Tax planning
The next U.S. president could face a tax battle in 2025 — here’s what it means for investors
This combination of pictures created on October 25, 2024 shows US Vice-President and Democratic Presidential candidate Kamala Harris in Houston, Texas on October 25, 2024 and former US President Republican presidential candidate Donald Trump in East Del Valle, Austin, Texas on October 25, 2024. Getty Images As millions of Americans cast ballots on election day, […]
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Harris’ rise in polls sparks wave of wealth transfers to kids
Dimensions | E+ | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given […]
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How high earners can funnel money to a Roth IRA, the ‘gold standard’ of retirement accounts
Key Points Investors with high incomes may not be able to contribute to a Roth or make deductible contributions to a traditional individual retirement account. However, a strategy called the “backdoor Roth IRA” lets high earners access Roth accounts. Investors would make a nondeductible contribution to a traditional IRA, and then convert those funds to […]
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Kamala Harris’ tax records reveal ‘fairly basic’ approach that may have missed savings, advisor says
U.S. Vice President Kamala Harris and second gentleman Douglas Emhoff descend from Air Force Two in Wilmington, DE, U.S., July 22, 2024. Erin Schaff | Via Reuters Vice President Kamala Harris’ personal financial records are under fresh scrutiny now that she is running for the highest office in the United States. Experts say recent tax […]
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Working remotely from a cruise ship? Here’s why the IRS still expects taxes
Jenny Hunnicutt poses in front of the Royal Caribbean Ultimate World Cruise, which she’s been on for nearly nine months traveling the world. While on board, she’s working remotely for her writing and consulting business based in Florida. Courtesy: Jenny Hunnicutt Income made ‘worldwide’ is taxable Despite a Bahamas flag flying atop the Serenade of […]
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Treasury, IRS announce ‘major milestone’ of $1 billion in past-due taxes collected from millionaires
Internal Revenue Service Commissioner Danny Werfel testifies before the House Appropriations Committee on Capitol Hill in Washington, May 7, 2024. Kevin Dietsch | Getty Images News | Getty Images The U.S. Department of the Treasury and the IRS on Thursday announced what they called a “major milestone” of collecting more than $1 billion in tax […]
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Shohei Ohtani’s $700M Dodgers deal is big — but its actual price is a lot lessen
At initially glance, Shohei Ohtani’s $700 million, 10-12 months offer with the Los Angeles Dodgers is absolutely nothing small of a Ruthian blockbuster, topping all other free agent pacts. Upon closer inspection, nevertheless, factoring in the ravages of compound inflation and Ohtani’s unparalleled agreement to defer large sums of desire-free dollars, the offer is nonetheless a document […]
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Making an attempt to opt for Pretax vs. Roth 401(k)? Why it’s trickier than you believe, specialists say
Everyday living Improvements Attempting to decide on Pretax vs. Roth 401(k)? Why it can be trickier than you believe, specialists say Published Mon, Jul 10 202310:10 AM EDTUpdated 4 Hrs Ago Kate Dore, CFP®@katedore Watch Stay Source
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Robo-advisor Betterment settles tax prices with SEC for $9 million
Critical Details The $9 million settlement between Betterment and the U.S. Securities and Exchange Commission will be shared amongst about 25,000 of the robo-advisor’s consumers, with a median payout of about $100. Betterment’s alleged failures had been related to “tax-loss harvesting,” a procedure widespread between monetary planners whereby taxes on financial commitment profits are decreased […]
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Less new cars and trucks qualify for $7,500 electric powered automobile tax credit. Right here are 2 alternatives
Crucial Points The Inflation Reduction Act, which President Joe Biden signed in August, directed the U.S. Department of the Treasury to produce manufacturing procedures pertaining to electric motor vehicle batteries. Those rules took impact Tuesday. They quickly limit the quantity of EVs that qualify for a $7,500 federal tax credit score. Twenty-two automobiles from 7 […]
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