The IRS is currently in the process of developing strategies to avoid increased audits on taxpayers making less than $400,000. However, experts caution that specific details in your tax return can still trigger scrutiny regardless of income level. The Treasury Inspector General for Tax Administration recently reported that the IRS has only made “limited progress”
Personal
Vice President Kamala Harris is advocating for an increase in the capital gains tax rate. Her proposal involves a 28% tax on long-term capital gains for households earning more than $1 million annually. This marks a significant rise from the current rate of 20% for top earners. Harris frames this move as a means to
Gone are the days when flipping through Sunday circulars was the only way to find coupons. In today’s digital age, the options are endless, from online codes to browser extensions to money-saving apps. But when is the best time to score the biggest deals? According to a recent study by SimplyCodes, Friday emerges as the
Vice President Kamala Harris recently outlined her economic agenda, which includes calling for higher taxes on wealthy Americans and corporations. Harris has endorsed President Joe Biden’s proposed tax increases, such as a 25% minimum tax on total income for individuals with assets exceeding $100 million. If enacted, taxpayers above the $100 million threshold would need
Marketplace health insurance has become increasingly popular among Americans aged 55 to 64, with more than 5.1 million individuals in this age group enrolled as of open enrollment 2024. This is a significant increase from the roughly 3.4 million in 2021, according to data from the Kaiser Family Foundation. The appeal of Marketplace coverage lies
In the current labor market, young adults are facing significant challenges that are affecting their employment opportunities. A recent report by the Federal Reserve Bank of St. Louis reveals that around 16% of 18- to 24-year-olds are not employed or enrolled in high school or college, earning them the title of “disconnected youth.” These individuals,
The research conducted by Bank of America indicates that travel spending among American households has surpassed pre-pandemic levels, with a particular surge in international trips. According to economists Taylor Bowley and Joe Wadford, the momentum in travel lies within vacationing abroad, with spending up by 10.6% per household compared to 2019. This trend is further
As the Federal Reserve prepares to lower interest rates, there is a cloud of uncertainty over the U.S. economy. While some experts fear a potential recession, others are hopeful for a smooth transition known as a “soft landing.” For individuals nearing retirement, the outcome of this economic shift holds significant implications. A sudden market decline