As we approach the 2025 tax filing season, it’s crucial for individuals to be aware of significant dates and resources that can assist them in fulfilling their tax responsibilities efficiently. The Internal Revenue Service (IRS) has confirmed that the season will officially kick off on January 27, 2025. This date marks when the IRS will
Personal
The arrival of a new year often heralds an opportunity for self-improvement, and for many, this manifests through resolutions focused on healthier lifestyles. A notable example is the trend of “Dry January,” where individuals commit to abstaining from alcohol for the entire month. Recent statistics indicate that participation is on the rise, with around 22%
For many taxpayers, particularly those with varied sources of income, the deadline for estimated tax payments can often sneak up unexpectedly. The fourth-quarter estimated tax payment for the 2024 filing year is due on January 15, 2025. Missing this deadline can have significant consequences, including incurring “unexpected penalties and fees” as outlined by the IRS.
The recent confirmation of the Social Security Fairness Act introduced by President Joe Biden represents a significant shift in how Social Security benefits are allocated, primarily impacting nearly 3 million beneficiaries across the country. This legislation, which garnered strong bipartisan support, aims to amend existing policy that disproportionately affected public sector workers, including firefighters, teachers,
As we step into 2025, many Americans are grappling with an unsettling economic trend. A recent report by Bankrate reveals that nearly half of credit card holders—exactly 48%—find themselves trapped in the cycle of carrying debt from one month to the next. This alarming statistic marks a noticeable rise from the 44% recorded at the
As borrowers cautiously resume their financial commitments in the wake of the student loan payment pause, a critical aspect of tax planning emerges: the student loan interest deduction. This provision enables eligible individuals to deduct as much as $2,500 from their taxable income for interest accrued on qualifying student loans—both federal and private. Historically, this
The year 2025 brings fresh optimism for many wage earners as changes in federal income tax brackets promise slight increases in take-home pay. With the Internal Revenue Service (IRS) announcing the alterations to the federal income tax structure in October 2024, an examination of these adjustments is timely and necessary. Let’s delve deeper into what
On a significant day for American consumers, the Consumer Financial Protection Bureau (CFPB) shaped the landscape of personal finance by announcing a transformative rule aimed at alleviating the burden of medical debt on credit reports. By removing approximately $49 billion in medical debt from the financial histories of those affected, this change stands to benefit
In recent years, target-date funds (TDFs) have emerged as one of the predominant investment options available within 401(k) retirement plans. Their appeal lies in the simplicity they offer to investors, allowing individuals who may lack investment expertise or time to engage in complex financial planning to still allocate their retirement savings efficiently. As of 2023,
With retirement on the horizon for many, the importance of effective savings strategies cannot be overstated. A recent CNBC poll highlights the urgency for Americans to catch up, indicating that approximately 40% are lagging behind in their retirement planning and savings efforts. As changes come into effect for 401(k) plans in 2025, it’s essential to