The U.S. Department of Education has released details regarding the rollout of the new Free Application for Federal Student Aid (FAFSA) for the upcoming academic year. The 2025-26 FAFSA will undergo beta testing starting on Oct. 1, with limited groups of students, before being available to all students and contributors on or before Dec. 1.
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In a year where the stock market is performing strongly, investors are looking for strategies to efficiently rebalance their portfolios and also save on future taxes. One such strategy, tax-gain harvesting, involves strategically selling profitable assets from your brokerage account during lower-income years. These low-income years could include the early years of retirement or periods
The cost of attending college in the United States has reached alarming levels, with some institutions charging nearly six figures per year. According to data from The Princeton Review, several prestigious schools such as New York University, Tufts, Brown, Yale, and Washington University in St. Louis have sticker prices exceeding $90,000 for the 2024-25 academic
During the Democratic National Convention, Minnesota Gov. Tim Walz shared his personal experience with Social Security survivor benefits, highlighting how it helped his family after his father’s passing. The emotional story emphasizes the crucial role that these benefits play in supporting families during times of hardship, such as the loss of a parent. With approximately
Travelers need to be aware that failing to pay a substantial tax bill can result in the federal government revoking their passport. This consequence has become more common in recent years as the IRS and Treasury Department are mandated by federal law to notify the State Department of any American with a “seriously delinquent tax
In a recent massive data breach, National Public Data, a background check company, owned by Jerico Pictures Inc., disclosed that over 2.9 billion personal records were potentially exposed. The breach included sensitive information such as Social Security numbers, names, email addresses, phone numbers, and mailing addresses. While National Public Data reported 1.3 million breached records
Federal Reserve Chair Jerome Powell has hinted at potential interest rate cuts in the near future, marking a significant shift in monetary policy. This move could have wide-reaching implications for various aspects of the economy, prompting investors to consider their next steps. For those who are already well diversified, experts suggest that minimal changes may
As the year 2024 progresses, individuals have the opportunity to boost their 401(k) contributions and maximize their plan accounts. However, financial advisors caution that not everyone should necessarily max out their contributions. The current limit for 401(k) deferrals is set at $23,000 for 2024, a modest increase from the previous year. Workers aged 50 and
Remote work, once considered a temporary solution during the Covid-19 pandemic, has now become a permanent fixture in the U.S. labor market. This shift, as noted by economists, has been one of the most significant changes in the labor market over the past few decades. The concept of remote work encompasses full-time work-from-home positions as
Retirees often have various sources of income, including Social Security, pensions, retirement plans, and other investments. Managing taxes on these income sources is crucial to avoid IRS penalties. While quarterly estimated tax deadlines are important, there is a lesser-known strategy that can help retirees meet their tax obligations – using required minimum distributions (RMDs) to