Tax planning
Here’s how uber-rich pass wealth to heirs tax-free when markets are down
Year-end Planning Here’s how uber-rich pass wealth to heirs tax-free when markets are down Published Mon, Oct 10 20221:44 PM EDTUpdated 2 Min Ago Greg Iacurci@GregIacurci WATCH LIVE Source
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IRS delays guidelines, waiving penalties for some inherited retirement accounts until 2023
Zinkevych | iStock | Getty Images If you inherited a retirement account in 2020 or 2021, the IRS is waiving penalties for some heirs who needed to start taking required minimum distributions right away, according to a notice issued Friday. The new rule won’t apply until 2023. Typically, there’s a 50% penalty when you skip […]
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Here’s how to pay 0% capital gains taxes with a six-figure income
Luminola | E+ | Getty Images It’s natural to fixate on portfolio losses, especially with the S&P 500 down more than 20% for the year. But you may still have gains after years of growth, and the profits could qualify for a 0% tax rate, depending on your earnings. The thresholds may be higher than […]
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Key Democrat outlines 5 priorities for $80 billion in IRS funding
Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate Finance Committee hearing. Tom Williams | Pool | Reuters Senate Finance Committee Chairman Ron Wyden, D-Ore., has outlined five priorities for the nearly $80 billion in IRS funding enacted in August through the Inflation Reduction Act. Wyden shared expectations for […]
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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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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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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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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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