We are well into tax season, and ordinarily I would say it’s time to get serious about filing your 2020 Form 1040 if you’ve not already done so. But so far, 2021 has not been much more ordinary than 2020, the year we would all like to forget. Now,Read More →
Tens of millionaires are demanding higher taxes – on themselves. More than 80 seven-figure men and women from the United States, the United Kingdom, Germany, New Zealand, Canada and the Netherlands, who call themselves “Millionaires for Humanity”, signed an open letter calling on their governments “to raise taxes onRead More →
Economic fallout from the COVID-19 crisis and civil unrest could cause many rental real estate properties to run up tax losses in 2020 and maybe beyond. This column covers the most important federal income tax questions and answers for rental property owners. Here goes. Nothing new here. You can deductRead More →
By Aditya Kalra and Chandini Monnappa NEW DELHI/BENGALURU (Reuters) – India on Saturday raised taxes on imports of goods such as electronic items, toys and furniture, aiming to give impetus to domestic manufacturing in a move that will hit Sweden’s IKEA and other foreign firms. The measures, announced by FinanceRead More →
Dear Moneyist, I divorced a little over a year ago, and my ex-husband died suddenly. One of our investment accounts was ordered to be split $30,000/$60,000, as per our divorce agreement. I signed my paperwork, but he never got around to it. Also see: ‘My husband’s kids hate me andRead More →
Dear Catey, We are a physician and engineer couple planning to retire in 10 to 15 years. After spending most of our adult lives in several cold places (Wisconsin and Illinois, among them), we would like to move south and retire there. Our plan is to take up jobs inRead More →
Dear Moneyist, My mother died about 15 years ago and the only asset she had was her home. I was living there at the time, and had taken out a loan on the home with her knowledge. I married and moved out, and my son and his family eventually movedRead More →
On December 20, President Donald Trump signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (the Act). The new legislation retroactively resurrects and/or extends a bunch of individual and business federal income tax breaks, which we will call the extenders. The extensions generally go through 2020.Read More →
Unemployment is low and the stock market is high, but most Americans aren’t getting ahead. Half of American families have less real wealth than their parents did 25 years ago. Democrats are not satisfied with the economy. Yes, unemployment is way down and the stock market DJIA, +0.01% SPX, +0.01%Read More →
(Reuters) – U.S. automaker Ford Motor Co . (N:) said on Monday it expects its full year 2019 loss, before interest and taxes, from China to be nearly halved from the year ago. For 2020, the company expects to further cut down its China losses, before interest and taxes, byRead More →
The question of how much can we earn without paying federal income taxes is relatively easy to answer for most people. The standard deduction for a married couple is $24,400 in 2019 (if both are under 65 years old), and the top of the 0% capital-gains tax bracket is $78,750.Read More →
MarketWatch photo illustration/iStockphoto, Getty Images Bill Gates’s fortune would take a tax hit under Sen. Elizabeth Warren’s tax plan — what would that mean for his philanthropic goals? Bill Gates, co-founder of Microsoft MSFT, +1.18% and a philanthropist behind the world’s largest charitable foundation, said Wednesday he would mull overRead More →
© Reuters. FILE PHOTO: The logo of Ikea is seen outside the Ikea Concept store, run by Inter Ikea brand and concept in Delft By Foo Yun Chee BRUSSELS (Reuters) – IKEA brand owner Inter IKEA could be ordered to pay millions of euros in Dutch back taxes by theRead More →
JOHANNESBURG (Reuters) – South Africa’s High Court ordered state arms maker Denel to hand over millions in employees’ tax payments to the government, union officials said – a case that has refocused attention on cash-strapped state firms and their drain on the economy. The Solidarity union sued Denel last month,Read More →
There was a time when Michael Dinich was happy, in what he calls a “naïve way.” He lived comfortably, not extravagantly, on his six-figure salary in the personal-finance industry. Yet he had slim savings and even less preparation for the nasty curves coming. Dinich said a broker allegedly bilked himRead More →
© Reuters. Democratic 2020 U.S. presidential candidate and former Vice President Joe Biden speeks at an event at the Mississippi Valley Fairgrounds in Davenport By Nandita Bose WASHINGTON (Reuters) – Democratic presidential hopeful Joe Biden on Thursday took umbrage with e-commerce giant Amazon.com (NASDAQ:) Inc’s $0 federal tax bill inRead More →
Too many taxpayers are in repayment plans they cannot afford, and that’s leading to some harsh financial consequences, according to a taxpayer advocate inside the Internal Revenue Service. National Taxpayer Advocate Nina Olson shined a light on installment plans and the perils that taxpayers face if the costs are tooRead More →
Courtesy Everett Collection New IRS data reveals about taxpayer attitudes on when it’s ever acceptable to cheat on income taxes. Fewer Americans think it’s unacceptable to cheat on taxes. The overwhelming majority of taxpayers still say there’s no excuse to misstate even a penny on their returns — but there’sRead More →
Dear Moneyist, My husband is a divorced father of three dependents. We will soon be married for 10 years. We filed joint tax returns the first 5 years. However, after learning that my husband was in trouble with back taxes I quickly moved to filing separately. I already filed bankruptcyRead More →
As talks continue on Capitol Hill about a possible infrastructure overhaul, a top Republican lawmaker is warning against potentially raising the corporate tax rate to pay for any major improvements to the country’s roads and bridges. Texas GOP Rep. Kevin Brady, the ranking member of the Democratic-controlled House Ways andRead More →
© Reuters. FILE PHOTO: The Virginia State Capitol, the seat of state government of the Commonwealth of Virginia, is pictured in Richmond By Beth Pinsker NEW YORK(Reuters) – Can regular people calculate their state taxes in light of the new U.S. tax law? No way, experts say. “There isn’t aRead More →
More than one in five taxpayers with wages probably had too little money withheld for taxes last year, according to the Government Accountability Office. Among the most likely are taxpayers with wages of $180,000, at least $20,000 of non-wage income and itemized deductions; taxpayers with gambling winnings; those with unreimbursedRead More →
