The IRS is currently navigating through plans to prevent increased audits on taxpayers making less than $400,000. However, experts caution that certain aspects of your tax return can still draw attention from the IRS, regardless of your income level. The Treasury Inspector General for Tax Administration (TIGTA) recently reported that the IRS has made minimal
Personal
Vice President Kamala Harris has recently put forward a proposal to increase the capital gains tax rate for households making over $1 million per year. This proposal aims to raise the current tax rate of 20% to 28%, thereby affecting top earners significantly. Harris emphasized the need to reward investment in America’s innovators, founders, and
Coupons have revolutionized the way consumers save money when shopping online. Gone are the days of relying solely on Sunday circulars for discounts. In today’s digital age, consumers have access to a plethora of online codes, browser extensions, and money-saving apps that offer significant discounts at any time. According to a recent study by SimplyCodes,
Vice President Kamala Harris has outlined her economic agenda, which includes higher taxes on wealthy Americans and corporations. The plan endorses the tax increases proposed by President Joe Biden for the fiscal year 2025 budget. This includes a 25% minimum tax on total income, which would also cover “unrealized gains” exceeding $100 million. However, experts
Marketplace health insurance has become a crucial lifeline for many younger retirees in the United States, offering lower monthly premiums through the end of 2025. With the boosted tax breaks provided by the government, individuals aged 55 to 64 have been able to take advantage of this affordable health coverage option. However, despite the apparent
In today’s labor market, young adults are facing significant challenges, with approximately 16% of 18- to 24-year-olds not employed or enrolled in high school or college. This demographic is often referred to as “disconnected youth” or “NEETs.” Many young individuals are opting out of the labor force due to discouragement stemming from their economic situation.
Travel spending among American households has exceeded pre-pandemic levels, with a particular focus on international trips. Bank of America research indicates that travel momentum is heavily influenced by vacationing abroad, with spending up by 10.6% per household compared to 2019. According to economists Taylor Bowley and Joe Wadford, international travel remains a robust area of
As the Federal Reserve considers cutting interest rates, there is a growing concern among financial experts about the future of the U.S. economy. While some fear a potential recession, others are optimistic that the central bank can navigate the situation effectively and achieve a “soft landing.” This uncertainty is particularly worrisome for individuals who are
Employers have taken a proactive approach towards increasing workers’ 401(k) plan savings by implementing automated strategies. However, recent research has shed light on the actual impact of these initiatives, revealing a more nuanced perspective than previously presumed. Factors such as employees cashing out their 401(k) balances upon leaving a job have been identified as significant
As the season of fall foliage and pumpkin spice lattes approaches, the job market may also be experiencing a shift. Career experts suggest that a “September surge” in job postings occurs as job recruiters and hiring managers return from their summer vacations. This phenomenon is often attributed to the summer slowdown when key decision-makers are