Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses switching from retirement to spousal benefits, restating suspended benefits, drawing benefits on the records of more than one spouse, the availability of survivor benefits and automatic Medicare premium payments.
Qualified Opportunity Zones, added as new Section 1400Z to the Tax Code by the Tax Cuts and Jobs Act, offer significant benefits to investors seeking to defer or abate their capital gains. The zones, or “low-income communities” (as the term is defined in Section 45D of the code for New Markets Tax Credits) are designated
It’s been a hard-fought and often-frustrating year for stocks. A gaudy display of corporate-profit growth, a huge tax cut, an acceleration in the U.S. economy and record share buybacks have been enough to push the S&P 500 only a few percent into the green for 2018 — after two separate double-digit drops eight months apart.
If the holiday spirit is encouraging you to gift millions of dollars to family members, it’s time to start sharing the wealth. The Tax Cuts and Jobs Act increased the gift and estate tax exemption — also known as the basic exclusion amount — to $11.18 million per person in 2018, which is more than
It is said that no one on their death bed ever wished they had worked just a little longer. The same may not be said for U.S. retirees, however. Among average earners, Social Security payments are likely to make up more than half of their retirement income. The odds seem pretty good that more than
Shutterstock The U.S. Treasury Department has published the names of people who renounced their citizenship during the third quarter of 2018. The quarterly public list is required by law. The published numbers are probably lower than the actual number of those who expatriated, with many apparently not counted. Both the IRS and FBI track Americans who renounce. Numbers have been flat for the
H&R Block has released its do-it-yourself desktop software for tax season 2019. Bloomberg Prices range from $19.95 for the Basic package to $79.95 for small-business owners. The software is available at hrblock.com and retail outlets across the country. Features include the ability to import tax information by dragging and dropping; free help and in-person audit
Invesco’s Kristina Hooper is concerned Wall Street is ignoring a major risk: Wage growth. But it may reclaim the spotlight as soon as Friday when the government releases its November jobs report. Hooper believes if the number ticks up too high, it could hint at price pressures that may shift the Federal Reserve’s thinking on
Financial advisors who beat the save-early-and-often drum might want to stifle their agonized groans. To that point, 59 percent of investors ages 18 to 34 say they already have taken money from their retirement account, according to recent research by E-Trade Financial. That figure has been growing steadily since 2015, when it was 31 percent.
There are two widespread errors in estate planning. One error is not to have a will or other key elements of a plan. The other error is to fail to update the will and estate plan. This article isn’t for those who still haven’t established at least a basic estate plan. But if you have
It’s a good time to be a Gen X woman. Now in their 40s and early 50s, these women are hitting their stride. No longer dealing with the challenges and struggles of their 20s and 30s, many of them are successfully growing careers and raising children. It’s not surprising that most women at 40 feel
The Internal Revenue Service proposed regulations Monday for a provision of the Tax Cuts and Jobs Act that limits the business interest expense deduction for some kinds of taxpayers. Bloomberg Certain small businesses whose gross receipts are $25 million or less, along with certain trades or businesses, aren’t subject to the limits under this part
Netflix Inc.: “Candidly, I’m not a fan of Netflix. I’m not a fan of Netflix because I think that a lot of it depends on the content and I just don’t find the content as compelling as it once was. I think it’s a good story, but not a great story, because it’s up so
Competition for collectable wine can be fierce. Just ask Nicholas Paris, who holds the prestigious Master of Wine designation from the Institute of Masters of Wine in London. Paris, 42, who has worked in the wine industry for years, once helped field competing bids from two executives at major Fortune 500 firms over a bottle
By Michael J. Marini, Next Avenue Contributor (The following is excerpted from 401 Confidential by Michael J. Marini.) When you invest for retirement with a 401(k) plan, retirement plan companies get FAT on your money. By my estimate, roughly $25 million in excessive fees are being drained form the $2 billion in workplace retirement accounts. Here
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses the earnings test and deductions, restricting an application to spousal benefits only, survivor benefits and remarriage, whether to file and suspend at full retirement age and the effects of
Ohio is becoming the first state in the U.S. to accept state tax payments through cryptocurrency. Ohio Treasurer Josh Mandel announced Monday that the state is partnering with a payment processor called BitPay to launch OhioCrypto.com, a site that will allow businesses to pay their taxes with cryptocurrency. Currently, the site only accepts Bitcoin payments,
DataTrek Research is out with a chart suggesting stocks will struggle this month — pouring cold water on the likelihood of a “Santa Claus” rally that traditionally boosts stocks in December. According to the firm’s co-founder Nicholas Colas, it comes down to a breakdown in earnings trends and investor sentiment. He said the earnings picture
Most people start the New Year off by resolving to do better when it comes to diet, exercise and paying down debt. Alternatively, you can take a proactive approach and reel in your finances before this year ends. (Resisting holiday treats is another story). Even with most Americans feeling more financially secure than they did
Retirement planning conundrum(c) CanStockPhoto.com / focalpoint A retiree of 64 has $1 million in her 401K common stock fund, and expects a long lifespan. Her conundrum is deciding how much she can draw from the fund every month without worrying about running out while she is still alive. Existing options for coping with the conundrum