Markus Andrews

For those who wish to help victims of the devastating Los Angeles wildfires, here is a list of highly rated nonprofits engaged in relief and recovery efforts on the ground.
These groups have been vetted by nonprofit evaluator Charity Navigator.
Fundraising scams are already trying to capitalize on the crisis.

Firefighters work as a brush fire burns in Pacific Palisades, California on Jan. 7, 2025.
David Swanson | AFP | Getty Images

Massive wildfires are devastating the Los Angeles area of Southern California. As of Thursday morning, at least five people were killed, more than 100,000 residents have been ordered to evacuate, and nearly 2,000 homes and businesses were destroyed.
Many people around the country, and world, want to help, by donating money or emergency supplies. However, there are already fundraising scams trying to capitalize on the crisis.

To make sure your funds get into the right hands, third-party evaluator Charity Navigator compiled a list of highly rated nonprofits currently engaged in relief and recovery efforts in the Pacific Palisades and the surrounding areas — including support for first responders. 
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“We’ve vetted the organizations that are there,” said Michael Thatcher, CEO of Charity Navigator. “These are all outstanding.”
Here are some of the groups that earned high marks from the organization for providing immediate support to the victims of the wildfires and wildfire-affected communities.

During disasters like these “it’s best to donate to a highly efficient and experienced charity versus to an individual crowdfunding campaign,” said Laurie Styron, the CEO and executive director of CharityWatch. “Charities are better equipped to distribute aid equitably to everyone who needs help.”

Further, even some well-established groups may not have sufficient experience in aiding wildfire victims. The charity may lack infrastructure in the region or an explicit plan for how it will help.
If you aren’t sure how best to provide support, “don’t donate impulsively,” Styron said. “Take your time to confirm that a charity is not only legitimate and efficient but is actively providing aid on the ground.”

How to avoid wildfire-related scams

Unfortunately, as with any high-pressure donation, there will be an increase in fraudulent behavior, said Thatcher, “and what we encourage people to do is be proactive rather than reactive to a solicitation.”
As a general rule, rather than follow a link in a text, email or on social media, go directly to a charity’s website or find a relief effort through a site such as Charity Navigator, BBB Wise Giving Alliance or CharityWatch, Thatcher said.
“There’s a safety element and a legitimacy element,” he said. “At the end of the day we want to make a difference to the people affected by this fire.”

The BBB Wise Giving Alliance also offers tips for donating to the California wildfire relief efforts.
It recommends donors check whether a charity is accredited and take extra precautions on crowdfunding sites, including reviewing how postings are screened as well what transaction fees may apply.
In addition, be wary of relief appeals that have vague descriptions or do not explain what programs your support will assist.
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The fourth-quarter estimated tax deadline for 2024 is Jan. 15, and you could trigger “unexpected penalties and fees” by skipping a payment, according to the IRS.
You typically owe estimated taxes with income from self-employment, small businesses, investments, gig economy work and more.
Tax filers may avoid late payment penalties by sending 90% of 2024 taxes or 100% of 2023 levies if adjusted gross income is less than $150,000.

Israel Sebastian | Moment | Getty Images

The fourth-quarter estimated tax deadline for 2024 is Jan. 15, and missing a payment could trigger “unexpected penalties and fees” when filing your return, according to the IRS.
Typically, estimated taxes apply to income without withholdings, such as earnings from freelance work, a small business or investments. But you could still owe taxes for full-time or retirement income if you didn’t withhold enough.

You could also owe fourth-quarter taxes for year-end bonuses, stock dividends, capital gains from mutual fund payouts or profits from crypto sales and more, the IRS said.    
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Federal income taxes are “pay as you go,” meaning the IRS expects payments throughout the year as you make income, said certified public accountant Brian Long, senior tax advisor at Wealth Enhancement in Minneapolis. 
If you miss the Jan. 15 deadline, you may incur an interest-based penalty based on the current interest rate and how much you should have paid. That penalty compounds daily.
Tax withholdings, estimated payments or a combination of the two, can “help avoid a surprise tax bill at tax time,” according to the IRS.

What to know about the ‘safe harbor’ rules

One way to avoid penalties is by following the “safe harbor” rule, which means “you’re meeting that [IRS] pay-as-you-go requirement,” according to Long. 
To satisfy the rule, you must pay at least 90% of your 2024 tax liability or 100% of your 2023 taxes, whichever is smaller.
The threshold increases to 110% if your 2023 adjusted gross income was $150,000 or higher, which you can find on line 11 of Form 1040 from your 2023 tax return.

