Personal saving
Capital gains may have triggered hundreds of billions more in individual taxes for 2021, analysis shows. How to trim your tax bill
The U.S. Department of the Treasury building Julia Schmalz | Bloomberg | Getty Images Some investors may be grappling with the sting of higher-than-expected capital gains for 2021 and losses in 2022. But experts say tax-planning opportunities may soften the blow. Individuals paid significantly more taxes this season, and the surge in capital gains in […]
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That vacation rental listing could be a scam. These are the warning signs to look out for
Ozgurcankaya | E+ | Getty Images Biggest warning sign The biggest red flag that a listing is a scam is when you are asked to leave a listing platform such as Vrbo or Airbnb in order to provide a payment, Couch-Friedman said. A fake real estate owner will ask a consumer to send $500, for […]
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Still missing your tax refund? You’ll soon receive 5% interest — but it’s taxable
Bill Oxford | E+ | Getty Images If you’re still waiting for a tax refund, there’s a silver lining: it may be accruing interest, and the rate jumps to 5% from 4% on July 1, according to the agency’s latest quarterly adjustment. Typically, the IRS has 45 days after the filing deadline to process returns […]
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The number of billionaires soared during the pandemic. How tax proposals aim to reduce wealth inequality
A mobile billboard calling for higher taxes on the ultra-wealthy depicts an image of billionaire businessman Jeff Bezos, near the U.S. Capitol on May 17, 2021 in Washington, DC. Drew Angerer | Getty Images A new billionaire was created on average about every 30 hours during the Covid-19 pandemic, according to a new report by […]
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Bank balances surged during Covid even as pandemic-era stimulus ended, BofA CEO says
Bank of America’s account holders saw strong growth in their balances during Covid and have yet to spend down their pandemic-era stimulus money, CEO Brian Moynihan told CNBC. In an interview on “Squawk Box” from The World Economic Forum in Davos, Switzerland, BofA’s chairman said customers who had between $1,000 to $2,000 before the pandemic, […]
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Tax breaks aren’t prime reason for high-net-worth philanthropy, study finds
Maria Teijeiro | OJO Images | Getty Images Tax breaks aren’t the primary incentive for philanthropy among the ultra-wealthy, according to BNY Mellon Wealth Management’s inaugural Charitable Giving Study. The report, polling 200 individuals with wealth ranging from $5 million to more than $25 million, found the top three motivators were personal satisfaction, connection to […]
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NBA champion Dwyane Wade shares his three best tips for managing money
Dwyane Wade still moves fast but this time it’s off the basketball court. The retired three-time NBA champion for the Miami Heat has investments in media companies and consumer products. Wade, 40, has purchased an equity stake in two sports teams, the NBA’s Utah Jazz in April 2021 and in January 2022 joined Blackstone executive David Blitzer […]
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Recession is ‘likely,’ former SEC chief economist says. Here’s his advice for how to prepare
Larry Harris Source: Larry Harris To tame the recent inflationary spike, the Federal Reserve signaled it will continue to raise interest rates. When rates are high, consumers get a better return on the money they stash in a bank account and must shell out more to get a loan, which can trigger them to borrow […]
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These 10 companies help pay for their employees’ vacations
Michelle and Jeremy Warren’s recent trip to the Galapagos Islands was paid for, in part, by her company, FullContact. Michelle Warren When Michelle Warren traveled to the Galapagos Islands for 10 days this spring, her bosses helped foot the bill. It’s one of the many benefits offered by her employer, Denver-based tech company FullContact. Warren’s […]
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Why it’s a good time for young investors to put money in the market
FG Trade | E+ | Getty Images Opportunities in the dip For young investors with the longest time horizons to plan for retirement, today’s market downturn also provides an opportunity, according to Paula Pant, host of the podcast “Afford Anything.” “A dip is your best friend,” she said. “So, buy the dip, take advantage of […]
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