For 2025, veterans receiving VA disability compensation will see a 2.5% increase in their monthly benefits. While modest compared to the 8.7% adjustment in 2023, this cost-of-living adjustment (COLA) is designed to help veterans keep pace with rising living expenses. VA Disability VA disability compensation is a tax-free benefit provided to veterans with service-related injuries … Read more
Southern California is grappling with devastating wildfires, leaving thousands of families displaced and large swaths of land destroyed in one of the largest wildfires in U.S. history. Federal Emergency Management Agency (FEMA) teams are actively responding, offering assistance to those impacted by this disaster. FEMA’s Response FEMA Administrator Deanne Criswell recently visited the affected areas … Read more
The state of New York is bracing for substantial tax and legislative changes that could reshape the economic landscape. From the expiration of federal tax reforms to new state mandates, these shifts could significantly impact businesses and residents in the tri-state area. Here’s what you need to know about the changes on the horizon. Tax … Read more
In January 2025, the Canadian government will provide a $1,660 one-time extra payment to eligible Canada Pension Plan (CPP) recipients. This measure aims to help seniors and other beneficiaries cope with the rising cost of living and inflation. Knowing the payment schedule, eligibility criteria, and how to optimize your benefits is essential to make the … Read more
In January 2025, Canada’s Old Age Security (OAS) program will increase its maximum monthly payment to $1,615, offering greater financial support to seniors. This includes the Guaranteed Income Supplement (GIS) for low-income seniors. Whether you’re already receiving OAS or planning for retirement, knowing this boost, its eligibility requirements, and how to maximize your benefits is … Read more
The 2025 Social Security and Supplemental Security Income (SSI) payment cycle has begun with a 2.5% increase in benefits. This adjustment, tied to the annual Cost-of-Living Adjustment (COLA), affects over 72.5 million Americans and offers financial relief as inflation moderates. However, beneficiaries must stay alert for important updates, including a new requirement to migrate their … Read more
The Internal Revenue Service (IRS) is issuing automatic Economic Impact Payment (EIP) refunds to eligible taxpayers who missed claiming the Recovery Rebate Credit on their 2021 tax returns. This initiative, announced in December 2024, is a part of ongoing efforts to provide financial relief stemming from the COVID-19 pandemic. Here’s everything you need to know … Read more
The Cost of Living Adjustment (COLA) ensures that Social Security benefits and other government programs keep pace with inflation. For 2025, the COLA is set at 2.5%, impacting millions of Americans. Let’s look into what COLA is, how it’s determined, and what changes to expect this year. COLA COLA is designed to protect the purchasing … Read more
Reporting your income to the Social Security Administration (SSA) is critical to ensuring that you continue to qualify for Supplemental Security Income (SSI). This program provides essential financial support to those with low income who are blind, disabled, or aged 65 and older. Accurate income reporting not only helps the SSA allocate benefits fairly but … Read more
Social Security benefits are a lifeline for many retirees, providing much-needed financial stability. However, knowing how these benefits are taxed is essential for maximizing your retirement income. While federal taxes on Social Security payments are widely known, some states also impose their own taxes on these benefits. Let’s look into why Social Security is taxed, … Read more