Taxes

I hate it when people lose out by barely missing a deadline. A recent decision in the Western District of Wisconsin has an important lesson about deadlines. The lesson is that if you are going to rely on special rules to cut things close, you better understand how the rules apply. The couple in the

Share to facebook Share to twitter Share to linkedin The market resumed its rally from last week, amid renewed trade optimism. Kena Betancur/Getty Images Topline: With the signing of the phase one trade deal mere days away, the U.S. said that it would remove China from a list of countries that it considers as currency

As your investment account value climb, you may be sitting on a tax time bomb. Here are the new … [+] capital gains tax rates for 2020. Getty We have been in an amazing bull market for more than ten years. In 2019, we saw the U.S. stock markets continue to climb to record highs.

President Trump doesn’t want to release his tax returns. After promising to make them public during his primary campaign, he later changed his mind. And even after winning his race for the White House, he continued to refuse, breaking with four decades of voluntary disclosure by American presidents. WASHINGTON DC, USA – JANUARY 8: US

Economic Security Planning, Inc. Today’s column addresses questions about when and how a married couple can file, survivor’s benefits and the earnings test, divorced spousal benefits before retirement benefits, avoiding filing for retroactive retirement benefits unintentionally and the availability of divorced spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the

It’s 1099 season, so I thought a recent decision in the Southern District of New York might rate some attention. I doubt the litigants want to be more famous because of this so I am going to call them Jane, the company and the other partners. If you must know who they are, you can

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

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