The federal government recently announced that it has issued over $1 billion in tax credits as an upfront cash incentive to buyers of electric vehicles. This program aims to make EVs more affordable for many households relative to their gasoline-powered counterparts and is a big component of the Biden administration’s push to reduce U.S. greenhouse
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As the 2025 deadline for the expiration of crucial tax breaks enacted by former President Donald Trump approaches, both President Joe Biden and Trump have pledged to extend these provisions for most Americans. However, the real challenge lies in determining how these extensions will be funded given the looming federal budget deficit. This article aims
It has been 50 years since the Supplemental Security Income (SSI) program was first introduced to provide financial assistance to people with disabilities and older adults. Initially, the program started by issuing monthly benefit payments of around $140 per individual or $210 per couple. Fast forward to 2024, and the maximum monthly benefit has increased
As a U.S. citizen or resident alien living outside the country, it is crucial to be aware of the tax filing deadline extension. While the regular deadline for most taxpayers was April 15, there is an automatic two-month extension until June 17 for those who qualify. The two ways to be eligible for the June
It can feel like there is a growing disparity in the U.S. economy, dividing consumers into groups of haves and have-nots. The situation seems to be no different for retirees, as a significant wealth transfer is underway. Research conducted by Cerulli Associates estimates a whopping $84 trillion will shift from older to younger generations by
The Tax Cuts and Jobs Act of 2017 brought temporary relief to most Americans with lower federal income brackets, a higher standard deduction, and a more generous child tax credit. However, these tax breaks are set to expire after 2025 unless Congress extends them. This poses a critical issue for the upcoming election, as the
In the midst of a competitive job market and potential financial challenges in the upcoming year 2024, experts are suggesting strategic tax planning as a silver lining for individuals facing lower income levels. Despite the difficulties of prolonged unemployment, there are opportunities to leverage temporary tax benefits that could lead to significant savings in the
Mega backdoor Roth conversions are a popular strategy among investors looking to boost their tax-free retirement savings. This involves making after-tax 401(k) contributions, which are then shifted to Roth accounts. Unlike regular backdoor Roth conversions, mega backdoor conversions allow investors to exceed the yearly 401(k) deferral limit, providing an opportunity to save more for retirement.
The global workforce has seen a significant shift towards remote work in recent years, with the COVID-19 pandemic playing a major role in accelerating this trend. While the initial transition to remote work was driven by necessity, it has now become a preferred choice for both companies and employees. According to labor economists, remote work
Generation X, often referred to as the sandwich generation, finds themselves in the challenging position of balancing financial and emotional responsibilities for both their adult children and aging parents. This generation not only has to manage their current lifestyle aspirations but also secure their retirement future. The juggling act of life and finances can be