However, you could still owe taxes for 2024 if you make more than expected and don’t adjust your tax payments.
“The good thing about this last quarterly payment is that most individuals should have their year-end numbers finalized,” said Sheneya Wilson, a CPA and founder of Fola Financial in New York.

How to make quarterly estimated tax payments

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Smoke billows as fire burns while powerful winds fueling devastating wildfires in the Los Angeles area force people to evacuate, at the Eaton Fire in Altadena, California, U.S. January 8, 2025. 
David Swanson | Reuters

Fear and uncertainty surrounding the wildfires in California appear to be weighing on shares of Edison International, whose Southern California Edison is the power utility for the areas directly surrounding the city of Los Angeles.
The stock fell 10.2% on Wednesday and was down more than 13% at session lows.

Stock chart icon

Utility stock Edison International fell sharply Wednesday.

The drop comes as multiple large fires are burning around Los Angeles, with strong winds making them difficult to contain. Tens of thousands of people have been ordered to evacuate, and at least two people have died, according to the Associated Press.
More than 3 million Edison customers were dealing with outages Wednesday, according to the utility’s website.
Public utilities have been grappling with issues around wildfire prevention and readiness for years. Previous wildfires in California have been linked to issues with power equipment, but so far there is no public information tying Edison to the fires.
“At this time, there is no indication that SCE equipment is believed to have started the fire, as SCE has not filed an electric service incident report (ESIR). … There are multiple media reports indicating SCE equipment has been at least impacted by the fires and we would expect some incremental expenses related to the fire, regardless of ignition source,” Bank of America analyst Ross Fowler said in a note to clients Wednesday.

Smoke engulfs buildings off Sunset Boulevard during a wildfire in the Pacific Palisades neighborhood of west Los Angeles, California, January 7, 2025. 
Mike Blake | Reuters

Previous wildfires have had massive financial impacts on utilities and their investors. Northern California utility Pacific Gas and Electric Company filed for bankruptcy in 2019, in large part due to its liability from wildfires. The utility exited bankruptcy in 2020.

However, a 2020 state law known as AB 1054 limited the liability for utility companies going forward.
“Investors remain nervous from our conversations given the lack of containment with a ‘sell first, ask questions later’ mindset. We remain comfortable due to the AB 1054 liability protections that limits the tail risks for the utilities,” Jefferies analyst Julien Dumoulin-Smith said in a note to clients Wednesday.
Other California utility stocks were also down Wednesday. Shares of the reconstituted PG&E fell 3.7%. Sempra, whose footprint includes power and gas in the San Diego area, was down 1.7%. Sempra’s SDG&E said on its website that it has shut off power to about 9,000 customers due to fire risks.
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Nearly 3 million Americans are poised to see bigger Social Security benefit checks.
For some, that could trigger larger tax bills and Medicare premium payments, experts say.

Sdi Productions | E+ | Getty Images

Nearly 3 million individuals are poised to see their Social Security benefits increase, thanks to new changes signed into law by President Joe Biden this week. But with the higher checks could come additional tax burdens.
The Social Security Fairness Act — which passed by a bipartisan majority in both the House and Senate — ends reductions of Social Security benefits for certain individuals who also receive pension income from work in the public sector as firefighters, police officers, teachers and local, state and federal employees.

Those beneficiaries are set to see an increase to their monthly benefit checks. Because the legislation applies to benefits paid throughout 2024, they will also receive lump-sum payments to make up for that time.
The details of how those increases will be implemented are now being determined, according to the Social Security Administration.
In total, the benefit increases will cost $196 billion over a decade, according to the Congressional Budget Office. The additional outlay will move Social Security’s trust fund depletion dates six months closer. The program’s combined trust funds may pay full benefits until 2035, at which point just 83% of scheduled benefits may be payable, the program’s trustees projected last year.

How Social Security benefits may change

About 2.1 million beneficiaries — those who were affected by the Windfall Elimination Provision, or WEP — may see $360 more in monthly benefits on average, according to CBO estimates as of December 2025. The WEP, which has now been eliminated, reduced Social Security benefits for workers who also had pension or disability benefits from jobs where they did not pay Social Security payroll taxes.
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Additionally, about 380,000 spouses would see average monthly benefit increases of $700 and 390,000 surviving spouses would see an average of $1,190 more, according to CBO’s estimates for December 2025.
Those beneficiaries were affected by the now-defunct Government Pension Offset, or GPO, which reduced Social Security benefits for spouses, widows and widowers who also receive their own pensions from public sector work.
The elimination of the provisions in many ways simplifies retirement income planning for affected beneficiaries, financial advisors say.
“For the people who are affected by this, you’re looking at a pretty significant increase, in many cases, of what their retirement income is going to be,” said Michael Daley, director of marketing at HealthView Services. “It’s good news for them.”
For financial planners and their clients, the challenge now is gauging how much of a benefit increase to expect and when to expect it, said Joe Elsasser, founder and president of Covisum, a Social Security claiming software company.
The extra income may also present some complications when it comes to affected beneficiaries’ taxes and Medicare premiums, experts say.

