The upcoming election season brings with it a critical issue that could have far-reaching effects on American taxpayers. Trillions in expiring tax breaks are up for debate, with the potential to significantly impact the tax liabilities of individuals across the country. Without extensions from Congress, these sunsets could lead to increased taxes for most Americans
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In a challenging job market, some applicants are encountering fierce competition. However, despite the difficulties, experts suggest that prolonged unemployment and reduced income in 2024 could provide opportunities for tax planning. Certified financial planner Jaime Quinones of Stockade Wealth Management in Marlboro, New Jersey, points out that a job layoff can lead to a temporary
One common mistake that investors make when considering mega backdoor Roth conversions is focusing solely on the long-term benefits without taking into account their short-term financial needs. Certified financial planner Jamie Clark warns that diving into after-tax 401(k) contributions without considering cash reserves or other assets for emergencies, purchasing a home, funding a wedding, or
The work-from-home trend is not just a passing phase but rather a new norm that has been solidified by the Covid-19 pandemic. According to experts in labor economics, remote work is here to stay due to its profitability for companies and high value to employees. While some companies have attempted to mandate a return to
When it comes to saving for retirement, it is crucial to understand the implications of maxing out your 401(k) too early in the year. While investing sooner typically boosts growth over time, you could potentially lose money by reaching the maximum contribution limit too soon. Most 401(k) plans offer an employer match, which adds extra
Generation X is often referred to as the “sandwich generation” due to the dual role they play in providing financial and emotional support to both their adult children and aging parents, while also trying to secure their own future. This generation faces the challenge of managing multiple responsibilities and can often feel overwhelmed by the
Social media platforms like TikTok have brought attention to the rise in popularity of dating finance bros, particularly among young women seeking financial stability and security. The appeal of a man in finance is often associated with the idea that he can provide a lavish lifestyle and take care of his partner’s financial needs. This
As the labor market gradually cools down, job seekers are facing increased competition when looking for new opportunities. Despite this, Chief Economist, Julia Pollak from ZipRecruiter, emphasizes that there are still openings available and encourages individuals not to lose hope, assuring them that it is still a strong labor market. The U.S. Bureau of Labor
Vacation time is a crucial aspect of maintaining a healthy work-life balance. While Americans value having paid time off, many fail to utilize it fully. Elizabeth Grace Saunders, a time management coach, emphasizes the importance of honoring our need for rest and rejuvenation. Humans are not machines and require time away from work to stay
Recently, the average 401(k) plan savings rate has reached a record high of 14.2%, including contributions from both employees and companies. This rate is getting closer to the recommended 15% benchmark set by Fidelity. The firm estimates that saving at least 15% of your income for retirement is crucial to maintaining your current lifestyle after