Getty Ready to file your 2019 tax return? The filing season officially opens on January 27, 2020, but taxpayers can get an early start today. The Internal Revenue Service (IRS) has announced that Free File is officially open. Free File is available to taxpayers whose adjusted gross income (AGI) was $69,000 or less in 2019. You can find your AGI
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Getty Getty Want to pay off student loans? Make sure you understand the advantages and disadvantages for each repayment plan. Here’s what you need to know. 1. Student Loan Consolidation Federal student loan consolidation is the process of combining your federal student loans into a new federal student loan called a Direct Consolidation Loan. Only
It doesn’t always make financial sense to defer withdrawals from retirement accounts as long as … [+] possible, especially now that the required minimum distributions age increased to 72. Getty The Secure Act increased the required minimum distribution (RMD) age from 70 1/2 to 72, marking the first change to the RMD age since first
The stock market ended a volatile week on a high note. Richard Drew/ASSOCIATED PRESS Topline: With stocks rising to new record highs on Friday, the Dow Jones Industrial Average surged past the 29,000 mark for the first time ever, as Wall Street investors shrugged off a weak jobs report and the ongoing geopolitical tensions with
Share to facebook Share to twitter Share to linkedin Trump also suggested that a phase two deal might not be reached until after the 2020 election. Drew Angerer/Getty Images Topline: After announcing last month that a phase one trade agreement with China would be signed on January 15, Trump said in an interview on Thursday
Share to facebook Share to twitter Share to linkedin Bitcoin currency sign in digital cyberspace. Technology Network and Internet marketing, Money … [+] Exchange background concept Getty After 5 years of the issuance of Notice 2014-21, in October 2019, IRS issued 43 Q&As further explaining the items covered on the original notice. Without any big
Economic Security Planning, Inc. Today’s column addresses questions about filing at FRA or delaying till 70, the ability to collect spousal benefits, the earnings test, drawing benefits while living with a partner and drawing benefits while living in another country. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
Share to facebook Share to twitter Share to linkedin The world bank warned that risks to the global economy include tariffs, geopolitical tensions and a … [+] fresh global debt crisis. Eric Baradat/AFP via Getty Images Topline: The World Bank released a gloomy outlook for global economic growth on Wednesday, cutting its forecast for the
AI in taxation ShutterStock Governments are leveraging the benefits of AI and robotics in many fields like healthcare services, transportation, defense, and national security. Governments are rapidly accepting the use of AI, which is opening up new opportunities for innovation in government services, like taxation. Tax is the primary source of money for the government
Diffusing tensions helped Wall Street get back to winning ways. Win McNamee/Getty Images Topline: Despite stock futures plummeting overnight on reports that Iran launched a missile attack on U.S. military bases in Iraq, the market sharply rebounded on Wednesday. Stocks hit new record highs after Trump’s comments on Iran indicated a de-escalation of potential conflict.
Share to facebook Share to twitter Share to linkedin Mark Carney said central banks are low on ammunition to combat the next recession. Matt Dunham/Getty Images Topline: The global economy is heading for a “liquidity trap” and central banks are running low on ways to fight a future recession, warned Mark Carney, governor of the
Green’s 2020 Trader Tax Guide Green & Company Inc. Here is the Highlight section from Green’s 2020 Trader Tax Guide. Tax Cuts and Jobs Act Tax Cuts and Jobs Act (TCJA) was enacted on Dec. 22, 2017, and the law changes took effect in the 2018 tax year. Like many small business owners, traders eligible
All I was going to write about was taxes. I hadn’t planned on gay rights, religion, crackpot science and sovereign shenanigans, but as I view the last decade, those things kind of stick out. Go figure. “Then they sent some of the Pharisees and Herodians to trap him with his own words. When they came
The process of using funds from an existing annuity to purchase another annuity is commonly referred to as an annuity exchange. If the funds being used are non-qualified (i.e. not held in something like an IRA), then the exchange would be a 1035 exchange (so named for Section 1035 of the IRS Code, which governs
Getty The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 27, 2020. And I know what you’re thinking: when are those tax refunds coming? Assuming no delays, here are my best guesses for expected tax refunds based on filing dates and information from the IRS: Refund chart 2020 KPE * No matter
2020 on the horizon. Getty In this episode of Tax Notes Talk, Tax Notes’s Jeremy Scott, Stephanie Cumings, and Andrew Velarde review what happened with tax legislation and guidance in 2019 and what lies ahead in 2020. Read the podcast transcript below. This post has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor
Getty The Internal Revenue Service has announced that it has reached an agreement with Free File, Inc. (FFI). According to the IRS, the deal will help make the Free File program more taxpayer-friendly while strengthening consumer protections in several key areas. (You can read the agreement, which downloads as a PDF, here.) “This updated agreement is part of a larger
(Photo by Sandy Huffaker) Corbis via Getty Images Every personal finance commentator tells you to get out of credit-card debt. I’ll take this logic a step further by condemning mortgages. Once upon a time, a mortgage was a ticket to prosperity. Someone who bought a suburban home in the 1960s on a 30-year mortgage enjoyed
Share to facebook Share to twitter Share to linkedin Email concept with hands typing laptop on the blackboard background. Getty In this post (part 4 of 6), we will take a deep dive into what’s covered under the “send” category of the crypto question on Schedule 1 and outline common transactions. Sending cryptocurrencies (transfers between
Share to facebook Share to twitter Share to linkedin Stocks started off 2020 with a bang, before geopolitical tensions took a toll. Spencer Platt/Getty Images Topline: Although the market rallied to kick off 2020 amid renewed global trade optimism, a U.S. air strike that killed a top Iranian general on Thursday night caused stocks to