Personal
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The Importance of Filing a Federal Tax Extension
As tax season approaches, many Americans find themselves feeling unprepared and overwhelmed by the process of filing their taxes. According to a recent survey, 1 in 4 Americans admit to not feeling ready to file their taxes, and 29% even go as far as procrastinating the task. This lack of preparedness can lead to unnecessary…
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The Federal Reserve’s Caution Amidst High Inflation
The Federal Reserve is currently exhibiting a cautious approach towards lowering its benchmark rate. Initial projections of multiple rate cuts before the end of the year now appear unlikely. The recent strong jobs report and the unexpected increase in the consumer price index in March have indicated that inflation is persisting at a higher level.…
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The Importance of Understanding FDIC Coverage Changes for Trust Accounts
Recently, the Federal Insurance Deposit Corporation (FDIC) implemented new requirements for deposit insurance for trust accounts starting April 1. These changes were aimed at simplifying insurance coverage rules for trust accounts, but they may have unintended consequences for depositors with large sums of money. According to Ken Tumin, founder of DepositAccounts and senior industry analyst…
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The Latest Update on IRS Direct File Program
As the April 15 federal tax deadline approaches, the IRS has made an “important update” to its Direct File program, a free tax filing service. The pilot program, which has been fully operational in 12 states since March 12, now includes a new feature that allows users to import crucial details needed for verifying their…
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The Impact of President Biden’s New Student Debt Forgiveness Plan
President Joe Biden is set to introduce a new plan for forgiving student debt, a move that comes less than a year after his initial efforts were blocked by the Supreme Court. This time around, Biden is aiming to design an aid package that will withstand any legal challenges by narrowing the scope of the…
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The New Student Loan Forgiveness Plan by President Joe Biden
President Joe Biden is set to unveil a new and expanded student loan forgiveness plan that aims to provide relief to tens of millions of Americans burdened by student debt. This announcement comes after the Supreme Court rejected his initial attempt to cancel up to $20,000 in student debt per borrower, deeming it unconstitutional. While…
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The Silver Tsunami: Navigating Retirement Decisions as Americans Turn 65
As the “silver tsunami” hits, a record number of Americans are reaching the age of 65, bringing with it a multitude of high-stakes financial decisions. The traditional three-legged stool of retirement planning, consisting of employer pensions, personal savings, and Social Security, has largely become a thing of the past. With many private-sector employees lacking traditional…
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AI Chatbots and Tax Filing: Proceed with Caution
As the tax deadline approaches, more and more filers are turning to chatbots powered by artificial intelligence for assistance with their tax returns. Surveys have shown that a significant portion of Americans are open to using AI chatbots for tax filing, with popular options like ChatGPT, TurboTax, H&R Block, and the IRS being among the…