In a booming stock market environment, it is essential to consider alternative strategies to rebalance your portfolio and potentially save on future taxes. One such tactic, tax-gain harvesting, involves strategically selling profitable assets in your brokerage account during lower-income years, such as early retirement or periods of unemployment. With the S&P 500 surging more than
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When Minnesota Gov. Tim Walz accepted the Democratic vice presidential nomination, he emphasized the crucial role that Social Security survivor benefits played in his family’s life. These benefits provided them with financial support and allowed them to maintain their dignity after Walz’s father passed away from lung cancer when he was just 19 years old.
The cost of attending college nowadays is reaching record highs, with some institutions charging close to six figures per year for tuition, room, board, books, and other expenses. According to data from The Princeton Review’s “The Best 389 Colleges” list, eight schools – such as New York University, Tufts, Brown, Yale, and Washington University in
Passport revocation due to unpaid tax debts has become an increasingly common enforcement mechanism utilized by the federal government in recent years. The IRS and Treasury Department are required by federal law to inform the State Department if a taxpayer has a “seriously delinquent tax debt,” defined as owing more than $62,000 in federal taxes
Federal Reserve chair Jerome Powell recently hinted at the possibility of cutting interest rates, which are currently at their highest level in two decades. This potential rate cut, expected to occur in September, would be the first in over four years and comes as the U.S. economy grapples with the aftermath of the Covid-19 pandemic.
When it comes to maximizing your 401(k) contributions for the year, financial advisors are not always quick to recommend it to everyone. While the option to defer up to $23,000 into your 401(k) plan is enticing, it may not be the best move for everyone. Certified financial planner Donald LaGrange suggests that getting your employer’s
Recently, National Public Data, a background check company owned by Jerico Pictures Inc., revealed a massive data breach that may have affected billions of personal records. The breach, which was brought to light after a proposed class action lawsuit, has raised concerns about the security of personal information. Reports suggest that over 2.7 billion records
Remote work, once considered a temporary solution during the Covid-19 pandemic, has now become a permanent and significant aspect of the U.S. labor market, as indicated by economists. This work-from-home revolution has been identified as one of the most substantial shifts in the U.S. labor market over the past few decades, according to Nick Bunker,
Retirees often have various sources of income, including Social Security, pensions, retirement plans, and more. To avoid IRS penalties, they need to withhold taxes or make quarterly payments. While the quarterly deadlines for estimated taxes in 2024 are set for April 15, June 17, Sept. 16, and Jan. 15, 2025, there is a lesser-known strategy
After diligently saving and investing in pretax retirement accounts throughout your working years, you will eventually reach the age where you must start taking required minimum distributions (RMDs) in retirement. While these mandatory withdrawals can be a burden for some retirees who do not necessarily need the money, they also present an opportunity to make