Kathy Hilton

The Protecting Americans Against Tax Hikes (PATH) Act, enacted in 2015, brought significant changes to the U.S. tax system. This landmark legislation not only introduced 50 new tax credits and deductions but also made several widely-used tax credits permanent. A key aspect of the PATH Act was its focus on reducing tax fraud by implementing Continue reading

In a significant update for the 2024 fiscal year, the Social Security tax rate has been reduced by 85% for eligible individuals, offering substantial relief to many taxpayers. This article provides an overview of the reduction, including eligibility criteria, how it impacts deductions, and important details to ensure you make the most of this opportunity. Continue reading

In September 2024, Congress is poised to address a significant legislative proposal that could potentially enhance Social Security benefits for many Americans. Representatives Abigail Spanberger, a Democrat from Virginia, and Garret Graves, a Republican from Louisiana, are spearheading a petition to bring the Social Security Fairness Act to a vote. This proposed bill aims to Continue reading

Becoming a U.S. citizen is a significant milestone for many individuals, but it comes with its share of costs and requirements. As of 2024, the process to obtain U.S. citizenship through naturalization involves a fee of around $725. This amount includes the cost of filing Form N-400, and the application for naturalization, which is $640, Continue reading

Approximately 40% of Canadian companies offer some form of group retirement savings plan for their employees. Whether it’s a pension plan or a group RRSP (Registered Retirement Savings Plan), if you’re fortunate enough to work for an employer with such a plan, it’s crucial to leverage it to its fullest potential. In my experience, I’ve Continue reading

As individuals approach their late 60s, many wonder how they can maximize their Social Security retirement benefits. For 69-year-olds who are still working, there is a significant opportunity to boost their Social Security payments. High earners who meet specific criteria may qualify for the largest Social Security benefit payment available in 2025. Current Social Security Continue reading

The IRS has issued a timely reminder for taxpayers: there is no need to wait until the October 15, 2024, deadline to file your 2023 tax return. Although some taxpayers have received an extension, it is crucial to remember that all taxes owed must be paid by April 15, 2024. Failure to do so could Continue reading

The Guaranteed Income Supplement (GIS) is a key financial aid program designed to support older Canadians who face financial challenges. Administered under the Old Age Security Act, GIS provides non-taxable monthly payments to eligible senior citizens. This article will delve into the details of the GIS Allowance, its eligibility requirements, and how to apply, with Continue reading