The U.S. Department of Education recently provided more information on the upcoming rollout of the new Free Application for Federal Student Aid (FAFSA) for the year 2025-26. This announcement comes in response to the challenges encountered during the previous year’s college aid application cycle. The new FAFSA will undergo beta testing with limited groups of
Personal
Tax-gain harvesting is a lesser-known strategy that can provide significant benefits when it comes to rebalancing your portfolio and saving on future taxes. This tactic involves strategically selling profitable assets in your brokerage account during lower-income years, such as early retirement or periods of unemployment. This strategy can be particularly advantageous during a strong year
In recent years, the federal government has significantly increased its efforts to enforce tax payment by revoking passports of those who ignore large tax bills. This enforcement mechanism, established in 2018, requires the IRS and Treasury Department to notify the State Department when an American taxpayer has a “seriously delinquent tax debt.” This debt threshold
In his recent speech at the Democratic National Convention, Minnesota Gov. Tim Walz acknowledged the vital role that Social Security survivor benefits played in supporting his family after his father’s untimely death. This testimony shed light on the significance of Social Security benefits for children who have lost a parent. According to recent data from
The cost of attending college continues to rise, with some schools now reaching nearly six figures per year when factoring in all expenses. According to data provided to CNBC for the 2024-25 academic year, several prestigious universities such as New York University, Tufts, Brown, Yale, and Washington University in St. Louis have sticker prices exceeding
The recent massive data breach at National Public Data, a background check company owned by Jerico Pictures Inc., has raised concerns about potential exposure of 2.9 billion personal records. While reports vary on the exact number of records leaked, the breach is a stark reminder of the risks associated with cyber threats. According to National
The recent announcement by Federal Reserve chair Jerome Powell regarding a possible interest rate cut has sparked discussions among investors and financial advisors. Powell’s indication that the central bank might start cutting interest rates, currently at their highest level in two decades, has implications for various investment strategies and asset classes. While some investors may
When it comes to maximizing 401(k) contributions, financial advisors have varying opinions on who should take that step for their retirement savings. While some believe it is a wise decision to fully utilize the allowances provided, others caution against overextending financially. Before deciding to max out your 401(k) contributions for 2024, it is essential to
Remote work has become an integral part of the U.S. labor market, with economists seeing it as a significant shift that is here to stay for a long time. The rise of remote work was accelerated by the Covid-19 pandemic, leading to a widespread adoption of work-from-home arrangements. This trend has not only persisted but
Retirees facing income from various sources such as Social Security, pensions, retirement plans, and other investments often struggle with tax obligations. The IRS requires retirees to either withhold taxes or make quarterly payments to avoid penalties. While the quarterly estimated tax deadlines are well-known, there is a lesser-known year-end strategy that can help retirees cover