The recent announcement from the U.S. Treasury Department and Internal Revenue Service about issuing more than $1 billion in tax credits as an upfront cash incentive for buyers of electric vehicles has stirred a lot of interest and discussions. This move is seen as a significant step in promoting the adoption of electric vehicles across
Personal
When Supplemental Security Income (SSI) was first implemented 50 years ago, the maximum monthly benefit was $140 per individual. Fast forward to 2024, and the maximum monthly benefit has only increased to $943 for individuals, which is still well below the federal poverty level of $1,255 per month. The average monthly benefit for individuals remains
As the 2025 deadline for the expiration of the tax breaks enacted by former President Donald Trump via the Tax Cuts and Jobs Act of 2017 approaches, both President Joe Biden and Trump have promised to extend these tax breaks for the majority of Americans. These tax breaks include lower federal income brackets, higher standard
If you’re a U.S. citizen or resident alien living and working outside the country, the deadline for filing your 2023 taxes is quickly approaching. While the regular tax deadline was April 15th for most taxpayers, there is an automatic two-month extension to June 17th for expats. This extension applies to individuals who either live outside
The U.S. economy has created a divide among consumers, separating them into groups of haves and have nots – retirees included. Cerulli Associates, a research and consulting firm, estimates that an $84 trillion wealth transfer will take place from older to younger generations by 2045. However, there are concerns about a retirement savings crisis brewing
The looming expiration of numerous tax breaks set to expire after 2025 has the potential to significantly impact American taxpayers. These tax breaks were initially implemented through the Tax Cuts and Jobs Act of 2017 (TCJA). The uncertainty surrounding the future of these tax provisions has become a crucial issue in the current election season,
In a time where the labor market is strong, some individuals may find themselves facing increased competition in their job search. Despite this challenge, experts suggest that prolonged unemployment and reduced income for the year 2024 could actually provide opportunities for effective tax planning. Certified financial planner Jaime Quinones from Stockade Wealth Management in Marlboro,
Mega backdoor Roth conversions are a strategy that can significantly enhance tax-free retirement savings by bypassing the IRS income limits associated with direct Roth IRA contributions. This approach involves making after-tax contributions to a 401(k) plan and then converting those funds to a Roth account. Unlike traditional backdoor Roth conversions, mega backdoor conversions allow for
Remote work has become the new norm in the contemporary job market, with many companies opting to allow their employees to work from the comfort of their homes for at least part of the workweek. This trend, which emerged during the Covid-19 pandemic, has proven to be beneficial for both companies and employees. Labor economists
When it comes to saving for retirement, investing as early as possible is key in order to maximize growth over time. One common way individuals save for retirement is through their 401(k) plan. However, it is crucial to be aware of how maxing out your 401(k) too early in the year can result in potential
