Minnesota Governor Tim Walz recently highlighted the vital role of Social Security survivor benefits in his family’s life during the Democratic National Convention. After his father passed away when he was 19, leaving his family with significant medical debt, Walz shared how Social Security benefits provided them with the ability to maintain their standard of
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The federal government has implemented a strict measure to ensure that individuals with seriously delinquent tax debt do not escape their financial responsibilities. When an American taxpayer accumulates a federal tax debt exceeding $62,000 and repeatedly fails to address it, the IRS and Treasury Department notify the State Department. This notification leads to the potential
The cost of attending college has reached staggering levels in recent years, with some institutions approaching a price tag of close to six figures per year. According to data from The Princeton Review, several colleges are already charging more than $90,000 for the academic year 2024-25, with projections suggesting that the $100,000 threshold could be
Federal Reserve chair Jerome Powell recently hinted at the possibility of cutting interest rates, which would be the first time this has happened in over four years. This move is seen as a response to changes in the economy, including falling inflation rates and signs of weakness in the labor market. The market response to
When it comes to making decisions about your 401(k) contributions, it’s crucial to weigh your options carefully. Financial advisors often recommend taking advantage of all the benefits your employer offers, such as full matching contributions. However, before you rush to max out your plan account for 2024, there are several important factors to consider. One
The recent data breach at National Public Data is a major cause for concern as it potentially exposed billions of personal records to malicious actors. Reports suggest that over 2.7 billion records may have been leaked, highlighting the sheer magnitude of the breach. The compromised information includes sensitive details such as Social Security numbers, names,
Remote work has become a prominent feature of the U.S. labor market, with economists noting that it has significantly changed the way people work in recent years. The shift towards remote work, accelerated by the Covid-19 pandemic, is expected to have a lasting impact on how businesses operate and how employees carry out their duties.
Retirees often face challenges when it comes to managing their taxes, especially with multiple sources of income such as Social Security, pensions, retirement plans, and other investments. The IRS requires retirees to either withhold taxes or make quarterly payments to avoid penalties. The quarterly estimated tax deadlines for 2024 are April 15, June 17, Sept.