House lawmakers on Thursday morning passed changes for the federal deduction for state and local taxes, known as SALT, as part of President Donald Trump’s tax package. Enacted via the Tax Cuts and Jobs Act, or TCJA, of 2017, there’s […]
House Republican tax bill passes ‘SALT’ deduction cap of $40,000. Here’s who benefits. Read More »
As lawmakers debate President Donald Trump’s tax cuts, a key deduction could become a sticking point in 2025 tax negotiations, policy experts say. Enacted via the Tax Cuts and Jobs Act, or TCJA, of 2017, there’s currently a $10,000 limit on the federal deduction on state and
As the IRS faces mass layoffs, Congressional Democrats warn those staffing cuts could undermine the agency’s progress in collecting unpaid funds from “wealthy tax dodgers.” In a letter to Acting IRS Commissioner Melanie Krause last week, more than 130 House Democrats demanded answers about the
‘Wealthy tax dodgers’ could benefit from IRS layoffs, Democrats warn Read More »
As the IRS faces cutbacks, some taxpayers are weighing whether to file returns this season. But skipping your federal filing can be costly, experts say. Josh Youngblood, an enrolled agent and owner of The Youngblood Group, a Dallas-based tax firm, said he’s
As year-end approaches, there’s still time to slash your 2024 tax bill or boost your refund, financial advisors say. Typically, you can expect a tax refund when you overpay taxes throughout the year. Alternatively, you get a tax bill when you haven’t paid
There’s still time to slash your 2024 tax bill with these last-minute moves Read More »
As some Americans struggle to save for retirement, key 401(k) plan changes could soon make preparing easier for certain workers, experts say. Enacted by Congress in 2022, “Secure 2.0” ushered in sweeping changes to the U.S. retirement system, including several updates to 401(k)
These key 401(k) plan changes are coming in 2025. Here’s what savers need to know Read More »
The IRS has announced new 401(k) contribution limits for 2025. In its announcement on Friday, the agency increased the employee deferral limit to $23,500, up from $23,000 in 2024. The change applies to workplace plans, including 401(k)s, 403(b)s, and most 457 plans,
IRS announces 401(k) contribution limits for 2025 Read More »
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
Social Security payroll tax limit increases for 2025. Here’s how that may affect you. Read More »
As the Federal Reserve cuts interest rates, investors should review their bond portfolio, which could see a boost from dovish Fed policy. The central bank in September kicked off its first easing campaign in four years with a 50 basis point rate cut,
The third-quarter estimated tax deadline for 2024 is Sept. 16, and skipping a payment could trigger a penalty, according to the IRS. Typically, you need estimated payments for any income without tax withholdings, such as earnings from self-employment, contract or gig economy work and