Beneficiaries could see higher taxes on benefits

Social Security beneficiaries may have their benefits taxed if their income falls over certain thresholds, experts say.
The additional money may also push some affected beneficiaries into higher tax brackets, according to HealthView Services.
Notably, President-elect Donald Trump has said he wants to nix taxes on Social Security benefit income, though it remains to be seen whether that change will be put into effect. However, per current rules, up to 85% of Social Security benefit income may be taxed.
The income thresholds upon which those levies are based are not adjusted annually for inflation. Consequently, more beneficiaries are subject to those taxes on benefits over time, including middle-class households, Daley said.
Those levies are determined based on a formula called combined income — the sum of adjusted gross income, nontaxable interest and half of Social Security benefits.

Individuals pay taxes on up to 50% of their benefits if their combined income is between $25,000 and $34,000, or for married couples with between $32,000 and $44,000.
Individuals may pay taxes on up to 85% of their benefits if their combined income is more than $34,000; or for married couples with more than $44,000.
“Because Social Security benefits are taxed differently than everything else, people are going to really want to pay attention to their other sources of income,” Elsasser said of the anticipated benefit increases and lump-sum payments.
For example, if a retiree has both a taxable account and traditional individual retirement account, they may want to prioritize withdrawals from the taxable account because only the gains would be taxed rather than the entire withdrawal, Elsasser explained. In the event the lump-sum payment of retroactive Social Security benefits is not distributed, they may take an IRA withdrawal later in the year.

Beneficiaries may see higher Medicare costs

Additional benefit income for individuals affected by the Social Security Fairness Act may also result in higher income-based surcharges for Medicare Parts B and D.
Medicare beneficiaries with higher incomes must pay what’s known as income-related monthly adjustment amounts, or IRMAAs, for their Part B and Part D premiums.
“If you get a lump sum but you’re not paying attention to your other incomes, you could unwittingly be pushed into higher Medicare premiums two years down the road,” Elsasser said.

That will mostly be a concern for people who are on the cusp of the income thresholds, he said.
In 2025, Medicare Part B beneficiaries who file individual tax returns with $106,000 or less in modified adjusted gross income — or married couples who file jointly with $212,000 or less — pay a standard monthly premium of $185 per month.
Beneficiaries above those income thresholds pay higher Part B premium payments, based on an IRMAA. This year’s rates are based on income on tax returns filed in 2023.
In 2025, Part D beneficiaries over the $106,000 threshold for individuals and $212,000 for married couples are also subject to income-related monthly adjustment amounts in addition to their plan premiums. Those monthly premiums are also based on yearly income reported on tax filings for 2023. In 2025, the national base Part D premium is $36.78.

Steps to take now

Beneficiaries who are affected by the Social Security Fairness Act should consider consulting with a financial advisor to assess the implications of the change on their personal financial circumstances, said Ron Mastrogiovanni, chairman and CEO of HealthView Services.
Additionally, it would help to sit down with a certified public accountant when filing their taxes to plan for 2025, he said.
The Social Security Administration also plans to provide more guidance on the new law as more details become available.
For now, the agency recommends verifying that direct deposit and the mailing address it has on file are still accurate. To update that information, Social Security recommends changing it online or calling or visiting an agency office in person.
Some individuals may now become eligible for Social Security benefits for the first time, now that the WEP and GPO provisions have been eliminated.
To file for benefits, the Social Security Administration recommends either filing online or scheduling an appointment with the agency.

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National Taxpayer Advocate Erin Collins has urged Congress to preserve IRS funding for taxpayer service and technology amid Republican scrutiny.
The Inflation Reduction Act of 2022 originally authorized nearly $80 billion for the agency, but tens of billions of dollars have already been rescinded.
More IRS funding could be at risk with Republican control of Congress and the White House.

Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021.
Bloomberg | Bloomberg | Getty Images

As the IRS faces scrutiny from a Republican-controlled Congress, the agency’s internal watchdog has urged lawmakers to preserve taxpayer service and technology funding.
The National Taxpayer Advocate on Wednesday released its annual report to Congress, which criticized the “extreme imbalance in funding priorities” when comparing the billions of dollars allocated via the Inflation Reduction Act.

