Economic Security Planning, Inc. Today’s column addresses questions about when it’s possible to file for spousal benefits, who can still file restricted applications for spousal benefits only, divorced spousal benefits after early retirement benefits and eligibility for disability benefits close to full retirement age. Larry Kotlikoff is a Professor of Economics at Boston University and
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RainStar | E+ | Getty Images There’s a chance that if you’re enrolled in Medicare, an Advantage Plan is on your radar as a supplemental coverage option. While these plans continue growing in popularity and availability, there are some things to watch for. And whether you’re mulling over switching to another plan or adding one
Employees working from home during the coronavirus pandemic claimed some outlandish expenses this year, including pricey exercise bikes, facelifts and private jets. Emburse, an expense management software company, released a compilation Wednesday of some of the craziest expenses it has seen claimed this year, some of which were actually approved. That included $1,895, which was
WASHINGTON, DC – APRIL 27: The Internal Revenue Service headquarters building appeared to be mostly … [+] empty April 27, 2020 in the Federal Triangle section of Washington, DC. The IRS called about 10,000 volunteer employees back to work Monday at 10 of its mission critical locations to work on taxpayer correspondence, handling tax documents,
Jose Luis Pelaez Inc | DigitalVision | Getty Images Don’t let the holidays distract you from last-minute opportunities to reduce your 2020 tax bill. There are about five weeks left in the year, which means the clock is ticking on tax-planning strategies. Some tactics are only in play for 2020, thanks to the federal CARES
The Internal Revenue Service and the Treasury Department have issued guidance to clear up the tax treatment of expenses when a loan from the Small Business Administration’s Paycheck Protection Program hasn’t been forgiven by the end of the year, while groups including the American Institute of CPAs are complaining about a new, lengthy questionnaire from
Jin Lee | Bloomberg | Getty Images Out on Wall Street, stocks are taking a breather from this month’s rally. Despite encouraging updates on a potential coronavirus vaccine, disappointing unemployment data and a spike in coronavirus cases have spooked investors. Not helping investor sentiment, New York City Mayor Bill de Blasio announced that schools would
6year end tax-saving moves that you need to make before New Years Eve. Getty Images Wow! 2020 has been a crazy year. Many people have seen their incomes plummet, while others have been more fortunate. 2020 has been a record-setting year for the incomes of some. Either way, yearend is a great time to do
For now, it’s an open question if President-elect Joe Biden has interest in testing his presidential power to try to forgive student debt. Joe Raedle |Getty Images It’s a pressing question not just for higher-education experts and legal wonks. Tens of millions of Americans have a lot riding on the answer: Can the president forgive
The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven. In a joint statement Thursday, Senate Finance Chairman Chuck Grassley and Democrat Ron Wyden said the Treasury is depriving some small
Photographer: Dimas Ardian/Bloomberg © 2020 Bloomberg Finance LP As the Covid-19 crisis wears on, it’s clear that those with means are recovering much faster from the recession than others. This K-shaped recovery, a term coined by economist Peter Atwater, also plays out in the taxes we pay. To be sure, the recession is hurting state
Jeanne Flynn, 34, has accumulated thousands in credit card debt while waiting for unemployment benefits to arrive in New Jersey. Jeanne Flynn Jeanne Flynn used to worry about money. But never like this. Flynn, 34, lost her restaurant job in March as the coronavirus pandemic raged. Months of waiting for unemployment benefits and little savings
The IRS Advisory Council, a federal advisory committee that provides a public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public, sees a danger in chronic underfunding of the agency. IRSAC made the point in its annual report, which also highlighted the importance of the Taxpayer First Act
Game Stop store in New York City. Michael Brochstein | LightRocket | Getty Images The shift away from brick-and-mortar retailers in favor of online shopping has hurt GameStop over the past decade, pushing the company’s stock down nearly 40% in that time period. But Ryan Cohen, the former CEO of Chewy, thinks the maligned video-fame
A lady takes a selfie in fron of Coca Cola Christmas ad in Dublin. On Friday, December 21, 2018, in … [+] Dublin, Ireland. (Photo by Artur Widak/NurPhoto via Getty Images) NurPhoto via Getty Images Judge Albert Lauber, “Scholar Al” as Lew Taishoff has dubbed him, has given the IRS a big win against The
A President Donald Trump and a former Vice President Joe Biden supporter converse before the Joe Biden Campaign Rally at the National World War I Museum and Memorial on March 7, 2020 in Kansas City, Missouri. Kyle Rivas | Getty Images This year’s presidential election was expected to usher in a blue wave of votes
Taxpayers around the world lose at least $427 billion each year to individual tax evasion and multinational corporate profit-shifting, which undercuts public funding for a COVID-19 response, according to a new report. The report, released Friday by the advocacy group Tax Justice Network, in collaboration with Public Services International, the Global Alliance for Tax Justice
Day traders have terrible track records. Academics who study stock pickers have long observed that the vast majority of professional money managers – about 85% – underperform their benchmarks over a multi-year period. Now those professionals are turning their sights on retail day traders, warning that the same poor results apply to them as well.
Map of the UK and Republic of Ireland Getty Images Current Position As members of the United Kingdom (UK), goods can move freely between Great Britain (GB) and Northern Ireland (NI). However, the end of the Brexit withdrawal period on 31 December 2020 could result in changes to this and additional tax requirements for these
Siblings Jack, Catherine, Sam and Molly Matt pay a socially distant visit to Santa Claus at the Willow Grove Park Mall in Willow Grove, Pennsylvania, on Nov. 14, 2020. Mark Makela | Reuters There are a lot of kids who won’t be getting a new Xbox for Christmas. As many as 1 in 3 people
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