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
Personal
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
As the 2026 elections approach, former President Donald Trump and Vice President Kamala Harris are unveiling their economic agendas that include significant tax changes. These changes have the potential to affect millions of Americans and will be a key issue for the next president. Without action from Congress, trillions in tax breaks enacted by Trump
The federal minimum wage has remained stagnant at $7.25 per hour for the past 15 years, leaving many workers struggling to make ends meet. Despite efforts by some states to enact higher minimum hourly pay rates, there are still 20 states where the minimum wage is no higher than the federal level. This lack of
Vice President Kamala Harris recently introduced an economic plan that includes an expanded child tax credit, offering up to $6,000 in total tax relief for families with newborn children. This proposal aims to build on the higher child tax credit established through the American Rescue Plan in 2021. The plan has garnered both support and