Retirees often have multiple sources of income, and it is crucial for them to properly manage their taxes to avoid IRS penalties. In 2024, the quarterly estimated tax deadlines are April 15, June 17, Sept. 16, and Jan. 15, 2025. Failing to meet these deadlines can result in penalties, creating a financial burden for retirees.
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Managing required minimum distributions (RMDs) in retirement can be a complex task for many individuals who have diligently saved in pretax retirement accounts. The mandatory withdrawals come with potential tax implications and can disrupt an individual’s long-term financial plans. However, RMDs also provide an opportunity to rebalance and optimize your investment portfolio. By strategically planning
The economic agendas of former President Donald Trump and Vice President Kamala Harris are under scrutiny as they propose significant tax changes that could impact millions of Americans. As the competition for the next presidency heats up, taxes have emerged as a crucial issue on both sides of the political spectrum. This article will delve
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. Presidential nominee Kamala Harris has expressed her support for raising the minimum wage to better support working families in America. While many states have implemented higher minimum hourly pay rates, 20
Vice President Kamala Harris recently announced a new economic plan that includes an expanded child tax credit of up to $6,000 for families with newborn children. This move is aimed at building on the higher child tax credit that was established through the American Rescue Plan in 2021. Under the previous plan, families could receive
As retirement approaches, investors must be wary of a looming threat known as the “sequence of returns risk” that could potentially devastate their retirement savings. This risk, also referred to as “sequence risk,” arises when poor investment returns are coupled with withdrawals, particularly in the early stages of retirement. The detrimental impact of this combination
In a recent study conducted by Affirm, nearly 60% of Americans mistakenly believe that the U.S. is currently in a recession, despite second-quarter economic growth. This highlights the need for accurate information and guidance when it comes to financial decision-making, especially during times of economic uncertainty. While major financial institutions like Goldman Sachs and JP
Former President Donald Trump recently proposed the idea of ending taxes on Social Security benefit income. While this idea may seem beneficial to seniors who rely on these benefits, there is a fatal flaw in Trump’s plan. According to Rep. John Larson, D-Conn., Trump’s proposal lacks a plan to make up for the lost revenue,
Former President Donald Trump and Vice President Kamala Harris have both expressed their desire to eliminate taxes on tips during recent rallies, creating a stir among policy experts. This proposal specifically targets service and hospitality workers, aiming to alleviate financial burdens and increase take-home pay for a significant portion of the workforce. However, the idea
The Social Security Administration is currently facing a crisis with a “record-breaking backlog” of open cases, which is leading to approximately $1.1 billion in projected improper payments to beneficiaries. A recent report from the Social Security Administration Office of the Inspector General highlighted that the backlog of pending actions has reached an all-time high of