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S&P 500 Index Enters Correction Territory Amid Trade War Concerns On March 13, 2025, the S&P 500 Index fell into correction territory after a swift three-week drop of over 10% from its February 19 record high. The NASDAQ index had already entered correction a week earlier, declining from its December 2024 peak. Impact of Tariffs on Financial Markets President Trump’s fluctuating tariffs and the escalating trade war unsettled financial markets. The U.S. economy, which seemed...

The federal income tax filing deadline is usually Tuesday, April 15, 2025. For disaster-area taxpayers, the IRS has postponed filing and payment deadlines. Visit the IRS Tax Relief in Disaster Situations   page for updated details. Need more time? If you can’t file by the April deadline, use IRS Form 4868 to request an extension. Filing gives you until October 15, 2025, to submit your return. Electronic extensions must be filed by the original April deadline....

On February 1, 2025, new tariffs on imports to the United States were announced. Here’s a breakdown of the key points: Key Tariff Changes Canada and Mexico: A 25% tariff on all goods, except for a 10% tariff on energy resources from Canada. China: An additional 10% tariff on all goods. Timeline of Events February 1, 2025: Initial tariffs announced. February 10, 2025: A 25% tariff on steel and aluminum, effective March 12. March 4,...

As the days get longer and summer approaches, now is the perfect time to take a closer look at your financial plan. A few smart money moves before the summer months can set you up for long-term success, whether you’re focusing on saving, investing, or planning for retirement. Here are key strategies to consider from a wealth manager’s perspective. 1. Review and Maximize Your 401(k) Contributions A financial planner will always emphasize the importance of...

The Tax Cuts and Jobs Act (TCJA) of 2017 introduced significant tax reductions for individuals and corporations, many of which are set to expire at the end of 2025. As this expiration date approaches, Congress is actively debating potential extensions and modifications to these provisions. Consulting with a financial advisor can help you navigate these changes and optimize your tax strategy. House of Representatives Passes Budget Resolution: In February 2025, the House of Representatives narrowly passed...

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2024. If you had earned income last year, you may be able to contribute up to $7,000 for 2024 ($8,000 for those age 50 or older by December 31, 2024) up until your tax return due date, excluding extensions. For most people, that date is Tuesday, April 15, 2025. You can contribute to a traditional IRA, a...

The IRS began accepting and processing 2024 tax-year returns on Monday, January 27, 2025. Tips for making filing easier To speed a potential tax refund and help with tax filing, the IRS suggests the following: Make sure you have received Form W-2 and other earnings information, such as Form 1099, from employers and payers. The dates for furnishing such information to recipients vary by form, but they are generally not required before February 1, 2025....

Late last year, the IRS announced a delay in the application of proposed regulations interpreting certain changes to the required minimum distribution (RMD) rules made by the SECURE 2.0 Act of 2022. The IRS originally said the proposed regulations would take effect in 2025 to align with the implementation of other final regulations governing RMDs for beneficiaries of retirement accounts, which were finalized last year. However, due to concerns raised during a September 2024 public...

The Markets (as of market close January 10, 2025) Stocks fell sharply last week as favorable economic data furthered sentiment that the Federal Reserve would keep interest rates elevated for a longer period of time this year. Each of the benchmark indexes lost value with only energy and health care advancing, while the remaining market sectors ended the week in the red. Crude oil prices rose to levels not seen since October as new sanctions...

According to data from the International Monetary Fund, the United States received almost one-third of all global foreign investment from 2021 to 2023. This compares with an average of just 18% before the pandemic. The dramatic increase is even more remarkable considering widespread concern about the dominance of the U.S. dollar as a global currency.1 By contrast, China received just 3% of foreign investment from 2021 to 2023, a significant drop from an average of...