More surprise tax refunds will go out by New Year’s, the IRS says — can you expect one? Since May, the IRS has paid billions in tax refunds to Americans who weren’t expecting money back. Direct deposits and paper checks have gone to millions of people whose tax bills for last year were reduced after […]
Read MoreTesla’s visionary CEO Elon Musk can add another distinction to his list of record achievements—although it’s likely to be one he won’t relish. The wealthiest human to ever walk the earth posted on Twitter he will fork over more than $11 billion to the U.S. government this year, a tax bill that just may be […]
Read More(Bloomberg) — An exceptional year for wealthy Americans, at least in terms of their financial health, just got better. If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package, as he said he would on Sunday, rich Americans will escape any tax hikes, saving the top 0.1% hundreds of billions of […]
Read MoreAn easy way to pay no tax — or indefinitely avoiding paying them on investments like the S&P 500 — is working again this year. How? Simply holding ETFs versus mutual funds. Roughly 98% of stock ETFs offered by the largest providers are passing along absolutely no taxable capital gains again this year, says Todd […]
Read MoreThe latest version of the Build Back Better Act, which the House could vote on a soon as this week, includes a controversial tax break that would overwhelmingly benefit high-income households, though whether it will survive revisions in the Senate is still an open question. Pushed by lawmakers from high-tax states, House Democrats are proposing […]
Read MoreHow REITS Are Taxed Real estate investment trusts, or REITs, can be a great addition to a well-diversified portfolio. These investments offer a solution to those looking to benefit from real estate assets. However, they also come with their own unique tax implications. Here’s a look at how REITs are taxed and what you can […]
Read MoreThe IRS has raised the thresholds for federal tax brackets for income taxes and capital gains for 2022. That means many taxpayers with the same or even slighter higher income in 2022 vs. 2021 will still be in a lower bracket. They’ll be subject to lower tax bills. Will you fall into a higher federal […]
Read MoreElon Musk, the world’s richest man, took to Twitter overnight to savage the so-called billionaire tax proposal that’s dividing Washington over ideological lines and is dominating the discourse on social media too. The tax idea, which would target the 700 richest U.S. taxpayers, was dreamed up to finance President Joe Biden’s $2 trillion “Build Back […]
Read MoreWith the end of the year rapidly approaching, it’s time to consider moves that will lower your 2021 tax bill and hopefully position you for tax savings in future years too. This column is Part One of my two-part list of suggested year-end strategies. But first, we need to address the big uncertainties about what […]
Read MoreThe Old-Age, Survivors and Disability Insurance program (OASDI) tax—more commonly called the Social Security tax—is calculated by taking a set percentage of your income from each paycheck. Social Security tax rates are determined by law each year and apply to both employees and employers. For both 2021 and 2022, the Social Security tax rate for […]
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