If investors thought they were finding their footing in a volatile stock market, a new tax, climate and healthcare spending bill from Capitol Hill might have them trying again to regain their stabilit...
Tag: Direct Taxation
‘We expect it to be removed’: Democrats’ push to close ‘carried interest loophole’ in jeopardy as Sinema seeks to block effort
Sen. Kyrsten Sinema has signaled her opposition to closing a controversial tax loophole that allows carried interest to be taxed as capital gains instead of income, according to multiple reports. As a...
IRS Gives Wealthy Families More Time to Shelter Assets from Estate Tax
The federal government is giving widows and widowers more time to deal with the intricacies of the estate tax after a spouse dies. When one spouse dies, their partner often inherits all or part of the...
How inflation affects 2023 tax brackets: You may get an unexpected ‘tax cut’
As you probably know, the federal income tax rate brackets, and many other federal tax parameters, are indexed for inflation using a factor based on the monthly average of changes in the chained Consu...
‘The issues with the IRS are still present and very real’: Millions of Americans are racing to file their tax returns, and filing extensions
Tax Day came and went earlier this week, so if your upcoming weekend plans are just chilling after the last-minute tax time bustle, you might have company. April 18 marked the deadline in most states ...
‘I’m already feeling guilty’: My uncle is leaving me a large inheritance, but excluding my siblings. Should I gift them money every year, or set up a trust?
Dear Quentin, I am soon to inherit a sizable sum of money from an uncle with whom no one in my family still speaks; I’m the only one who has stayed in contact with him. While it seems a bit grotesque ...
How to Handle the Taxes on the AT&T Spinoff of Warner Bros.
Text size The Warner Bros. Studios in Burbank, Calif. AT&T shareholders have received a 0.242 share of Warner Bros. Discovery for each AT&T share. Photographer: Bing Guan/Bloomberg Bing Guan/B...
Three things to take care of when you retire—your future self will thank you for it
After a working lifetime of alarm clocks and meetings, you might be looking forward to a lot more unstructured time once you retire. But taking care of one more to-do list early on can set you up for ...
Opinion: Preparing for the great sunset: What you need to know if tax code provisions expire
The hot equities and housing markets have contributed to a surge in U.S. household wealth during the pandemic. According to the Federal Reserve, household wealth grew by $19 trillion to $137 trillion ...
Hey, Gig Worker! Prepare for a Lot More Work When You File Your Taxes.
Self-employed workers who quit salaried jobs last year in the “Great Resignation”—the biggest corporate exodus on record—may find themselves reminiscing about the good old days on a payroll as they pr...
Estate and Gift Taxes 2021-2022: What’s New This Year and What You Need to Know
The federal estate- and gift-tax exemption applies to the total of an individual’s taxable gifts made during life and assets left at death. Above the exemption, the top rate on such transfers is 40%. ...
2021-2022 Federal Income Tax Brackets and Rates
The top tax rate is 37%. For 2026, the top rate is set to return to 39.6%. Photo: Illustration: Tammy Lian The tax code currently has seven income-tax brackets for individuals that range from 10% to 3...
Why Moving to a State with Low Income Taxes Could Cost You
That’s what financial professionals are telling clients who are fed up with high income tax rates in their home state and weighing an out-of-state move. They’re counseling clients to take an in-depth ...
The WSJ Tax Guide 2022: What to Know Now About Tax Filing and Refunds
Feb. 18, 2022 5:30 am ET Get ready for a wild tax season. Every year more than 200 million Americans sign and send income-tax returns to the Internal Revenue Service. But the 2022 filing season will b...
‘We live 5 minutes from our in-laws who have a larger home’: Is it a good idea to swap houses? Will I end up with a surprise tax bill?
I am a California resident. My husband and I own a 1,800-square-foot home that we bought in 2019 for $1.5 million. We have between 40% and 50% equity in the property due to a large down payment. We li...
Tax season: does the IRS know if you trade crypto? Is your NFT sale or mining income taxable?
Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch. It is tax season in the U.S., and I’ll ...
Opinion: This plan to tax the ultrarich is much simpler and better than Biden’s idea
President Joe Biden and Senate Finance Committee Chair Ron Wyden (D-OR) have proposed different ways to tax unrealized capital gains every year. Their shared goal is understandable, with trillions of ...