The Social Security Administration (SSA) has made a significant announcement that will positively impact over 3.2 million individuals following the passage of the Social Security Fairness Act. This new law, signed by President Joe Biden on January 5, 2024, abolishes two controversial provisions—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These measures
Personal
As debates in Washington, D.C., heat up over government spending, Social Security emerges as a critical focal point for advocates and beneficiaries alike. The urgency to extend federal funding before the looming March 14 deadline poses significant challenges, especially given the backdrop of proposals aimed at substantial budget cuts. With Social Security constituting a hefty
For many low- to moderate-income Americans, the path to a comfortable retirement is fraught with challenges, particularly when it comes to saving and investing for the future. One underutilized resource that can aid in this endeavor is the retirement savings contributions credit, commonly referred to as the saver’s credit. This relatively obscure tax benefit is
As tax season looms, the excitement of potential refunds or the dread of upcoming payments can spur individuals to file their returns. However, beyond these surface motivations lies a paramount reason that should drive the decision to submit tax returns promptly: the prevention of tax-related identity theft. The Reality of Tax-Related Identity Theft Tax-related identity
In the changing landscape of student loan repayment, a recent court ruling changed the expectations for many borrowers who had hoped to benefit from the new Saving on a Valuable Education (SAVE) plan. The U.S. appeals court’s decision to block this program and other income-driven repayment options has significant ramifications for millions of student loan
The landscape of tax administration in the United States is undergoing a seismic shift with potential repercussions for millions of taxpayers as the Department of Government Efficiency (DOGE), led by Elon Musk, moves forward with sweeping federal budget cuts. These cuts, while aimed at enhancing governmental efficiency, threaten to destabilize a vital agency: the Internal
Recent developments surrounding the Federal Deposit Insurance Corporation (FDIC) have brought to light significant concerns regarding the stability of the U.S. banking system, particularly in light of the controversial staff reductions instigated under the Trump administration. Under the guidance of the Department of Government Efficiency, a strategic approach aimed at downsizing federal agencies has led
As the real estate market in the United States continues to flourish, homeowners are presented with lucrative selling opportunities. However, this thriving environment also brings with it a growing concern regarding capital gains taxes incurred from property sales. According to a recent report by CoreLogic, a notable percentage of homeowners now find themselves exceeding the
As inflation remains a pressing issue for many households, recent data unveil an interesting trend: an increasing number of Americans are bolstering their emergency savings. Despite the turmoil of rising interest rates, a report by Bankrate reveals that 30% of adults reported having more funds set aside for emergencies compared to the previous year. This
Tax season can often bring surprises, whether it’s a hefty tax bill or an unexpectedly large refund. Such events suggest that it may be time to reassess your paycheck withholding. The successful management of federal tax withholding is crucial to avoid these financial shocks. Typically, taxpayers receive a refund when they have overpaid their taxes