SmartAsset: How to Avoid Capital Gains Tax on Collectibles Collecting is a pastime to which a great many people are drawn. The satisfaction of having a complete set of old stamps or unearthing a rare ...
Tag: Taxes
Americans Skip Out on $500 Billion in Taxes Each Year, IRS Says
The federal tax gap —the difference between taxes owed and those collected — rose to $496 billion a year from 2014 through 2016, according to a report released by the IRS on Friday. The shortfall is $...
What ‘millionaire tax’ plans on California, Massachusetts ballots mean for taxpayers
How states plan to spend ‘millionaire tax’ revenue While the proposed taxes sound similar, there are differences in how each state plans to use the revenue. In Massachusetts, assuming vot...
Federal Taxes Will Hit a Lot More People This Year
Few things are more pleasant that when an accountant runs through what you’ve earned and paid and confirms that you will not owe any extra taxes in April. On the other hand, few things are worse...
How to save above 401(k) deferral limits with after-tax contributions
If you’ve already maxed out 401(k) plan contributions for 2022 and you’re eager to save more for retirement, some plans have an under-the-radar option, experts say. For 2022, you can defer...
What investors need to know about the latest crypto tax reporting rules
Jose Luis Pelaez | Getty Images The IRS is sharing more details on how to report digital assets for the 2022 tax filing year, according to draft instructions. Since 2019, there’s been a yes or n...
Taxes Are High On The Little Guy—Thanks, FDR
In a Tax Notes review of our Taxes Have Consequences: An Income Tax History of the United States, tax history project director Joseph Thorndike writes that the book is a history of income tax rates, n...
RMDs Will Be a Heavy Lift for Those Who Delayed Them
Retirees who have postponed taking this year’s required minimumdistributions (RMDs) from their 401(k)s and individual retirement accounts face a bitter task before year-end: withdrawing assets when po...
Here’s how to Take Advantage of the new 401k Contribution Increase
Inflation may be ruining everything from bond coupon interest payments to holiday travel plans but being able to put more away for retirement is one unexpected positive. On Friday, the Internal Revenu...
Investors can contribute up to $22,500 in a 401(k) and $6,500 in IRAs in 2023
If you’re eager to save more for retirement in 2023, there’s good news from the IRS: higher limits for your annual 401(k) plan and individual retirement account contributions. The employee...
Help Me Understand the ‘Best Way’ to Manage an IRA. Is It Better to Pay Taxes Now or in Retirement?
Michele Cagan Which is the best way to handle an individual retirement account (IRA)? Let it sit and earn money, then pay taxes on the withdrawals in retirement? Or roll it over to a Roth IRA? Should...
Before ETH drops further, set some money aside for surprise taxes
Ethereum’s Merge dominated the crypto world in September with promises of quicker transaction times, improved security and a 99% reduction in energy consumption. However, will you end up with a surpri...
How much income you can have for 0% capital gains taxes in 2023
If you’re planning to sell investments or rebalance your taxable portfolio, you may be less likely to trigger a tax bill in 2023, experts say. This week, the IRS released dozens of inflation adj...
All About The IRS Tax Inflation Adjustments For The 2023 Tax Year
Getty Images Key takeaways This week, the IRS tax inflation adjustments for the 2023 tax year were released The announcement includes changes in 2023 standard deductions and 2023 IRS tax brackets The ...
Here are the new income tax brackets for 2023
Andersen Ross | Blend Images | Getty Images Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023. The agency has boosted the income t...
How To Give Extra Pay To Top Employees
A sweet gift getty Let’s say you are an employer and you want to give your top managers an extra financial benefit, separate from the company profit sharing and 401(k) plan. Some obstacles are in your...
Brazilian City of Curitiba Mulls Crypto Acceptance for Tax Payments – Taxes Bitcoin News
The city of Curitiba, in Brazil, is now studying the possibility of accepting cryptocurrency payments for taxes. Noemia Rocha, a city councilor for Curitiba, presented this project to the executive to...
Rio de Janeiro citizens will be able to pay property taxes with crypto
Join Our Telegram channel to stay up to date on breaking news coverage The crypto industry is getting rapidly adopted throughout South America, with multiple nations exploring different ways to adopt ...
Beneficiaries of Inherited Retirement Accounts Dodge a Tax Bullet
New legislation related to taxes can come with plenty of ambiguities and complexities, but the IRS often irons them out in the regulations it proposes. Al Drago/Bloomberg Sometimes these efforts fail...
Rare Massachusetts Tax Refund Raises Interesting Question About Surplus Revenue
George Washington Monument at Public Garden in Boston, Massachusetts. getty Massachusetts taxpayers are getting a rare refund thanks to a 1986 law that requires the state government to refund tax reve...
Brazil’s Rio de Janeiro will accept crypto-payments for property taxes
The city of Rio de Janeiro is seeking crypto firms to operate its tax property seasoning in 2023, according to a decree published on Oct. 11, allowing taxpayers to use crypto alongside fiat currency t...
OECD releases final plan to crack down on international tax evasion using crypto
The Organisation for Economic Co-operation and Development’s long-in-the-making crypto tax framework was published Monday. The document is meant to formalize information sharing between the 38 m...
Portugal Prepares to Tax Crypto Gains at Rate of 28%, Draft Budget Unveils – Taxes Bitcoin News
Authorities in Portugal intend to impose a levy on gains from short-term crypto investments with the state budget for next year. The document, which still needs the approval of Portuguese lawmakers, s...
Portugal to Impose 28% Taxes on Crypto Gains
Crypto-friendly country Portugal is planning to impose taxes on crypto gains held for less than a year after the acquisition, following the footsteps of South Korea, which wants to implement taxes on ...
Saudi Arabia Lures Executives to Neom With Million-Dollar Salaries, Zero Taxes
Saudi Arabia’s megadevelopment Neom is paying senior executives roughly $1.1 million each annually, according to an internal Neom document, showing how the kingdom is using large pay packages to lure ...
Portugal’s Draft Budget Includes New Crypto Taxes
Key Takeaways Portugal’s latest draft budget suggests imposing a 28% tax on gains from short-term cryptocurrency investments. The new tax rate will only apply to crypto held for less than one ye...
Portuguese Proposal Would Enact Taxes on Crypto Transfers, Capital Gains
While the country already taxed capital gains on cryptocurrency holdings derived from professional or business activities, individual citizens were exempt. The new budget draft, however, calls for a l...