MIAMI, FLORIDA – JUNE 27: Democratic presidential candidates take part in the second night of the first Democratic presidential debate on June 27, 2019, in Miami, Florida. (Photo by Drew Angerer/Getty Images) Getty Images The second night of the Democratic debates marked a shift both in tone and topics. While the first night of the
Taxes
Getty Getty Retirees will collectively lose an estimated $3.4 trillion in potential retirement income, or an average of $111,000 per household, because they claimed Social Security at a financially sub-optimal time, according to new research out today by fintech United Income. That works out to a potential 9% increase in total expected future income, or
MIAMI, FL – JUNE 26: Democratic presidential candidates take the stage for the first Democratic presidential primary debate for the 2020 election, June 26, 2019 in Miami, Florida. (Photo by Drew Angerer/Getty Images) Getty Images If you tuned in during the first night of the Democratic debates to hear what the candidates had to offer
When the city of Columbus, Ohio, submitted its bid to become Amazon’s HQ2, city officials rolled out the usual fanfare: an assortment of tax incentives, promotion of its major educational institutions and real estate deals. But the hallmark of its proposal was a pitch to create a smart city by “embracing the reinvention of transportation
Digital economy. Getty The G20 leaders are currently meeting in Japan to discuss closer economic cooperation, including in the domain of digital trade. At the preparatory G20 meeting of finance ministers earlier this month a notable progress was made towards an agreement on the reform of the international corporate tax framework. The proposed changes would lead
(Photo by Getty) Getty Retirees have a difficult challenge on their hands, which is to replace the income they will no longer receive from a paycheck. Social Security helps in this regard, as does a pension for those who have one. But many retirees will still face an income shortfall, cautions Ben Reynolds, a contributor to
Shutterstock If you actively trade securities, futures, forex or crypto, consider setting up a trading business to maximize tax benefits. With a sole proprietorship, a trader eligible for trader tax status (TTS) can deduct business and home-office expenses and make a timely Section 475 election on securities for tax loss insurance and a potential qualified
If you drive a car, I’ll tax the street, If you try to sit, I’ll tax your seat. If you get too cold, I’ll tax the heat, If you take a walk, I’ll tax your feet. —–TAXMAN – The Beatles – 1966 This is an apolitical statement: at Proficio Capital we believe with a high
As my final finance article for this month, I managed to collar the expertise of Arfy Majeed, chartered accountant, financial expert and founder of “Know Your Numbers”. According to Arfy, after doing her own research it was found that 95% of a sample of women in affluent positions did not know how to trade stocks,
US Senator Bernie Sanders speaks during a press conference to introduce college affordability legislation outside the US Capitol in Washington, DC, June 24, 2019. Photo credit: SAUL LOEB/AFP/Getty Images) AFP/Getty Images Presidential hopeful Sen. Bernie Sanders (I-VT) has introduced a plan to cancel all U.S. student loan debt. The debt, which currently totals $1.6 trillion,
As I’ve written in the past, you can’t rely on Social Security to provide accurate information on your options. In my experience, over half of what Social Security staff tell people is either flat out wrong, incomplete, or misleading. Also, as I’ve described in prior columns, Social Security is actively engaged in different ways to
Reverse mortgages are very misunderstood products Getty A few years back, I conducted and published research in the Journal of Financial Planning that showed Americans don’t understand reverse mortgages. In fact, respondents scored below 50 percent on a 10-question true-false quiz. One possible explanation for the poor performance is a lot of misinformation floating about.
A protester wears a T-shirt in support of Bernie Sanders, an independent from Vermont who is part of a group of Democrats looking to beat Trump in 2020. Photographer: John Taggart/Bloomberg © 2016 Bloomberg Finance LP If you’re a rich Democrat, you wake up each day with self-loathing, wondering how you can make the world
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 takes up eligibility for restricted applications, potential effects of early retirement benefits on later spousal benefits, filing before 70 to allow spousal benefits, determining Primary Insurance Amounts (PIA)s and the
The Rays could split their home games between the Tampa area and Montreal under a new proposal. (AP Photo/John Raoux) This afternoon, ESPN’s Jeff Passan broke the news that the Tampa Bay Rays could become a two-city team, playing the early portion of their season in St. Petersburg and then migrating north to Montreal for the summer’s
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 addresses filing a restricted application for spousal benefits only versus filing and suspending a retirement benefit, the earnings test, the possibility of collecting past benefits not filed for and
Four ways to minimize taxes on your investments. Getty No one likes paying taxes…even though a high tax bill can be considered a ‘good problem.’ Investors sometimes go to great lengths trying to reduce or eliminate their tax bill. Although being tax-efficient with your investments and financial decisions is a great way to maximize your
NEW YORK, NY – SEPTEMBER 15: Technology monitors a patient’s vital signs in New York City. (Photo by Andrew Lichtenstein/Corbis via Getty Images) Corbis via Getty Images As a tax shelter, health savings accounts are a winner, and are growing in popularity. But, according to a new study (subscription only) by Paul Fronstin and M.
Photographer: Daniel Acker/Bloomberg © 2019 Bloomberg Finance LP Americans dreaming of a socialist America, but having no clear idea what it would look like, should talk to the Greeks. Greece has tried almost every socialist policy that is there to try, from minimum wage hikes to free education and free healthcare. And it has seen the consequences of these
The Department of Justice announced that one of its alumni strayed. According to court documents, attorney James F. Miller, 67, underreported his gross income on his 2010 through 2014 tax returns by approximately $2,215,587. Miller, a tax policy lobbyist and former employee of the Justice Department’s Tax Division, filed multiple false tax returns with the