While the tens of billions earmarked for enforcement has “generated controversy,” there’s been “strong bipartisan support” for taxpayer services and technology modernization, wrote Erin Collins, national taxpayer advocate.
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Of the original $78.9 billion Inflation Reduction Act funding, the legislation earmarked 58% for enforcement and 32% for operations support, according to the report. By comparison, the budget allocated 4% for taxpayer service and 6% for technology modernization.  
With sufficient funding for services and technology, “taxpayer experiences will become fairer and more efficient, which likely will improve compliance and reduce the need for costly backend enforcement,” Collins wrote.

During fiscal year 2024, the IRS collected $98.7 billion through enforcement, which was less than 2% of all revenue, according to the agency’s 2024 financial report. The remaining 98% of federal taxes were “self-assessed” via annual tax returns and timely payments. 

If Congress reduces enforcement funding, it shouldn’t include commensurate cuts to taxpayer services and technology, which could “inadvertently throw the baby out with the bathwater,” Collins wrote. 
With added costs to “pull itself out of the pandemic” and yearly appropriations held steady amid rising costs over the past few years, the IRS has needed to spend part of its multi-year funding to maintain current operations, she added.  

Congress rescinded $20 billion in IRS funding as part of a 2023 budget deal, and Republicans have vowed to make further cuts. Another $20 billion was automatically clawed back when lawmakers in December extended the 2023 deal to avoid a government shutdown.  
Further IRS funding cuts could be possible in 2025 with Republican control of Congress and the White House. More

Federal student loan borrowers affected by the wildfires ripping across Southern California have options if they’re worried about paying their bills.
The same holds true for other people with education debt who find themselves grappling with weather and climate disasters.

Fire engulfs a home as the Eaton Fire moves through the area on January 08, 2025 in Altadena, California. 
Justin Sullivan | Getty Images

Federal student loan borrowers affected by the wildfires ripping across Southern California have relief options if they’re worried about keeping up with their payments as they recover.
The same holds true for other people with education debt who find themselves grappling with extreme weather and climate disasters.

“Borrowers impacted by natural disasters may qualify for temporary relief from student loan payments,” said Carolina Rodriguez, director of the Education Debt Consumer Assistance Program, based in New York.
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It’s a good idea for borrowers to familiarize themselves with the relief available to them in case they should need it, experts said.
There was a record number — 28 — of billion-dollar disasters in the U.S. during 2023, including wildfires, droughts and tornados, according to the National Oceanic and Atmospheric Administration. By November of 2024, there were 24 confirmed weather and climate disaster events with losses also exceeding $1 billion each.
Here’s what federal student loan holders should know about their options during a natural disaster.

How a natural disaster forbearance works

The Heroes Act of 2003 provides “several forms of relief” to certain student loan borrowers who live in or are employed in an area that is affected by a natural disaster, said higher education expert Mark Kantrowitz. Likely one of the most helpful options will be a natural disaster forbearance.
“Climate change has affected the frequency and severity of natural disasters, making these waivers and forbearances increasingly important,” Kantrowitz said.

At Studentaid.gov, the U.S. Education Department says its federal student loan servicers check the Federal Emergency Management Agency website at least once each business day to identify all impacted areas connected to a disaster declaration.
In many cases, the Department of Education will automatically put qualifying borrowers into a natural disaster forbearance, Kantrowitz said.

Fire engulfs a home as the Eaton Fire moves through the area on January 08, 2025 in Altadena, California. 
Justin Sullivan | Getty Images

“Borrowers generally do not need to apply for this,” he added. Still, borrowers who want to make sure their payments are paused might want to contact their loan servicer.
The natural disaster forbearance lasts for up to 90 days, according to the Education Department. In some cases, borrowers will be granted 30-day extensions. However, the forbearance can’t exceed 12 monthly billing cycles from the date of the disaster. (Loan interest continues to accrue during the payment pause.)
Meanwhile, those who want to decline the automatic natural disaster forbearance because they’re able to make their payments should contact the Education Department to do so.

Relief for current students, delinquent borrowers

Borrowers who are students at the time of a natural disaster may continue to qualify for an in-school deferment, Kantrowitz said, even if they’re not able to complete the school year.
If you’re in default on your student loans and impacted, you or a family member can contact the Education Department and request a three-month suspension of collection activity.

‘Documentation may not be necessary’

Your loan servicer may request certain documents to verify your eligibility for the forbearance, but you should be granted deadline extensions if the disaster makes accessing such paperwork difficult or impossible.
“Documentation may not be necessary, given that documentation is often lost during a natural disaster,” Kantrowitz said. “You just need to show that you are an affected individual. The request can be made orally and does not need to be in writing.” (Showing that you’re impacted may be as easy as providing the address of your home or workplace.)

