IRA Strategies During Uncertain Markets
Recent tariff-related market gyrations caught the attention of many wary investors, including IRA owners. Although markets (and the tariff situation) have stabilized a bit, the outlook remains uncertain. For this reason, you may want to keep two key points in mind: First, market dips create opportunities for Roth IRA conversions, and second, the timing of […]
Read more
REAL ID Deadline Fast Approaching
After years of numerous delays, the REAL ID enforcement deadline is scheduled for May 7, 2025.1 What is a REAL ID? A REAL ID is a type of enhanced identification card that is signified by a star marking in the upper top portion of the card. The REAL ID Act, passed by Congress in 2005, […]
Read more
Borrowers in Default on Federal Student Loans Face Imminent Collection Efforts
On April 21, 2025, the U.S. Department of Education announced that it will resume collections on defaulted federal student loans starting May 5, 2025. The federal government hasn’t collected on defaulted loans since March 2020. Here is some background followed by answers to questions about the new policy. A history of payment pauses and court […]
Read more
Tariffs: How They Work and Potential Economic Effects
On February 1, 2025, President Trump authorized an additional 25% tariff on all goods entering the United States from Canada and Mexico (except for a lower 10% tariff on energy resources from Canada) and an additional 10% tariff on all goods from China. Nine days later, Trump authorized a 25% tariff on steel and aluminum, […]
Read more
Infographic: The Top Performing Stock Market Sectors in 2024
In 2024, nearly all S&P 500 sectors posted gains in a year defined by AI enthusiasm and a robust U.S. economy. Overall, 66% of companies ended the year in positive territory as the index achieved its best two-year performance since the late 1990s.This graphic compares S&P 500 sector returns in 2024, along with each sector’s […]
Read more
Federal Tax Filing Season Has Started
The IRS began accepting and processing 2024 tax-year returns on Monday, January 27, 2025. Tips for making filing easier To speed a potential tax refund and help with tax filing, the IRS suggests the following: • Make sure you have received Form W-2 and other earnings information, such as Form 1099, from employers and payers. […]
Read more
IRS Delays Certain RMD Regulations Until 2026
Late last year, the IRS announced a delay in the application of proposed regulations interpreting certain changes to the required minimum distribution (RMD) rules made by the SECURE 2.0 Act of 2022. The IRS originally said the proposed regulations would take effect in 2025 to align with the implementation of other final regulations governing RMDs […]
Read more
IRS Releases Standard Mileage Rates for 2025
The IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2025. However, the standard mileage rates for medical and moving expense purposes remain the same for 2025. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes […]
Read more
Dreaming of Retirement? Consider Maxing Out Your 401(k) in 2025
About 70% of U.S. private-sector workers have the option to contribute to a retirement plan such as a 401(k), 403(b), or 457(b) plan provided by an employer. Unfortunately, many of them don’t take full advantage of this tax-friendly opportunity to save for the future. The SECURE Act and SECURE 2.0 Act (federal legislation passed in […]
Read more
College Costs for 2024-2025 March Higher
Every year, the College Board releases new college cost data and trends in its annual report. The figures published are average costs for public in-state, public out-of-state, and private colleges based on a survey of approximately 4,000 colleges across the country. Over the past 20 years, average costs for tuition, fees, housing, and food has […]
Read more