A lesser-known section of last year’s Tax Cuts and Jobs Act will soon take effect, changing the tax treatment of alimony payments for divorces occurring after December 31, 2018. While the switch probably isn’t going to cause divorce, it might speed up divorces or separations that are already in the works. Currently, alimony payments are
Pessimism among investors shouldn’t deter people from carefully buying shares of high-quality companies that have endured massive declines, CNBC’s Jim Cramer said Friday after a widespread sell-off in the stock market. On Thursday, survey results from the American Association of Individual Investors showed that pessimism among retail investors was at its worst in some 5½
The Trump administration announced on Thursday that it will automatically cancel $150 million in student debt. Some 15,000 former students, whose schools closed while they were in attendance, will now have their debt erased. The department estimates that the forgiven loans will add up to around $150 million. “For them, it’s going to be a
People are buying annuities again, and for good reasons. Not long ago, there was a steady decline in the amount of money flowing into annuities and there seemed to be no bottom. Annuity purchases, however, have rebounded and indications are the demand for annuities is likely to keep rising. In the second quarter of 2018
John Kerry’s heart might be in the right place when it comes to combatting global warming, but not his head. John Kerry, former U.S. Secretary of State, speaks during the Global Climate Action Summit in San Francisco, California, U.S., on Friday, Sept. 14, 2018. The Global Climate Action Summit brings together industry and political leaders
Moms are busy. That goes without saying. Between chauffering kids to activities and likely working a full-time job, finding extra time for anything else is next to impossible. But yet, it’s also necessary. Many moms manage the entire household. That means everything from laundry and cooking to paying bills and overlooking the finances. But when
The Internal Revenue Service has issued interim guidance to help tax-exempt organizations deal with changes in the Tax Cuts and Jobs Act that impose new taxes on groups like churches and charities that offer free parking to clergy and employees. The interim guidance comes in response to an outcry from some religious and nonprofit organizations
The plunge in Johnson & Johnson‘s stock price following a report suggesting the company knew about asbestos in its baby powder is overdone and “excessive,” Wells Fargo told clients Friday. Wells Fargo, which said it still believes JNJ’s stock will outperform despite the allegation, said the selling based purely on the outcomes of any talc
If you want to park your money in a safe place amid current market volatility, there’s one thing you absolutely need to do. Check what kind of protection the financial institution holding your money has. This bubbled up as an issue this week on the news that Robinhood, an online stock trading app, announced that
Share to facebook Share to twitter Share to linkedin IRA individual retirement account written on wooden cubes.Getty Royalty Free Individual Retirement Accounts (IRAs) have become the go-to vehicles for holding retirement assets in the United States. In fact, IRAs now house more wealth in 2018 than all 401(k) accounts. IRAs represent about one-third of the
Getty The Internal Revenue Service (IRS) has issued the 2019 standard mileage rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile for business miles driven (up from 54.5 cents in 2018) 20 cents per mile driven for medical or
Even if your clients didn’t owe money last tax season, it’s more important than ever for them to start planning for the upcoming tax season now due to tax reform changes. Here are tips for end-of-year planning to help maximize their refunds from Intuit senior tax analyst Mike D’Avolio. With reduced tax rates due to
A recent paper by Mohsen Mohaghegh of Ohio State University discusses two main trends related to U.S. entrepreneurs: the decrease in the number of entrepreneurs and the increase in their borrowing. Entrepreneurs have increased their debt holdings relative to their assets over the past three decades. Greater opportunities for financing new investments, rising business costs,
The bank stocks and the oil plays are so beaten-up that CNBC’s Jim Cramer can’t recommend them to investors, even as his positive long-term outlook for the sectors is still intact, he said Thursday. “If you own the oils or the banks, it’s hard not to feel like an idiot,” he said Thursday on “Mad
How you handle your 401(k) savings depends a lot on how much you earn. And if you’re middle income — earning between $40,000 and $85,000 — you’re more likely to take a loan from your 401(k) or other workplace retirement plan, according to new research from J.P. Morgan Asset Management. Individuals who fall in that
Share to facebook Share to twitter Share to linkedin December 31 not only represents the end of the calendar year, but it also represents a trigger point for many people to engage in planning, goal setting, and preparing for a new year. One area of our lives that can certainly benefit from an end-of-year boost
Credit: GettyGetty The end of the year is an important time to take stock of your personal finances to make sure you’re on track for your savings goals as well as the upcoming tax season. While it may be tempting to wait until the new year for your financial planning, decisions that you make in
Your tax filing status makes a big difference in your tax return when you file. Many people simply choose the status they believe best fits their personal situation, but in some cases, you may have more than one option. At that point, it’s up to you to pick the status that offers you the most
Maryland and Washington, D.C. officials unleashed a burst of subpoenas seeking financial records that would penetrate Donald Trump’s closely guarded trust and business and reveal whether the president is profiting off foreign governments. Among the investigative demands issued Tuesday to more than 30 business entities, competitors and government agencies is a request for state and
The proposal from the European Commission to tax revenues from some digital services at 3 percent has taken on a new form following the lack of agreement among EU member states. The original proposal, introduced in March 2018, had a chance to be adopted or rejected on December 4, 2018, at a meeting of EU
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