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Three Smart Levers to Cut Your 2025 Tax Bill

Taxes are inevitable, but overpaying them isn’t. With new rules and opportunities in 2025, smart planning can help you keep more of your hard-earned money. Here are three effective levers to reduce your tax liability this year: 1. Maximize Retirement Contributions Contributing to retirement accounts such as RRSPs (Canada) or 401(k)/IRAs (U.S.) remains one of the most effective ways to lower taxable income. Contributions qualify for tax relief at your highest marginal rate, meaning every dollar you save reduces your tax bill significantly. Employer-matching programs make this even more attractive, and withdrawals in retirement can be structured for lower tax exposure. 2. Leverage Tax Credits and Deductions Common deductions include childcare expenses, education costs, and home office claims. Tax credits, unlike deductions, directly reduce the amount you owe, making them especially valuable. Temporary tax breaks introduced in 2025 can be maximized before they expire. 3. Use...
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Market Volatility: Stocks Flatten as Powell's Remarks Weigh on Gains

The stock market experienced a turbulent session on Wednesday, ultimately closing near flat after Federal Reserve Chair Jerome Powell's comments on monetary policy and inflation concerns. The S&P 500 ended nearly unchanged, giving back earlier gains as investors digested Powell’s remarks on the Fed’s stance regarding interest rates and economic restraint.

Powell reiterated that the central bank remains cautious about inflation, particularly in light of tariff-driven price increases expected over the summer. While the Fed signaled that borrowing costs are likely to decline this year, the pace of future rate cuts appears to be slowing. 

Following Powell’s speech, U.S. Treasury yields reversed their earlier declines, influencing market sentiment. The Dow Jones Industrial Average fell 43.83 points (0.10%), while the Nasdaq Composite managed a slight gain of 23.66 points (0.12%). 

Investors also kept a close eye on geopolitical developments, particularly tensions in the Middle East, which added another layer of uncertainty to the market. 

Despite the day's fluctuations, analysts suggest that the market remains in a wait-and-see mode, with traders closely monitoring upcoming economic data and Fed policy decisions.

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