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Changes for 2025, including a cost-of-living adjustment and new Medicare Part B premium rates, will affect the size of Social Security beneficiaries’ checks. In December, beneficiaries can expect to see benefit notices online and in the mail. Westend61 | Getty A new 2.5% cost-of-living adjustment In 2025, retirement benefits will increase by about $50 per […]

Congressional lawmakers will soon debate expiring tax breaks and new promises from President-elect Donald Trump. The debate could be complicated amid competing priorities and concerns over the federal budget deficit. “This is a lot more complicated than just the reds against the blues,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.

The stock prices for H&R Block and Intuit fell after a report said Trump’s government efficiency team is considering creating a free tax-filing app. Intuit, which makes the TurboTax tax-filing software, closed down 5%, while H&R Block closed down 8%. A tax-filing app created by Trump’s planned “Department of Government Efficiency,” headed by Elon Musk

FA Playbook If you’re in the 0% long-term capital gains bracket, you can reduce future taxes with a lesser-known strategy, tax-gain harvesting, experts say.  For 2024, you qualify for the 0% rate with taxable income of $47,025 or less for single filers and $94,050 or less for married couples filing jointly. You can use the

ETF Strategist ETF Street ETF Strategist Tax-loss harvesting can turn your portfolio losses into tax breaks. But investors need to know the “wash sale rule,” which blocks the tax break if you buy “substantially identical” assets within the 30-day window before or after the sale. If you want to stay invested, exchange-traded funds, or ETFs,

FA Playbook Amid the latest bitcoin rally, crypto investors face a looming deadline that could impact future taxes — and they must take action before Jan. 1, 2025. Investors need to establish “basis,” or their original purchase price for cryptocurrency, to avoid inflated profits. The price of bitcoin jumped above $93,000 on Wednesday, notching a

The Roth IRA contribution limits for 2025 are $7,000, or $8,000 if you’re 50 or older, unchanged from 2024. The income phaseout for taxpayers making contributions to a Roth IRA increased. D3sign | Moment | Getty Images Roth IRA income phaseouts for 2025 To contribute up to the limit in a Roth IRA, your modified

The IRS has announced the 401(k) catch-up contribution limits for 2025.  In 2025, the 401(k) catch-up contribution limit will remain $7,500 in 2024. However, investors age 60 to 63 can save $11,250 for catch-up contributions based on changes enacted via Secure 2.0. Cecilie_Arcurs | E+ | Getty Images The IRS has announced new 401(k) catch-up

The IRS has announced higher 401(k) contribution limits for 2025. Starting in 2025, employees can defer $23,500 into workplace plans, up from $23,000 in 2024. Only 14% of employees deferred the maximum amount into 401(k) plans in 2023, according to Vanguard’s 2024 How America Saves report.  Pgiam | Istock | Getty Images The IRS has

The IRS has announced individual retirement account contribution limits for 2025.  For 2025, investors can save a maximum of $7,000 in IRAs, which remains unchanged from 2024. IRA catch-up contributions for investors age 50 and older will also stay the same at $1,000. Xavierarnau | E+ | Getty Images Some investors can deduct pretax IRA