Government taxation and revenue
This ‘wild card’ strategy offers retirees a fix for unpaid quarterly taxes. Here’s how to use it
Portra | E+ | Getty Images If you’re retired and haven’t made the necessary quarterly estimated tax payments for 2022, there may still be time to avoid late penalties, experts say. Retirees must send tax payments four times per year if they don’t withhold enough from Social Security, pensions, investments or other sources of income. […]
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Here’s how advisors are helping clients slash their 2022 tax bill
Hero Images | Hero Images | Getty Images Weigh Roth IRA conversions With the S&P 500 Index down more than 20% in 2022, many investors are eyeing Roth individual retirement account conversions, which transfer pre-tax IRA funds to a Roth IRA for future tax-free growth. The trade-off is paying an upfront tax bill. However, lower […]
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These are the best ways to give to charity for the ‘vast majority of people.’ Here’s how to pick the most tax-efficient strategy
Catherine Mcqueen | Moment | Getty Images It’s easy to transfer cash when a charity pulls at your heartstrings. But other giving strategies may provide a bigger tax break, financial experts say. Despite economic uncertainty, nearly 70% of Americans plan to donate a similar amount to charity in 2022 as last year, according to a […]
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IRS erred on child tax credit payments for millions of eligible families – but aid was 98% accurate overall, report finds
The IRS skipped about $3.7 billion in advance child tax credit payments for 4.1 million eligible households, but sent more than $1.1 billion to 1.5 million filers who didn’t qualify in 2021, according to an audit released Tuesday by the Treasury Inspector General for Tax Administration. However, the agency accurately issued 98% of the aid, […]
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Patagonia’s bold move to donate the entire company to fight climate change only works if it stays competitive in business, CEO says
A Patagonia store signage is seen on Greene Street on September 14, 2022 in New York City. Yvon Chouinard, founder of Patagonia, his spouse and two adult children announced that they will be giving away the ownership of their company which is worth about $3 billion. The company’s privately held stock will be now be […]
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The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven’t filed
Cecilie Arcurs | Getty Images There’s about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns. An estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns, according to the IRS. Kevin Brady, a certified financial planner and […]
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Here’s how to calculate your bill for student loan forgiveness, if you live in one of the 7 states that may tax it
If you’re expecting relief from President Joe Biden’s plan to forgive up to $20,000 in student loans, you may have state income tax liability, depending on where you live. While legislation is evolving, it’s possible that seven states — Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina and Wisconsin — may tax student loan forgiveness, according […]
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Taxpayers can avoid a ‘very nasty surprise’ by making quarterly payments by Sept. 15
If you haven’t been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty. The deadline for third-quarter estimated taxes is Sept. 15, applying to income from self-employment, small businesses, investments, gig economy work and more, according to the agency. “It’s a pay-as-you-go […]
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You might qualify for around $10,000 in local weather incentives from the Inflation Reduction Act. Here is when you can claim them
Investor Toolkit You may qualify for in excess of $10,000 in local climate incentives from the Inflation Reduction Act. Here is when you can claim them Released Sat, Sep 3 20228:00 AM EDT Greg Iacurci@GregIacurci Enjoy Live Resource
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These 13 states may hit borrowers with up to $1,100 in state tax liability on forgiven student loans. How to know if your debt cancellation will trigger a bill
President Joe Biden’s student loan forgiveness plan will soon cancel debt for millions of Americans — and the relief is tax-free on federal returns. However, experts say the cancellation may still trigger a state tax bill. Most borrowers making less than $125,000 per year or $250,000 for married couples filing together will qualify for $10,000 […]
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