CENTERVILLE, MASSACHUSETTS, 2019/09/01: Beach house, Cape Cod. (Photo by John Greim/LightRocket via Getty Images) LightRocket via Getty Images The wealth tax is having a moment. At least two current Democratic presidential hopefuls have proposed some form of the tax, and just today Sen. Bernie Sanders (I-VT) rolled out his own more detailed version of the
Taxes
Share to facebook Share to twitter Share to linkedin “I don’t think that billionaires should exist,” Sanders said in an interview. (Photo by Scott Olson/Getty Images) Getty Images Topline: Senator Bernie Sanders, not looking to be outdone by progressive rival Elizabeth Warren, just released his own plan for a wealth tax on the richest Americans—one
Credit: Getty Royalty Free Getty Bad news for retirees: The tax man may take an even bigger slice of your income than when you were working. How can you minimize his cut? Stephen Nelson, a wealth manager at Aldrich Wealth in Carlsbad, Calif., has some welcome advice here: Larry Light: With hordes of baby boomers
I’ll confess; I don’t understand single-issue voters. Don’t get me wrong, I appreciate how important the right to choose or the 2nd Amendment or a crocodile-infested moat along the southern border may be to some people, but I’d like to think that before anyone steps into a balloting box, they’d have selected a candidate based on
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 how Social Security spousal benefit rates are calculated, when Social Security checks come in the mail, when to file for widow’s benefits, online applications and documenting the application process.
Don’t wait until late in the year to take actions in your IRA or 401(k). You might be too late. It can take a while to analyze your choices and determine the best action to take, especially for actions with a lot of variables such as converting part of a traditional IRA to a Roth
Eight ways to make your net worth and your income look small. Senator Elizabeth Warren (Photo by Scott Olson) Getty Images What a decade it has been! First, the Fed’s asset reflation that made rich people ridiculously rich. Soon to come, the recoil. Political experts may put a low probability on Elizabeth Warren’s getting elected
Lafayette, California, March 28, 2019. (Photo by Smith Collection/Gado/Getty Images) Getty Images A sprawling and controversial new labor law signed by California Governor Gavin Newsom this week could have major tax consequences for gig workers in the state and eventually, perhaps, throughout the country. The measure, called Assembly Bill (AB) 5, makes it much harder
They do things big in Texas. Apparently, that includes taxpayer Section 183 (hobby loss) victories. The most recent is WP Realty LP in a Tax Court Memorandum decision by Judge Kerrigan. The IRS was seeking to disallow over $14 million in losses for the years 2011 to 2014 from the operation of Whispering Pines Golf Club in
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 when to file for spousal benefits, when spousal benefits become available, whether survivor benefits can be voluntarily stopped, maximizing benefits for a married couple and when the Social Security
Credit: Getty Royalty Free Getty The tax year is fast drawing to a close. Often that entails a choice: do you take the standard deduction, or do you itemize? The two seem mutually exclusive. Actually, you can do both. You use a strategy called bunching. To perform this maneuver, you need to own a home
Florida Republican Governor Ron DeSantis has seen his state generate private sector jobs at the 7th-fastest pace in the nation, 4.7%, since the Trump tax cut in 2017. (AP Photo/Wilfredo Lee) ASSOCIATED PRESS Job growth in the 27 states with low state and local taxes continues to double the pace of employment gains compared to
Getty It just got easier to take money out of your 401(k) or 403(b) retirement plan. The Internal Revenue Service has issued final rules on hardship withdrawals that spell out a host of changes meant to cut down on red tape. Some are mandatory—employers must make the changes as of Jan. 1, 2020, and other
Is it a good time to jump on the refinancing bandwagon? The Federal Reserve has cut interest rates twice over the past few months and may be heading even lower. Does that automatically mean you should refinance your mortgage? Not so fast. Sure, the trade war with China, slowing manufacturing and job growth are possible
Share to facebook Share to twitter Share to linkedin The suit targets the Manhattan district attorney and Trump’s own accounting firm. (AP Photo/Evan Vucci) ASSOCIATED PRESS Topline: In response to a subpoena for his tax returns, President Trump filed suit against the Manhattan district attorney, Cyrus Vance Jr. and also Trump’s own long-time accounting firm,
Getty The United States may be taking a hard line on cryptocurrency, but not all countries are seeking to collect from the virtual currency boom. The Portuguese Tax & Customs Authority (PTA) has announced that buying or selling cryptocurrency in Portugal is tax-free. The announcement came at the same time that the Internal Revenue Service (IRS)
Setting up an Inherited IRA may take a little extra legwork but the tax savings can be huge Getty If you are lucky enough to inherit a 401(k) or an IRA, when you don’t know what you’re doing, you could put your inheritance at risk. The tax rules need to be followed to the T. These
California Gov. Gavin Newsom signed a sweeping new law that could force gig companies like Uber and Lyft to reclassify their workers as employees. Yet even before he signed the bill into law, it was already clear that lawsuits will abound. On September 11, 2019, Uber’s top lawyer announced that new law or not, Uber will not treat its
Start your marriage off on the right financial footing. WINDSOR, UNITED KINGDOM – MAY 18: Thomas Kingston and Lady Gabriella Windsor kiss as they leave St George’s Chapel after their wedding on May 18, 2019 in Windsor, England. (Photo by Pool/Max Getty Images Whether you are just getting married or have been married for years,
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 denial of a restricted application for spousal benefits only, whether benefits for an ex impact a decision to remarry, the possibility of voluntarily ending disability, reinstating retirement benefits at