The IRS has introduced new pilot programs designed to make resolving tax disputes quicker and easier. Announced on January 15, 2025, these programs aim to improve the existing Fast Track Settlement (FTS) process. The goal? Save taxpayers time, reduce stress, and simplify the resolution process. What Is Fast Track Settlement (FTS)? Fast Track Settlement is…
This month as well as in January, 66 million Americans will get higher Social Security benefits. Social Security benefits will be adjusted for inflation by a cost-of-living adjustment (COLA) of 3.2 percent. From $1,848 this year to $1,907 this year, that is the average monthly income for a former worker in 2024, as stated in…
If you are a recipient of Supplemental Security Income (SSI), you likely noticed an extra deposit in your account on December 1st, in addition to your regular December check. This bonus payment includes the much-anticipated 2024 cost-of-living adjustment (COLA), a substantial 3.2% increase from your current benefit amount However, if you are receiving Social Security…
In a boost for those reliant on Supplemental Security Income, another Cost of Living Adjustment (COLA) in 2023 promises a welcome financial boost. Responding to escalating inflation rates, the Social Security Administration has approved a 3.2% increase in Cost of Living Adjustment (COLA) for 2024 Notably, recipients of Supplemental Security Income will witness this financial…
On October 12, the Social Security Administration (SSA) will unveil the 2024 cost-of-living adjustment (COLA), affecting around 70 million retirees dependent on Social Security payments. This annual cost-of-living adjustment (COLA) is vital in safeguarding retirees against rising living costs, akin to securing inflation protection on a private annuity The Senior Citizens League (TSCL), a leading…
In the current year, Social Security benefits received the largest cost-of-living adjustment in many years, but retirees are likely to receive a considerably smaller increase in 2024. Inflation hit the U.S. economy hard in 2022, as increasing prices for fuel, food, and monthly expenses put many people in a terrible financial situation. However, since the…