Climate change has affected the frequency and severity of natural disasters, making these waivers and forbearances increasingly important.

Mark Kantrowitz
higher education expert

If you’ve lost any of your student loan records in a disaster, you can access the information through your Studentaid.gov account.

Ineligible borrowers may have other relief options

If the natural disaster is not federally declared or borrowers aren’t deemed eligible for the forbearance for some reason, they can still request a temporary payment pause by applying for a general forbearance with their servicer, EDCAP’s Rodriguez said.
Borrowers should keep in mind that interest can continue to accrue on their debt during a forbearance, and that they might not get credit toward a debt forgiveness program while they’re not making payments, she added.
You’ll likely have fewer disaster relief options with your private student loans, Rodriguez said.
Still, she said, “it is essential to reach out to private lenders as soon as possible to explore available relief and prevent delinquency or default.”

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“We’re going to try and have a policy where no windmills are being built,” Trump told reporters Tuesday.
The Danish wind turbine manufacturer Vestas and wind developer Orsted fell nearly 7% on Wednesday in the wake of Trump’s remarks.

A Vestas wind turbine near Baekmarksbro in Jutland. 
Afp | Getty Images

European wind power stocks tumbled Wednesday after President-elect Donald Trump said he would prevent the construction of new turbines.
“We’re going to try and have a policy where no windmills are being built,” Trump told reporters at a news conference at his Mar-a-Lago home in Florida on Tuesday afternoon.

The Danish wind turbine manufacturer Vestas Wind Systems and Danish wind developer Orsted fell about 7% on Wednesday in the wake of Trump’s remarks.
The president-elect went on a lengthy attack against wind turbines during Tuesday’s news conference, arguing that they are too expensive, require subsidies and lack public support.
Trump’s opposition to wind power creates further challenges for an industry that has already struggled in the face of high interest rates that have raised the cost of developing new projects. In late 2023, for example, Orsted took a $4 billion write-down and canceled two offshore wind projects off the coast of New Jersey.
Still, wind power has expanded in the U.S., growing from 2.4 gigawatts in 2000 to 150 gigawatts by April 2024, according to data from the Energy Information Administration. Electricity generation from wind hit a record in April 2024 and beat generation from coal-fired plants, according to EIA data.

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Almost half, 48%, of credit cardholders carry debt from month to month, according to a new report.
Most blame an unexpected emergency expense although higher costs and overspending are also factors.
Many borrowers say it could take years to pay down their balances.

Many Americans are starting 2025 a little worse off than before, at least when it comes to credit card debt.
Almost half of cardholders — 48% — now carry debt from month to month, according to a new report by Bankrate. That’s up from 44% at the start of 2024. Of those carrying balances, 53% have been in debt for at least a year.

Roughly 47% of borrowers said they carry a balance due to an unexpected or emergency expense, most commonly medical bills or car and home repairs. Others cite higher day-to-day expenses and general overspending.
“High inflation and high interest rates have been a nasty combination, and while the worst is behind us, the cumulative effects are significant and will linger,” Ted Rossman, Bankrate’s senior industry analyst, said in a statement.
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Overall, Americans’ credit card tab has continually crept higher. 
The average balance per consumer now stands at $6,380, up 4.8% year over year, according to the latest credit industry insights report from TransUnion from 2024’s third quarter.

By way of example: With annual percentage rates just over 20%, if you made minimum payments toward the average credit card balance ($6,380), it would take you more than 18 years to pay off the debt and cost you more than $9,344 in interest over that time period, Rossman calculated.

Meanwhile, 36% of consumers added to their debt load over the holiday season, according to a separate report by LendingTree.
Of those with debt, 21% expect it’ll take five months or longer to pay it off, LendingTree found. 
According to another report by WalletHub, 24% of Americans said they will need more than six months to pay off their holiday shopping debt. In that survey, most consumers said inflation caused them to spend more than they initially planned.
“Many people need months to repay holiday bills after overspending,” said John Kiernan, editor at WalletHub.

The best way to pay down debt

The best move for those struggling to pay down credit card debt is to consolidate with a 0% balance transfer card, Bankrate’s Rossman said.
“You could pay about $300 per month and knock out the average credit card balance in 21 months without owing any interest,” he said.
As it stands, 30% of credit cardholders expect to pay off their credit card debt within a year, while 41% expect to pay it off in 1 to 5 years, Bankrate also found. Another 13% expect it will take more than a decade.
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