The Tax Cuts and Jobs Act of 2017 (TCJA) introduced significant tax reforms resulting in temporary tax breaks for most Americans. The act included provisions such as lower federal income tax brackets, a higher standard deduction, and an increased child tax credit. These measures were aimed at providing relief to taxpayers across various income brackets.
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The Covid-19 pandemic not only exposed the vulnerabilities in the American economy but also highlighted the resilience within certain sectors. Child care, in particular, took center stage as daycares closed, schools shifted to remote learning, and parents struggled to balance work and childcare responsibilities. While employment in the child care sector has slowly recovered post-pandemic,
Cricket, a sport widely popular in many parts of the world, is now gaining momentum in the United States. High-profile CEOs and investors are spearheading the effort to make cricket mainstream in the U.S. by investing nearly a billion dollars in the American professional league, Major League Cricket. Microsoft CEO Satya Nadella, Adobe CEO Shantanu
In a time where the job market is competitive and uncertainty looms, it’s essential for individuals to consider all avenues for financial planning, including tax strategies. Experts suggest that despite challenges such as prolonged unemployment and lower income projected for 2024, there are opportunities for tax planning that can lead to potential savings. One of
The recent debacle surrounding Synapse, a fintech middleman, has left many customers in financial turmoil. The court-appointed trustee, Jelena McWilliams, revealed that partner banks holding customer deposits are facing an $85 million shortfall compared to the funds owed to depositors. This revelation sheds light on the catastrophic meltdown that has struck the U.S. fintech sector,
GameStop, the video game retailer that has been in the spotlight due to the meme trader “Roaring Kitty,” has recently reported dismal fiscal first-quarter results. The company’s net sales plummeted by 29% to $881.8 million compared to $1.237 billion in the previous year. These figures were even lower than what Wall Street analysts had predicted,
In December 2023, Apollo Asset Management Co-President Scott Kleinman made a bold prediction that went against the market sentiment at the time. While many were anticipating multiple rate cuts in 2024, Kleinman stood out by stating that he would be betting against any rate cuts. Fast forward to the present, and his contrarian view has
The United States saw a remarkable increase in millionaires last year, standing out among other countries by adding 600,000 new millionaires. According to a report by Capgemini, the millionaire population in America grew by 7.3% in 2023, reaching a total of 7.5 million individuals. Their combined wealth surged to $26.1 trillion, up by 7% from
Many Americans view real estate as a prime long-term investment opportunity, with a recent Gallup survey revealing that 36% of Americans ranked real estate as their top choice for investing. This sentiment surpassed stocks, gold, and savings accounts, among others. The emotional connection that real estate can evoke sets it apart from traditional investments like
Mega backdoor Roth conversions are a powerful strategy that can significantly boost tax-free retirement savings for individuals who exceed the income limits for traditional Roth IRA contributions. This maneuver involves making after-tax contributions to a 401(k) plan and then converting these funds to a Roth IRA. Unlike regular backdoor Roth conversions, mega backdoor conversions allow