Whether you’re a business owner, high earner, or retiree, consider these strategies to reduce taxable income and capital gains taxes to lower your total tax bill in 2024. But don’t sit on these options. Nearly all tax-saving strategies must be done before year-end. 10 Tax Strategies For 2024 Although not an exhaustive list, here are ten ideas to reduce tax (in no particular order): Optimize your investment income Max out retirement plans at work Make a tax-deductible IRA contribution Retirement income planning Stock option/equity compensation tax planning Give stocks to charity with a donor-advised fund Harvest losses Plan distributions from…

With the holiday shopping season inching earlier every year, one of the biggest questions for shoppers comes down to timing: When should you start buying gifts? If you start too soon, you could miss out on some of the best sales. But if you start too late, you could pass up your chance at discounts and free shipping offers before the cutoff dates. And if you shop all season long, you risk racking up spending over three months.To strike the right balance, money experts say plan early, but wait until prices drop to buy items on your list. That means…

There’s an obvious tension in being an entrepreneur and a new parent at the same time. Both require as much attention as you can possibly give. Last year, my wife and I had a rapidly growing business, a toddler, a high-energy dog, and another baby on the way. It seemed like growing the business would just have to wait. Or maybe not. To find some inspiration and advice, I asked three successful entrepreneurs about their experiences raising babies and growing businesses—at the same time. Here’s what they told me. When Cassie’s son was born in December 2019, she had two…

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode: Learn how women can excel at investing, overcome financial challenges, and build wealth with practical strategies.What does it mean to invest like a girl? How can women start investing and overcome financial challenges? Hosts Sean Pyles and Kim Palmer discuss gender differences in investing and practical strategies for women to build wealth. Kim interviews Jessica Spangler, author of Invest Like a Girl: Jump into the Stock Market, Reach Your Money Goals and Build Wealth, about the ways women tend to excel at investing, including…

The Corporate Transparency Act (“CTA”) requires that certain entities file annual reports with the Financial Crimes Enforcement Network (“FINCEN”) by December 31. In Community Associations v. Yellen, E.D.Va. Case No. 24-CV0-1597, Doc. 40 (Oct. 24, 2024), the U.S. District Court for the Eastern District of Virginia held that this requirement also applies to a Homeowners Association (“HOA”). This means that most HOAs out there now must file their FINCEN report by December 31 or face very serious fines ― $500 per day. This article will attempt to give some helpful hints to HOAs boards as to how they can comply…

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode: Learn the pros, cons, and methods of rolling over retirement accounts to simplify your finances so you can avoid costly mistakes.How can you budget smarter for the holidays? Does it make sense to combine retirement accounts from previous jobs into one? What are the benefits and drawbacks of different rollover options? Hosts Elizabeth Ayoola and Sara Rathner begin the episode with a discussion of holiday budgeting, offering tips and tricks on avoiding impulsive spending, setting clear financial priorities, and the importance of delayed gratification.Then,…

The Education Department officially published proposed regulations last week for a new student loan forgiveness program tied to hardship. The rules outlines more than a dozen factors that could determine whether a borrower would qualify for debt relief. “If finalized as the Department of Education proposes, these rules would authorize student debt relief to millions of borrowers struggling with high medical costs, childcare costs, and other financial hardships such as the impacts of a natural disaster,” said the department in a statement earlier in October. The program, the final part of President Joe Biden’s “Plan B” for student loan forgiveness,…

When former President Donald Trump steps back into his Leader of the Free World shoes, he’ll need to get to work on some of the economic promises he’s made. Trump’s success will depend on a host of factors and it’s unclear exactly which proposals he will pursue and which will make the cut with with Congress. Here’s a rundown of what Trump promised on the campaign trail:InflationInflation, as measured by the consumer price index, has already slowed to 2.4%, well off its pandemic-fueled peak. Trump promised to lower prices and slow inflation, but whether a president can directly do so…

Regardless of the U.S. presidential election results, the next four years hold immense potential for shaping your personal finance. Whether you’re a recent graduate, a young professional, an entrepreneur, a person nearing retirement, or someone simply looking to take control of your finances, a well-structured financial plan can be your compass. This article discusses tips and strategies to navigate your financial journey, setting you on a path toward financial security and prosperity. 1. Assess Your Current Financial Situation A clear understanding of your current financial situation is the first step toward effective financial planning. This assessment gives you a baseline…

Landing a high-paying job without spending four years and tens of thousands of dollars on college tuition may be getting more plausible. In recent years, many of America’s largest companies have announced they will no longer require a college degree for high-paying office jobs. That list includes Google, IBM, Tesla, Accenture, Walmart, Dell, Verizon, Delta, General Motors, Bank of America and Home Depot among others. Track all the money you makeSee the ins and outs of your cash, cards, and bank accounts at a glance.In a recent poll conducted by Intelligent.com, 33% of 750 companies surveyed said they eliminated bachelor’s…