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Recent legislative changes have the potential to impact the lives of over 3.2 million individuals who receive Social Security benefits. The Social Security Fairness Act, which was signed into law by President Joe Biden on January 5, represents a noteworthy shift in the way certain benefits are calculated. Specifically, this new legislation eliminates two long-standing
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The ongoing debate around fiscal responsibility in Washington, D.C., is raising red flags among advocates for Social Security. The recent discussions surrounding government budget cuts have ignited fears that the safety net program, critical for millions of Americans, may face significant reductions or alterations. This article delves into the intricacies of Social Security funding, the
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Many Americans remain unaware of a significant tax benefit that could aid in enhancing their retirement savings. The retirement savings contributions credit, commonly referred to as the saver’s credit, is designed specifically for low- to moderate-income individuals who make contributions to retirement accounts like IRAs or employer-sponsored 401(k) plans. With potential benefits reaching up to
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As tax season approaches, many Americans find themselves in a race against time. With nearly a third of individuals procrastinating, as highlighted by a survey conducted by IPX1031, it becomes clear that tax filing is an area where timing is crucial. A staggering 33% of individuals delay submitting their tax returns, which inadvertently opens avenues
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The recent developments surrounding the U.S. student loan repayment landscape have raised serious concerns among borrowers nationwide. In mid-February 2024, a devasting ruling by the 8th U.S. Circuit Court of Appeals blocked the Biden administration’s innovative Saving on a Valuable Education (SAVE) plan, which many had hoped would ease their financial burden. Instead, millions now
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Amid significant shifts within federal agencies, a notable restructuring is occurring within the Internal Revenue Service (IRS). Following Elon Musk’s establishment of the Department of Government Efficiency (DOGE), thousands of IRS employees face impending layoffs, particularly affecting those who have recently entered the agency’s workforce. This substantial downsizing poses serious ramifications for taxpayers, especially during
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Recent measures implemented by the Trump administration have raised significant concerns regarding the stability of the federal banking system. The Federal Deposit Insurance Corporation (FDIC), responsible for maintaining public confidence in the banking system, experienced a significant staffing reduction, losing around 1,000 employees this year alone. These job cuts were instigated through voluntary buyout programs
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