New laws and changes taking effect in 2023
The Millionaire's Tax is among the new laws and changes taking effect in 2023.
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SmartAssetAsk an Advisor: We Are 70 Years Old, Have $99K in Retirement Income, a $1.4M IRA and Other Investments. Is It Too Late to Convert to a Roth?
My wife and I are 70 years old. We've paid off everything, including the house. Between my pension of $29,000 and Social Security, we're getting a gross of $99,000 a year in income, which is more than enough. Our current … Continue reading → The post Ask an Advisor: We Are 70 Years Old, Have $99K in Retirement Income, a $1.4M IRA and Other Investments. Is It Too Late to Convert to a Roth? appeared first on SmartAsset Blog.
- Motley Fool
Here's How You Can Still Shave Up to $15,300 Off Your 2022 Taxable Income
You want a traditional IRA if your goal is to reduce your 2022 taxable income. If you want tax-free withdrawals in retirement, you might prefer a Roth IRA, though you'll have to pay taxes on these contributions now. If you made IRA contributions during 2022, you must make sure that your prior-year contribution doesn't push you over the limits noted above.
- GOBankingRates
Child Tax Credit: IRS Issues Important Reminder and 4 More Before Tax Season
Now that 2022 is coming to an end, the clock is beginning to tick on preparing your 2022 tax returns. Those getting their documents in order to file will want to note a number of changes and updates...
- GOBankingRates
Don’t File Your Taxes Early Says IRS, Wait for Form 1099-K
Once you've received your W-2 from your primary job, you might be tempted to file your taxes as soon as the filing window opens to get your refund sooner. See: 10 Jaw-Dropping Stats About the State of...
- Benzinga
Bill Gates Asked Why He's Buying So Much US Farmland: Here's His Answer In Free-For-All AMA
Microsoft founder and billionaire turned philanthropist Bill Gates recently laid to rest the long-time conspiracy theory that he owns some 80% of all U.S. farmland in his 11th appearance in an “Ask Me Anything” (AMA) session on Reddit. What Happened: Gates, answering dozens of questions over the course of a few hours during the AMA, including: “Why are you buying up so much farmland, do you think this is a problem with billionaire wealth and how much you can disproportionally acquire?” In respon
- CBS MoneyWatch
Here's how Republicans' proposed Fair Tax Act would work
The GOP plan would set a national sales tax of 30% and eliminate the IRS.
- GOBankingRates
The Worst Assets To Inherit and How To Address Them Before It’s Too Late
The sudden and lengthy appearance of the coronavirus pandemic delivered many lessons -- among them, that life can be taken away from even the healthiest individuals in the blink of an eye. Planning...
- MoneyWise
Don't even think about retiring until you have these 3 things fully paid off — and no, your mortgage isn't one of them
Leaving these accounts open could tarnish your golden years.
- GOBankingRates
20 Useless Products That Car Dealerships May Try To Sucker You Into Purchasing
Whether you buy a car new or used, the dealer might try to load you down with add-ons and accessories of every sort -- and they're likely to tell you that it will only add a few dollars to the monthly...
- GOBankingRates
7 Tax Secrets the IRS Won’t Tell You
The new year brings renewed motivation, a fresh set of resolutions and all the documents you'll need to file your returns for last year's taxes. Few people look forward to settling up with the IRS,...
- MarketWatch
‘Don’t just sit there, do something.’ The stock market is telling you to make some hard decisions with your money now.
After months of talking to and reading the words of investment experts trying to find the right way to describe and forecast the U.S. economy and stock market for 2023, I’m not going to go out on a limb and say this time is different, but I am coming close: this time feels different. As I hear and read experts reaching back for market and economy parallels from the past, my experience over the past several decades has shown that every downturn, recession or crash ultimately proved to be a buying opportunity. Tell me the Federal Reserve will stick the landing, or that recession isn’t coming, and I’ll try to stifle a snort.
- MarketWatch
Suze Orman says ‘most of America today has absolutely no money.’ Here’s where the guru is putting her funds.
Financial guru Suze Orman thinks that most consumers are, or soon will be, facing dire straits, in an environment of higher interest rates and higher inflation.
- MoneyWise
Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets instead for long-term tailwinds
Millennials have given up on stocks. Is it time to follow suit?
- Reuters
Tesla, insurers take different paths to deal with expensive repairs
Tesla Inc's electric vehicles are expensive to repair - so much so that the automaker and insurers are addressing the issue in sharply different ways. Chief Executive Elon Musk says Tesla is making design and software changes to its vehicles to lower repair costs and insurance premiums. Insurance carriers, meanwhile, are writing off low-mileage Tesla Model Ys that have been in crashes, and sending them to salvage auctions after deeming many too expensive to repair.
- Motley Fool
Investing $100,000 in These Stocks in 2023 Could Get You $1 Million by 2033
This is certainly in the realm of possibilities for many high-potential companies, especially after the recent market declines, and here are two in particular that could grow to 10 times their current market cap if things go well in their businesses. E-commerce still makes up only about 15% of all U.S. retail sales, and as Shopify's ecosystem continues to grow, it becomes more attractive to businesses (especially larger enterprises) that sell online. The company estimates its total addressable market opportunity to be about $160 billion, about 30 times its current revenue.
- Barrons.com
The U.S. Is Sending Tanks to Ukraine. Here’s Who Makes Them.
The Biden administration is poised to send a significant number of Abrams M1 tanks to Ukraine, according to The Wall Street Journal.
- GOBankingRates
Social Security: Use This IRS Form To Have Federal Income Tax Withheld
When you apply for Social Security benefits, you can request to have federal income taxes withheld from your payments. However, if you're already receiving benefits or want to make changes, the Social...
- Motley Fool
This Is the 'Worst' Bank in the World, According to Wall Street Expert Vivian Tu
No matter which bank you're thinking of, financial influencer Vivian Tu says "you're wrong." On her social media channel, Your Rich BFF, she recently revealed that the worst bank in the world is Starbucks. Starbucks may not actually offer bank accounts, but it does hold on to a whole lot of its customers' money.
- Quartz
A US research firm has accused Adani of pulling “the largest con in corporate history"
A US-based financial forensic firm has alleged that India’s Adani Group, led by the world’s third-richest person Gautam Adani, is involved in a massive and “brazen stock manipulation” and “accounting fraud scheme.”
- TheStreet.com
I'm Tearing Up My Southwest Boarding Pass Ahead of Earnings
Discount airliner Southwest Airlines is set to report its latest quarterly numbers on Thursday. LUV has been attracting way too much negative attention in recent weeks from its giant travel disruption in late December.