The landscape of Social Security benefits is set to undergo a significant transformation following the recent enactment of the Social Security Fairness Act. Signed into law by President Joe Biden on January 5, the act aims to rectify longstanding inequities affecting millions of beneficiaries. Specifically, it eliminates two critical provisions—the Windfall Elimination Provision (WEP) and
Personal
In the heart of Washington, D.C., lawmakers are under immense pressure to manage government spending, a task that has sparked fear among advocates and recipients of Social Security. As Congress approaches a critical deadline on March 14 to secure federal funding and avert a government shutdown, discussions surrounding government budget allocations are increasingly focused on
For many low- to moderate-income Americans, the path to a secure retirement can be impeded by financial hurdles. One of the most overlooked opportunities for easing this burden is the retirement savings contributions credit, commonly referred to as the saver’s credit. This tax incentive is designed to help individuals who contribute to retirement accounts such
As the tax season approaches, many American taxpayers find themselves grappling with the often-daunting task of preparing and filing their returns. While the pursuit of refunds can incentivize some to act swiftly, there is an equally compelling reason to avoid procrastination: tax-related identity theft. Amidst reports and surveys emphasizing the pressing urgency of filing, it
Student loan borrowers looking forward to potentially reduced monthly payments under the newly introduced Saving on a Valuable Education (SAVE) plan recently encountered significant setbacks. On February 18, a U.S. appeals court suspended the SAVE initiative, ushering in uncertainty for millions who had hoped to benefit from this repayment strategy. The ramifications of this ruling
As the IRS braces for significant staffing reductions, the repercussions may be felt far and wide, affecting both employees and taxpayers alike. With the advent of drastic federal spending cutbacks orchestrated by Elon Musk’s newly established Department of Government Efficiency (DOGE), the landscape of tax filing in the United States is about to undergo a
The recent decision by the Federal Deposit Insurance Corporation (FDIC) to reduce its workforce has sparked a heated debate among lawmakers and regulatory authorities. In response to the Trump administration’s ongoing efforts to streamline federal agencies, including significant reductions within the FDIC, Senator Elizabeth Warren and several of her colleagues have expressed deep concerns regarding
In an increasingly lucrative housing market, U.S. homeowners are finding themselves in a complex situation regarding capital gains taxes when selling their properties. Recent trends indicate that as home equity values soar, more sellers are likely to encounter taxable profits that exceed the thresholds established for capital gains exclusions. Yet, there are strategic ways to
As the economic climate continues to challenge consumers, recent findings reveal a glimmer of hope. A report by Bankrate has indicated that an increasing percentage of Americans are managing to bolster their emergency savings despite the persistent shadows of inflation and elevated interest rates. Specifically, 30% of adults reported having more emergency savings than they
Tax season can be a stressful time for many individuals, particularly when it comes to managing withholding. For some, receiving an unexpected tax bill or larger-than-anticipated refund can be a wake-up call. It signifies the need for a careful reassessment of how much federal tax is withheld from each paycheck. Getting withholding just right is