A major shift is on the horizon for Australians with high-value superannuation accounts. Starting July 1, 2025, the government will introduce a controversial tax increase on super balances exceeding $3 million. This has caused widespread concern among retirees and high-net-worth individuals who have spent decades planning their financial futures. Financial experts are urging those affected to be proactive, Continue reading
Tax
IRS May Fine You $510 For Not Filing Taxes – Here’s How To Prevent It
The Internal Revenue Service (IRS) imposes penalties on taxpayers who fail to file their federal income tax returns on time. For the 2025 tax year, if your return is more than 60 days late, the minimum failure-to-file penalty is $510 or 100% of the unpaid tax, whichever is less. Key Penalties for Late Filing and Continue reading
Canada’s New 2025 Tax Rules Explained- What Taxpayers Should Know
Canada’s 2025 tax landscape brings several significant changes affecting individuals, families, and businesses. From adjustments in income tax brackets to enhancements in savings programs, these reforms aim to address inflation, support economic growth, and provide relief to taxpayers. Updated Federal Income Tax Brackets To account for a 2.7% inflation rate, the federal government has adjusted Continue reading