The IRS has officially announced that the filing season for individual tax returns for the year 2024 will commence on January 27, 2025. Taxpayers should be particularly mindful that, to avoid penalties, federal income tax returns and any dues must be filed by April 15, 2025. It’s essential to highlight that individuals affected by natural
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As each new year unfolds, individuals across the globe seize the opportunity for fresh beginnings, often spotlighting their resolutions. Among the various commitments made, the practice of abstaining from alcohol for the month of January—referred to as Dry January—has garnered an impressive following. According to a recent report by Morning Consult, participation has surged to
As we approach 2024, it is crucial for taxpayers to recognize the significance of the estimated tax deadline, which falls on January 15. Missing this payment can lead to a cascade of consequences, including potential penalties and interest charges that can drastically increase your overall tax liability. The Internal Revenue Service (IRS) stresses the importance
In a significant development for millions of Americans, newly signed legislation by President Joe Biden introduces transformative changes to Social Security benefits. Nearly 3 million individuals, particularly those connected to public service professions such as firefighters, police officers, and educators, are set to benefit from these adjustments. The recently enacted Social Security Fairness Act aims
As we usher in 2025, individuals may notice a slight enhancement in their take-home pay due to adjustments made by the IRS to federal income tax brackets. Announced in October, these changes reflect an inclination towards taxpayers’ favor, adjusting each income threshold upward by approximately 2.8%. This increase, while modest compared to the previous year’s
As the calendar flips to 2025, a concerning trend is emerging among American credit card holders. According to a recent study by Bankrate, nearly half of all cardholders—48%—are now entrenched in monthly debt, a slight but troubling increase from 44% at the beginning of 2024. This data serves as a clarion call, highlighting the financial
In the current landscape of student loan repayment, there remains a silver lining for many borrowers: the potential to lower their tax obligations through the student loan interest deduction. This tax benefit allows qualifying individuals to deduct up to $2,500 a year for interest paid on eligible student debt, whether private or federal. Given the
On Tuesday, the Consumer Financial Protection Bureau (CFPB) took a significant step towards alleviating the financial burden posed by medical debt by finalizing a rule that will effectively remove approximately $49 billion of medical debt from consumer credit reports. This pivotal change is expected to impact around 15 million Americans, many of whom have grappled