a popular way to manage the upfront tax implications concerning Roth conversions. This strategic approach involves converting pretax or nondeductible IRA funds into a Roth
As inflation rates slow down, there seems to be a sense of relief in the economic landscape. The economy is showing signs of growth, accompanied by a decrease in the rate of price growth as well as a strong job market. However, this positive outlook is overshadowed by the fact that prices remain high and
When planning for retirement, it’s crucial to understand how your investment choices could impact your future tax obligations. Many individuals have a significant portion of their savings tied up in tax-deferred accounts like traditional 401(k)s and IRAs, which means that they will be subject to income taxes upon withdrawal. This can potentially push them into
Imagine the sinking feeling in your stomach when you realize that your wallet is missing. That was the unfortunate situation I found myself in last week as I was packing up to leave work. The empty space in my backpack that should have held my wallet sent my heart racing and my mind into a
In the year 2023, employment scams experienced a significant spike as criminals utilized artificial intelligence to exploit job seekers. The Identity Theft Resource Center reported a staggering 118% increase in consumer reports of job scams compared to the previous year. These scammers often pose as recruiters, post fraudulent job listings, and then proceed to extract
In recent years, the concept of micro weddings has been gaining popularity as couples look for more intimate and cost-effective ways to tie the knot. This trend has been accelerated by rising wedding costs and the impact of the COVID-19 pandemic on large gatherings. Vanessa Acosta and Sam Roberts are a prime example of how