The latest data on 401(k) savings rates shows a promising trend of growth and record-high numbers. The average combined savings rate in 2023 matched a record high from the previous year, reaching an estimated 11.7%. Furthermore, a separate report from Fidelity for the first quarter of 2024 indicated a combined rate of 14.2%, setting a
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The latest trend on TikTok revolves around the idea of a “no-spend month,” where users are encouraged to refrain from making any non-essential purchases for a specific period of time. The concept sounds promising at first glance, with the potential to save money and redirect funds towards long-term financial goals. However, before jumping on the
Recently, the Supreme Court made a decision on a federal tax challenge involving certain foreign investments. The case in question, Moore v. United States, centered around a Washington state couple who faced taxes due to a one-time levy on earnings and profits in foreign entities. This levy, known as the “mandatory repatriation tax,” was enacted
New York has taken the lead in launching a new program that offers homeowners up to $14,000 in total rebates for energy-efficiency upgrades to their property. This initiative is part of the federal Inflation Reduction Act, which is the largest piece of climate legislation in U.S. history, signed by President Joe Biden in 2022. The
Darden Restaurants recently reported mixed quarterly results, with one of its most well-known chains, Olive Garden, experiencing a decline in same-store sales for the second straight quarter. This disappointing trend is a cause for concern for the company, as Olive Garden has historically been a key contributor to Darden’s overall success. Looking ahead to fiscal
The U.S. Department of the Treasury and the IRS have recently announced a new plan aimed at closing a significant tax loophole that has been exploited by large, complex partnerships. This plan is expected to generate more than $50 billion in tax revenue over the next decade. The focus of this initiative is to address
Investors are always on the lookout for opportunities to protect their portfolios from market volatility and enhance returns. One way to achieve this is by investing in dividend-paying stocks. These stocks not only offer a regular income stream through dividends but also have the potential for long-term growth. One of the top dividend picks recommended
When it comes to assessing one’s retirement readiness, many individuals tend to compare their 401(k) balances with others in their age group. However, recent data from Fidelity suggests that looking at balances by industry may provide a more accurate comparison point. The average 401(k) balance for investors on Fidelity’s platform in the first quarter was
As we approach the second-quarter estimated tax deadline for 2024 on June 17, it is crucial to understand the significance of making timely payments to avoid penalties. The IRS mandates that individuals who earn income without withholdings, such as from contract jobs, freelancing, gig economy work, or small businesses, must make quarterly estimated tax payments.
As Congress engages in a crucial discussion regarding the impending decision on trillions in expiring tax breaks, the spotlight has been on several Democratic proposals aimed at increasing taxes on corporations and wealthy Americans. Advocates of these plans argue that they are necessary to address income inequality and the federal budget deficit. Among the topics