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The IRS is currently working on strategies to prevent an increase in audits for taxpayers earning less than $400,000. While there are specific guidelines in place, experts suggest that certain aspects of your tax return can attract attention from the IRS, irrespective of your income level. The Treasury Inspector General for Tax Administration (TIGTA) recently
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Vice President Kamala Harris recently announced a proposal to increase the capital gains tax rate to 28% for households making over $1 million annually. This potential tax hike has sparked discussions among financial advisors and top earners regarding its impact on investments and financial planning strategies. While Harris’ proposed tax rate is lower than the
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Vice President Kamala Harris has recently stirred up controversy with her economic agenda, particularly when it comes to taxing wealthy Americans and corporations. Advocating for higher taxes on the rich, she has endorsed President Joe Biden’s proposal for a 25% minimum tax on total income, which includes “unrealized gains” exceeding $100 million. This so-called billionaire
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Recent research by the Bank of America indicates that travel spending among American households has exceeded pre-pandemic levels, with a particular emphasis on international trips. While overall travel spending has slightly decreased from 2023, it remains significantly higher than in 2019, showing a 10.6% increase per household. According to the Bank of America economists, international
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As the Federal Reserve considers a potential rate cut, it has sparked a debate among experts regarding the future of the U.S. economy. While some are concerned about a possible recession, others are optimistic about a “soft landing.” For individuals nearing retirement, the implications of these changes are significant. A sudden market downturn or recession
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Recent research suggests that the positive impact of automated retirement savings on workers’ 401(k) plans may not be as significant as previously believed. While policies like automatic enrollment and escalation have been widely implemented to enhance employees’ nest eggs, certain “underexmained” factors, such as workers cashing out their 401(k) balances when leaving a job, have
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