When evaluating your retirement readiness, many people often look to compare their 401(k) balance with others to see how they stack up. However, relying solely on age group comparisons may not provide the most accurate picture. Recent data from Fidelity reveals that individuals in similar industries may serve as a more relevant benchmark for assessing
Personal
As Congress grapples with the decision on trillions in expiring tax breaks, a Senate Budget Committee hearing saw lawmakers and experts debating several Democratic proposals for higher taxes on corporations and wealthy Americans. The proponents of these plans argue that they aim to address income inequality and the federal budget deficit. Key points of discussion
The federal government recently announced a groundbreaking initiative by issuing over $1 billion in upfront tax credits to incentivize the purchase of electric vehicles (EVs) in an effort to accelerate the transition to cleaner transportation options. This move marks a significant shift in how EV tax incentives are administered, allowing buyers to receive immediate savings
In the realm of American politics, President Joe Biden and former President Donald Trump have made promises to extend expiring tax breaks for the majority of Americans. However, the real challenge lies in finding ways to finance these extensions as the expiration date for the tax breaks approaches. The Tax Cuts and Jobs Act of
Supplemental Security Income (SSI) has been providing financial assistance to people with disabilities and older adults for the past 50 years. Initially offering monthly benefits of $140 per individual or $210 per couple in 1974, the program has since increased the maximum monthly benefit to $943 for individuals and $1,415 for eligible couples by 2024.
Living and working abroad can be an exciting adventure, but it also comes with certain responsibilities, including filing taxes. For U.S. citizens and resident aliens residing outside the country, the deadline for filing 2023 taxes is quickly approaching. While the regular tax deadline was on April 15 for most taxpayers, there is an automatic two-month
The U.S. economy seems to have created a clear division between those who have enough and those who do not. This division is also apparent among retirees, with an estimated $84 trillion expected to shift from older to younger generations by 2045. However, despite this massive wealth transfer, there are concerns about a looming retirement
As the 2025 tax cliff looms, there is a significant amount of uncertainty surrounding the expiration of trillions of dollars in tax breaks that were introduced as part of the Tax Cuts and Jobs Act of 2017 (TCJA). These expiring provisions could potentially lead to a tax increase for the majority of Americans if Congress
In the current labor market scenario, job seekers are facing increased competition which is leading to uncertainty in terms of job prospects. However, amidst this challenge, there are potential opportunities for tax planning that individuals can leverage. According to experts, prolonged unemployment or lower income for the year 2024 could actually provide a silver lining
Mega backdoor Roth conversions can be an attractive option for boosting tax-free retirement savings for high-income individuals. However, this complex maneuver is not available for all investors, and common mistakes can derail the benefits of this strategy. In this article, we will explore the pitfalls of mega backdoor Roth conversions and provide insights on how