Taxes

Traders eligible for “trader tax status” (TTS) deduct business expenses, startup costs, and home office deductions. A TTS trader may elect Section 475 for exemption from wash sale loss adjustments (deferrals), the $3,000 capital loss limitation, and to be eligible for a 20% qualified business income (QBI) deduction. Trading income is not self-employment income, so TTS

Getty It turns out that there is such a thing as too much SALT. U.S. District Judge J. Paul Oetken has dismissed a lawsuit filed by four states to strike down the cap on state and local tax (SALT) deductions under the Tax Cuts and Jobs Act (TCJA). The lawsuit was filed in July of

Senator Elizabeth Warren. BlueMountain Capital Management, H.I.G. Capital, American Securities, Apax Partners, and Platinum Equity received a letter from Senator Elizabeth Warren (D-MA) and Representatives Mark Pocan (D-WI), and Alexandria Ocasio-Cortez (D-NY) asking them to provide disclosure documents and information required in Sections 501 and 503 of the Stop Wall Street Looting Act. Additionally, the

Democratic presidential candidate Sen. Bernie Sanders (I-VT) addresses an audience on the campus of… [+] the University of Chapel Hill during a campaign rally on September 19, 2019 in Chapel Hill, North Carolina. Sanders spoke to college students about working people’s rights, including fair wages and health care. (Photo by Sara D. Davis/Getty Images) Getty

Judge J. Paul Oetken presides in th e U.S. Southern District of New York Daniel… [+] Patrick Moynihan Courthouse in New York, U.S.. Photographer: Mark Kauzlarich/Bloomberg © 2019 Bloomberg Finance LP A U.S. district judge today dismissed a lawsuit brought by Connecticut, Maryland, New Jersey and New York against the big tax cut signed into

Democrats are focused on passing the Working Families Tax Relief Act (WFTRA), and for good reason. If passed, the WFTRA would provide about $85 billion in benefits to about 48 million households in 2019. Rather than making the false choice between supporting work with the earned income tax credit (EITC) or supporting children with the child tax credit (CTC), the

Share to facebook Share to twitter Share to linkedin A fast way to decumulate your assets, which is not recommended for the 99.9% Stephen Chen You can be young without money but you can’t be old without it.  Tennessee Williams Is Decumulation Even A Word? Although most of us have been raised to focus on the 

United States Tax Court building in Washington DC Getty Jeffrey Davis is my new hero. From the record in Judge Ruwe’s Tax Court opinion, it appears that he got the IRS to back down on their notice of deficiency, but he didn’t stop there. He went on to recover $154.98 in costs. But that is

Here is what Claude Tate George is most remembered for The Shot Seen Round NCAA In the 1990 NCAA March Madness George caught a pass from Scott Burrell with one second on the clock and made “the shot” that gave the U Conn Huskies the win over Clemson that put them in what Matt Zemek

Captive Insurance jda I previously wrote about the opinion of the New Jersey Tax Court in Johnson & Johnson v. Director in my article, Johnson & Johnson Loses $60 Million Case To New Jersey For Captive Insurance Company. In that case, the New Jersey Division of Taxation prevailed against Johnson & Johnson to the tune

Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column responds to questions about what income is subject to the earnings test, how benefits can be apportioned due tot he family maximum, potential effects of public pensions on different benefits,

Getty Do you file an accurate tax return and pay what you owe each year? If so, you’re in the majority: a report released by the Internal Revenue Service (IRS) indicates that the nation’s tax compliance rate is holding at 84%, the same as in prior years. The report also provides an estimate of the

The 45th Annual Notre Dame Tax & Estate Planning Institute in South Bend, IN brings together some of the top estate planners from around the country to lecture at a two day conference. This is the first in a series of articles elaborating on some of the many planning nuggets gleaned from the conference that

Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses whether it’s appropriate to use break even analyses when deciding when to file, when to file to get a certain amount of delayed retirement credits, suspending a retirement benefit

Robert F. Smith gives the commencement address during the Morehouse College 135th Commencement at Morehouse College on May 19, 2019 in Atlanta, Georgia. (Photo by Marcus Ingram/Getty Images) Getty The best graduation present just got better. Here’s what you need to know. Pay Off Student Loans Billionaire Robert Smith announced in May the ultimate graduation

Captive Insurance jda On September 15, 2019, the IRS issued News Release IR-2019-157 entitled “IRS offers settlement for micro-captive insurance schemes; letters being mailed to groups under audit.” This appears to be the start of what amounts to the start of a global settlement initiative for qualifying 831(b) captive insurance companies and their owner. At

Democratic presidential candidate, Sen. Bernie Sanders (I-VT) greets guests at the Polk County Democrats’ Steak Fry on September 21, 2019 in Des Moines, Iowa. Seventeen of the 2020 Democratic presidential candidates and more than 12,000 of their supporters made an appearance at the event. (Photo by Scott Olson/Getty Images) Getty This week, presidential candidate Sen.

Getty At a tax conference exploring the populist idea of an annual wealth tax, the conversation shifted to the estate tax, which is on the books and hits the rich at death already. Why is that significant? Changes to the estate tax would be an easier way to address wealth inequality; they’re way more likely

Credit: Getty Getty A mortgage is a good thing, isn’t it? It allows people to buy homes if they, like so many Americans, can’t make the purchase with cash on hand. And it also gives them a tax break. Jason Lina, lead advisor at the Resource Planning Group in Atlanta, shows that there’s a downside

A group of young people are taking selfie in a cafe while having great time (Photo by / Getty) Getty A few weeks ago, at our Cabot Wealth Summit, I introduced my new book, Making Money Buying and Selling Stocks, a nice primer for those new to the investing arena. The book includes a section