During this tax season, over 140,000 taxpayers took advantage of the IRS Direct File program, a free tax filing service offered by the IRS. The U.S. Department of the Treasury and the IRS reported that the program was successful in helping filers in 12 states save an estimated $5.6 million in tax preparation fees for
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BlackRock, the largest asset manager, has recently introduced a groundbreaking new product called LifePath Paycheck, aimed at simplifying the process of converting retirement savings into a regular income stream that mirrors the paychecks individuals receive during their working years. This innovative strategy is seen as a potentially transformative development in the retirement landscape, as it
Employee Stock Purchase Plans (ESPPs) can be a valuable benefit for employees working for publicly traded companies. According to a survey conducted in 2021, around half of public companies offered ESPPs to their employees. Financial experts emphasize the importance of understanding the rules and risks associated with participating in an ESPP before making a decision.
If you missed the federal tax deadline, which was April 15 for most filers, it is crucial to file your return and pay your balance as soon as possible to avoid further penalties and interest. The IRS states that if you still owe taxes for the previous year, you will continue to accumulate penalties and
The Biden administration recently issued a final rule aimed at regulating the investment advice provided to retirement savers. This rule, enforced by the U.S. Department of Labor, seeks to ensure that the advice offered by advisors, brokers, insurance agents, and other intermediaries is in the best interest of the savers. The regulations expand the obligations
President Joe Biden’s initial plan to forgive student debt was blocked by the Supreme Court last summer. The conservative majority court ruled that Biden did not have the authority to erase $400 billion in student debt without prior approval from Congress. The plan sought to forgive the debt of nearly all 40 million federal student
In recent years, changes in IRA inheritance rules have created a shorter timeline for beneficiaries to withdraw funds from inherited accounts, potentially leading to significant tax consequences. Under the Secure Act of 2019, non-eligible designated beneficiaries must deplete an inherited IRA within a 10-year window. This category includes heirs who are not a spouse, minor
Financial literacy among teenagers is a topic that is gaining more attention in recent years. While many teens are beginning to think about their long-term financial health, there is still a lack of understanding when it comes to basic retirement planning. A survey of 13- to 18-year-olds revealed that 83% of teens have already considered
When President Joe Biden shared his Plan B for student loan forgiveness, he hinted that his ambition to provide free college education was still alive. Free community college was highlighted as an integral part of his $7.3 trillion budget for fiscal 2025. The idea of free college has been touted as a more effective way
As the population of centenarians in the U.S. is predicted to increase significantly in the coming years, it poses a significant financial challenge for households. By 2054, it is estimated that there will be 422,000 Americans aged 100 and older, which is more than four times the number in 2024. This demographic shift is expected
