Financial News
How concerned investors should be about Biden’s tax proposals
Stocks and taxes: What’s going to happen? The Democrats’ control of Congress is shining a new spotlight on Biden’s tax proposals, particularly those that would affect stocks and bonds. While Biden has repeatedly said he would not raise taxes on Americans earning less than $400,000 a year, he has proposed: 1) raising the marginal income tax…
Read MoreWe are millionaire mortgage prisoners
They lead a lavish lifestyle and always make their payments on time, so why won’t anyone give them another loan? by Kate Palmer Edward and Melanie Rom run a multimillion-pound travel business and are no strangers to champagne parties, luxury golf resorts and private jets. Yet their lender, Barclays, has refused to give them a…
Read MoreKevin O’Leary: ‘Day trading isn’t investing. It’s gambling’ – invest like Warren Buffett instead
Throughout the pandemic, day trading has become extremely popular, especially among young people who, in most cases, have never invested in the stock market before. Coronavirus-induced lockdowns provided some with more time on their hands to try trading apps, like Robinhood, which are seeing a surge in business; millions of Americans are unemployed and may think it is a way to make up for lost income; and a…
Read MoreThe Bidens and China Business
The story won’t go away without explanation, even if the Veep wins. Most of the media is ignoring the emails found in Hunter Biden’s laptop, but that doesn’t mean they aren’t news. Joe Biden has an obligation to answer questions about his son’s influence-peddling and his own financial dealings—notably regarding China. The New York Post…
Read MoreThe Estate Tax: Unpacking the Current State of Play
Where this often-debated tax stands for 2020, and how to plan for the future. Unsplash Now that a few years have passed since the enactment of the Tax Cuts and Jobs Act in 2017, we have had time to contemplate the tax code changes it brought, particularly concerning both individual and corporate tax issues. As…
Read MoreHow to withdraw from your traditional 401(k) account early — the strategies to avoid penalties and fees
Withdrawing money from your 401(k) early is not recommended, since the amount is subject to 20% income tax, plus a 10% IRS penalty. While it’s hard to avoid the tax, there are ways to avoid the 10% penalty, including a loan and a hardship withdrawal. Temporary changes to the rules under the CARES Act may…
Read MoreYou Should Be More Than Halfway to Earning 3 Valuable Tax Breaks
Each year, you have the opportunity to earn valuable tax savings by investing for your future. But if you don’t take advantage of that chance, you’ll miss out on the assistance Uncle Sam provides, and won’t ever have the opportunity to score that year’s tax savings again. With 2020 already more than half over, hopefully…
Read MoreDiversify, Rebalance, Rinse, Repeat
In 1997, with its stock price in the mid $60 per share range and an average market capitalization valued around $16 billion, JC Penney (JCP), having an investment grade credit rating, issued a $500 million, 100-year bond, that paid a coupon of 7.625%. On Friday, May 15th, 2020, the 118-year old JC Penney filed for…
Read MoreIRS updates cryptocurrency tax guidance
Virtual currency received for small tasks on a crowdsourcing platform is taxable Watch the latest video at foxnews.com The IRS issued new guidance clarifying how cryptocurrencies are treated for tax purposes when they are received in exchange for certain services. The tax agency recently released a memorandum stating that an individual who receives digital currency through a crowdsourcing platform…
Read MoreThe pandemic showed how volatile 401(k)s can be. Here’s how you can diversify your asset mix before retirement
When the market descended into the fastest bear market on record in March, many watched in horror as 401(k) retirement accounts shed thousands of dollars seemingly overnight. For those at the start of their careers, there was the knowledge that time is on their side. But for savers nearing retirement age, a volatile shake-up in the markets…
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