As taxpayers eagerly anticipate the 2025 tax filing season, it’s essential to note that the IRS officially opens its doors to individual tax returns on January 27, 2025. This date marks the beginning of a critical period for American taxpayers, who must ensure that their returns are accurately filed and any due taxes are paid
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Each new year brings with it the opportunity for renewal and change, particularly through setting resolutions. One of the most widespread practices is participating in Dry January, where individuals choose to abstain from alcohol for the month. Recent statistics indicate that a significant 22% of adults are engaging in this initiative, up five percentage points
The recent enactment of the Social Security Fairness Act heralds significant changes for nearly 3 million beneficiaries of the Social Security program. Signed into law by President Joe Biden, this legislation aims to alleviate some of the inequities facing public sector workers who have long faced reductions in their Social Security benefits due to their
The impending deadline for fourth-quarter estimated taxes in 2024 is January 15. Failing to meet this deadline can lead to unplanned penalties and additional fees when you file your tax return, as outlined by the IRS. Estimated taxes are particularly significant for individuals who earn income without traditional withholding, which often includes freelancers, small business
As we step into 2025, a concerning trend has emerged that reflects the financial struggles facing many American households. A recent report from Bankrate reveals that nearly half of credit card holders—specifically 48%—are now carrying over their balances month-to-month. This marks an increase from 44% at the beginning of 2024, suggesting that more individuals are
The arrival of the first paycheck in 2025 is likely a moment of anticipation for many workers across the country. However, this year, employees might notice a slightly altered financial landscape due to recent adjustments made by the Internal Revenue Service (IRS). While tax changes generally generate considerable interest, the implications of these alterations can
As student loan repayments resume post-pandemic, borrowers may find a silver lining in the form of the student loan interest deduction. This tax benefit offers eligible individuals the chance to reduce their taxable income by deducting up to $2,500 of interest on qualified student loans. For those grappling with the weight of educational debt, this
The realm of personal finance faces a significant shift as the Consumer Financial Protection Bureau (CFPB) has finalized a groundbreaking rule aimed at alleviating the burdens of medical debt that has plagued millions of Americans. This rule not only signifies a proactive approach to consumer protection but also poses an important question: Is this a
Target-date funds (TDFs) have emerged as a popular investment choice for individuals saving for retirement through 401(k) plans. These funds aim to simplify the investment process, allowing participants to put their retirement savings on autopilot. With approximately 29% of assets in 401(k) plans allocated to TDFs as of 2023, the adoption of these funds has
The journey toward a secure retirement begins with effective planning, yet many Americans find themselves lagging behind in their retirement savings. According to recent findings, a significant 40% of U.S. adults are not adequately preparing for their golden years, underscoring a crucial need for education and better financial habits. As we approach 2025, it is