Momo Productions | Digitalvision | Getty Images New changes from the Internal Revenue Service may affect federal tax liabilities for families in 2025. For example, in its announcement Tuesday, the agency said it raised the maximum amount of the earned income tax credit, or EITC, and increased the income thresholds to qualify. It left the
Personal finance
Leopatrizi | E+ | Getty Images If you need a tax preparer for the 2025 filing season, now is the time to start looking, experts say. Finding a preparer could take longer amid the industry’s staffing shortage, particularly for areas of specialty expertise, such as cryptocurrency or international taxes. “I would absolutely 100% recommend starting
The author paid a company, Renewable Recycling, to pick up and recycle his queen-size mattress in New York City. Greg Iacurci I paid $95 to recycle a mattress. It may sound odd, silly even, to pay so much to dispose of a run-of-the-mill household item. But the economics of mattress recycling illustrate why it can
Former President Donald Trump and Vice President Kamala Harris are shown on screen during a debate watch party at the Cameo Art House Theatre in Fayetteville, North Carolina, Sept. 10, 2024. Allison Joyce | Bloomberg | Getty Images With the Social Security Administration facing a looming funding crisis over the next decade, it’s clear that the
Voters work on their ballot at a polling station at the Elena Bozeman Government Center in Arlington, Virginia, on September 20, 2024. – | Afp | Getty Images Many investors worry about how the outcome of the presidential election will impact their investments. But there’s another risk financial advisors are focused on — public debt,
Twenty47studio | Moment | Getty Images Millions of Social Security beneficiaries will benefit from the 2.5% cost-of-living adjustment for 2025, set to take effect in January. With that increase, the maximum Social Security benefit for a worker retiring at full retirement age will jump to $4,018 per month, up from $3,822 per month this year,
Aire Images | Moment | Getty Images Many Americans face a retirement savings shortfall. However, setting aside more money could get easier for some older workers in 2025. Enacted by Congress in 2022, the Secure Act 2.0 ushered in several retirement system improvements, including updates to 401(k) plans, required withdrawals, 529 college savings plans and
Morsa Images | Getty Buying a home is often the biggest financial decision you’ll ever make. It’s not just about choosing a place to live; it’s about making a long-term investment that will impact your financial future for years to come. Therefore, if you are looking to buy a home, there are certain steps you should
Morsa Images | Digitalvision | Getty Images Medicare open enrollment for 2025 is set to begin on Tuesday. Beneficiaries have from Oct. 15 until Dec. 7 to evaluate their Medicare coverage options and select new plans for next year. Experts say it’s an important opportunity retirees should not ignore. However, just 30% of people on
Momo Productions | Stone | Getty Images Once you’ve decided that opening a Roth individual retirement account for your child is a great idea, now comes the hard part: convincing the child to save for a far-off retirement instead of spending that hard-earned money. I have some ideas for making the case to your child.
Republican presidential nominee former President Donald Trump attends a rally at the site of the July assassination attempt against him, in Butler, Pennsylvania, Oct. 5, 2024. Brian Snyder | Reuters As 2025 approaches, top-ranked advisors are bracing for a looming tax cliff when trillions of dollars in tax breaks are scheduled to expire. Enacted by
Hispanolistic | E+ | Getty Images In 2025, millions of retired Americans will see a 2.5% cost-of-living adjustment for benefit payments, according to the Social Security Administration. But a lesser-known tax change will also impact higher-income workers. The Social Security Administration on Oct. 10 unveiled a higher threshold for earnings subject to Social Security payroll