Credit: Getty Royalty Free Getty A provision in the Tax Cuts and Jobs Act of 2017 encourages so-called opportunity zones in low-income areas. You as an investor can put money into new enterprises there, using the capital gains you earned on other investments you sold–and get a tax break. For help on how that works,
Taxes
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 examines whether stopping work before filing can negatively affect benefit rates, understanding eligibility for survivor’s benefits, how the earnings test is applied, potential effects of foreign pensions and auxiliary benefit
Taxpayers can be happy that Congress passed – and the President signed on July 1, 2019 – an expansion and strengthening of taxpayer rights as well as a focus on cybersecurity and protection from identity theft for taxpayers. This legislation (which I discussed an earlier version), coupled with expanded funding for the IRS in a
A second class-action lawsuit has now hit the embattled risk-pooled 831(b) captive insurance sector, still reeling for its third and latest loss to the IRS in the Syzygy case. This new class-action lawsuit arises from the industry’s first loss to the IRS in the Avrahami case, which involved the owner of some jewelry stores in
Getty Today, there will be lots of fireworks, parades, speeches, and hot dog eating contests to celebrate Independence Day. The day is often believed to be the day we officially gained our independence from Great Britain. But it’s a little more complicated than that: Independence Day wasn’t the end of the road to independence, it was
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 and when benefits can increase due to continued income, whether savings invoke the earnings penalty, when the earnings test will be applied, filing and suspending versus restricting an
When you are a business owner, you not only have to worry about your own personal retirement funds, but you also have to make sure that, if something happens with the business, you have enough money to help it get back on track. While you may already have personal retirement plans set up, that does
Tax whistleblowers had good news the other day with the Taxpayer First Act of 2019 (Public Law 116-25) being signed into law by President Trump – including anti-retaliation protections for tax whistleblowers as well as requiring improved communication between the IRS and whistleblowers. Thanks to the Chairman of the Senate Finance Committee Charles Grassley (R-IA)
Senator Cory Booker, a Democrat from New Jersey and 2020 presidential candidate, speaks during an Iowa Democratic Party Hall of Fame event in Cedar Rapids, Iowa, U.S., on Sunday, June 9, 2019. Iowa, the first-in-the nation caucus state, is hosting 19 presidential hopefuls this weekend for its annual Hall of Fame celebration, a fundraiser for
The last time we will see Kawhi Leonard in a Raptors jersey. (AP Photo/Ben Margot) ASSOCIATED PRESS Since NBA free agency began this weekend, I have seen a lot of wishful Tweets and articles from Canadians on why Kawhi Leonard will resign in Toronto. I hate to be the bearer of bad news, but there
IRA – individual retirement account, tax advantages for retirement. Getty IRA distributions that you take before you reach age 59-½ (early distributions) are subject to a 10% additional tax (early distribution penalty), which is in addition to any income tax owed on the amount. For example, if you take an early distribution of $100,000 from
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 spousal benefits are determined, automatic payments of Medicare premiums after filing, whether to file for and suspend a retirement benefit or file a restricted application for spousal benefits
MIAMI, FLORIDA – JUNE 27: Democratic presidential candidate Sen. Bernie Sanders (I-VT) speaks to the media after the first Democratic presidential debate in Miami. (Photo by Cliff Hawkins/Getty Images) Getty Images Senator and Democratic Presidential hopeful Bernie Sanders (I-VT) has proposed an ambitious financial transactions tax (FTT) to finance his plan for the federal government
Getty If you’re planning a trip this holiday week, don’t forget to figure in the cost of gasoline. Drivers in some states will feel a pinch in their wallets as gas taxes increase beginning today. The largest jump will be felt in Illinois where the state gas tax will double to 38 cents per gallon
Photo credit: Getty Getty A health savings account (HSA) is not usually considered a retirement account. The popular choices for retirement savings are 401(k)s, traditional IRAs and Roth IRAs. Like the 401(k), your HSA savings, known as your contributions and any employer contributions, are not taxed. Like both the 401(k), IRA and Roth IRAs, your
Getty Getty Faced with increased scrutiny from the Department of Labor about lackluster efforts to find missing retirement plan participants, employers are asking for permission to send uncashed pension checks—money that belongs to former workers–to state unclaimed property funds. “It’s unbelievable, but everybody has that story of a beneficiary who is sitting on a check
By Dean Hedeker, Next Avenue Contributor For people nearing retirement or in retirement, every dollar counts and planning ahead is paramount. That’s especially true for taxes. Now that 2018 tax returns are behind us, this is an opportune time to look for 2019 tax savings strategies for retirement. Here are two ways to do it: Use
Getty Chances are that you filed your federal income tax return electronically this year: the Internal Revenue Service (IRS) estimates that nearly nine in ten individual taxpayers e-filed their tax returns in 2019. That was just one of the findings reported by the Electronic Tax Administration Advisory Committee (ETAAC) in its 2019 Annual Report to
Share to facebook Share to twitter Share to linkedin Lower incomes Getty photocredit: Getty Democratic Socialist Bernie Sanders and Billionaire Ray Dalio are on the same page. They both say that the stark reality that American workers have not had a wage increase for years is a crises and fault line of capitalism. The great American wage repression
What proposed legislative changes to IRAs could mean for your money. Getty As the Senate looks to pass the SECURE Act (Setting Every Community Up For Retirement Enhancement, H.R. 1994) it may make some changes to Individual Retirement Arrangements (IRAs). Here are main the details of what could change. Bear in mind that the legislation has not yet been passed by the Senate.