As January trudges, many of us have already started receiving the alphabet soup of yearly tax forms. While beginning to organize documents and preparing to file taxes for last year, it also behooves us to think ahead and identify opportunities to cut taxes for the upcoming year. Here are five foundational tax savings strategies that could help you save $20,000 on your taxes in the future. For most of these strategies, it’s not too late to enroll or change your contributions to maximize next year’s tax savings. While everyone’s situation will vary, to show specific savings, let’s assume a married…

We left off with the controversy swirling around FINCEN’s Beneficial Ownership Information (BOI) reporting requirements in my article, Unusual Fifth Circuit Self-Reversal Sows Confusion For BOI Reporting (Dec. 29, 2024). We now rejoin that controversy still in progress, but now before the U.S. Supreme Court. In the last two weeks, the following critical documents have been filed, being the U.S. Application For Stay (Dec. 31, 2024), the Plaintiff’s Opposition To Stay (Jan. 10, 2025) and finally the U.S. Reply Re Stay (Jan. 13, 2025). Additionally, about a dozen amicus curiae (“friend of the court”) briefs have also been filed by…

2025 will likely see its share of obstacles, but not necessarily the same ones it faced in 2024. What are the complications to watch for, and can any of 2024’s outcomes serve as clues for future success? Resilience Is The Name Of The Game The U.S. economy showed its mettle in 2024, with the S&P 500 ending the year up nearly 25% despite inflation, recession fears, unprecedented political turmoil, and multiple international conflicts. In a year when the Federal Reserve maintained its “higher for longer” interest rate policy and the housing market remained stagnant, GDP still grew at nearly 3%,…

A non-spouse inherited 401(k) has limited options compared to that of a spouse. If you are guiding minor children, there are some unique twists. These rules require careful navigation. I tackled the spousal options in “Contemplating Your Spousal Inherited 401(k) Options”. The SECURE Act 2.0 has changed how non-spouse beneficiaries handle inherited 401(k)s, especially when it comes to required minimum distributions (RMDs). Unlike a surviving spouse, you cannot roll over an inherited 401(k) into your own retirement account. However, you have several options for managing the account, depending on your financial needs, age, and the deceased’s circumstances. Here’s what you…

The Education Department formally launched a long-awaited student loan forgiveness tracking feature this week for income-driven repayment plans, providing borrowers with specific details on their progress for the first time in the program’s 30-year history. Income-driven repayment, or IDR, plans allow borrowers to repay their federal student loans using a formula applied to their income and family size. Payments are calculated for 12-month increments, and then must be periodically recalculated based on changes to income. Under current law, any remaining balance after 20 or 25 years would normally be forgiven; this is true under all IDR plans including Income-Contingent Repayment,…

Although everyone has different timelines for financial freedom, some key milestones should be at the top of your mind when you’re about to reach or are already in your 40s. Having specific goals to achieve by this age will ensure that you can survive unexpected financial hiccups, enjoy a comfortable retirement, and provide financial security for you and your family. This article covers the seven financial milestones you should aim to hit by age 40. Why You Should Have Your Finances On Track By 40 You should have your finances on track by age 40 because, at this point, you’ve…

After a lengthy delay, the Education Department announced last week that application processing has officially resumed for several income-driven repayment plans, giving borrowers opportunities to pursue long-term student loan forgiveness. Processing had been paused for months due to a court order associated with a legal challenge to the SAVE plan, leaving millions of borrowers stuck. Income-driven repayment, or IDR, plans provide affordable payments for federal student loan borrowers. Under IDR plans, payments are calculated using a formula applied to the borrower’s income and family size. Payments are typically reevaluated every year, and they change periodically in accordance with a borrower’s…

The ongoing California fires devastating Los Angeles county and surrounding areas highlight the growing risks posed by climate change, droughts, and expanding residential developments in fire-prone regions. As these natural disasters grow in frequency and intensity, protecting your property and financial stability is more critical than ever. This article discusses the types of insurance that may protect against wildfire damage, some common policy exclusions and gaps, and tips to ensure you’re adequately covered. Types Of Insurance That May Cover Wildfire Damage Homeowners Insurance Homeowners insurance typically covers the cost to repair or rebuild a home if it is damaged or…

Ohio’s population has declined over the last couple of decades, but the state was one of the original homes of the wealthy. In the Gilded Age of the late-1800s, captains of industry like John D. Rockefeller, Sylvester T. Everett, Mark Hanna — the businessman who ran William McKinley’s successful campaign in 1896 — and many more, had homes on Euclid Avenue’s Millionaire’s Row in Cleveland. As part of an ongoing series, we’ve been analyzing ever state in the country in terms of what the most expensive ZIP codes are. Here, we’re determining the most expensive ones in Ohio. The most…

The SBA is authorized to provide up to $2 million in low-interest-rate, long-term disaster loans per business to cover physical or economic damage. But the agency depends on Congress to replenish its funds. By Brandon Kochkodin, Forbes Staff The first of the wildfires broke out in the Pacific Palisades neighborhood of Los Angeles last Tuesday morning, tearing through dry brush in the Santa Monica Mountains. As of Sunday, the Palisades fire was still spreading and four major blazes had burned nearly 40,000 acres in the L.A. area, taking at least 24 lives, destroying or damaging more than 12,000 structures and…