For many low- to moderate-income Americans, the journey toward retirement can be overshadowed by financial challenges. One invaluable resource that remains underutilized is the retirement savings contributions credit, more commonly known as the saver’s credit. Designed to incentivize individuals to save for retirement, this tax break is available to those who contribute to individual retirement
Personal
As tax season approaches, the sense of urgency to file returns intensifies, especially for those anticipating a refund or facing a balance due. Timeliness in filing is not merely about securing potential financial benefits; it plays a critical role in safeguarding against the growing threat of tax-related identity theft. Many Americans, however, continue to procrastinate,
The landscape of student loan repayment has become increasingly complex due to a recent decision from a U.S. appeals court that has significant repercussions for borrowers. On February 18th, the court blocked the Saving on a Valuable Education (SAVE) plan, which had promised relief and lower monthly payments to millions of student loan borrowers. This
In a surprising development that has raised eyebrows across the nation, the IRS is set to shed thousands of jobs as part of broader federal budgetary cuts initiated by Elon Musk’s newly established Department of Government Efficiency (DOGE). This drastic reduction in employment opportunities arrives at a particularly inopportune time, coinciding with the onset of
The recent staffing changes at the Federal Deposit Insurance Corporation (FDIC) have ignited a contentious debate over the safety and stability of the American banking system. As the agency responsible for protecting depositors’ interests and maintaining public confidence in the financial sector, the FDIC’s operational capacity is of paramount importance. The Trump administration’s decision to
As the U.S. housing market flourishes, homeowners are finding themselves in a precarious position when it comes to capital gains taxes. With home equity on the rise, selling property could yield significant profits—but it might also lead to a substantial tax bill. Luckily, there are strategies available that can help mitigate these costs, allowing homeowners
The United States continues to grapple with the ramifications of inflation and the impact of elevated interest rates, which have historically placed significant pressure on consumers. Nevertheless, recent data reveals a notable shift: more Americans are successfully amassing funds in emergency savings accounts. According to a report from Bankrate, 30% of adults reported having increased
As tax season approaches, many individuals face the possibility of receiving a hefty tax bill or a larger-than-expected refund. This financial outcome calls for a critical review of paycheck withholding, a process that can be complicated and often overwhelming for employees. Proper understanding and management of withholding can prevent unexpected financial consequences and ensure that
Filing taxes can induce anxiety for many, especially when the looming possibility of an IRS audit comes into play. With recent funding boosts aimed at increasing scrutiny on high-income earners, taxpayers are rightfully concerned about their chances of being chosen for a review. In this article, we will delve into what triggers an audit, the
As tax season approaches, a significant change in tax reporting requirements is anticipated to affect millions of Americans. Many taxpayers will encounter Form 1099-K for the first time as they prepare their returns. This form will be generated for individuals with more than $5,000 in business transactions conducted through popular payment platforms like PayPal, Venmo,