As you progress through your career and approach retirement, it is essential to have a clear understanding of where you are investing your money. Experts emphasize the importance of knowing how different accounts can impact your future tax obligations. Many individuals tend to have a heavy concentration of funds in tax-deferred accounts, such as pretax
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Wall Street closed the trading week on a positive note, with tech stocks taking the lead. The Dow Jones Industrial Average saw a modest gain of under 1%, while the S & P 500 and Nasdaq closed at record highs, climbing nearly 2% and 3.5%, respectively. This positive momentum continued from the previous month and
The IRS is currently facing a major issue with a backlog of tax identity theft cases, with approximately 500,000 unresolved cases as of April. This number has seen an increase from 484,000 cases reported in September. Victims of identity theft have been left waiting for more than 22 months for resolution, exacerbating the issue further.
Young, wealthy investors are breaking away from the traditional investment strategies preferred by their parents. Research from Bank of America shows that investors between the ages of 21 and 43 with at least $3 million in investable assets are opting for alternative assets such as hedge funds, private equity, and crypto and digital assets. In
Constellation Brands recently reported an earnings beat that was primarily driven by the strength of its beer business. Despite this positive news, shares of the company fell by 4%, indicating that investors, including analysts, were concerned about the ongoing weaknesses in the wines and spirits segment. This disparity highlights a significant issue within the company’s
When it comes to retirement planning, taxes are often overlooked until it’s time to start withdrawing funds from pretax accounts. Many retirees fail to consider the impact of taxes on their retirement savings, which can result in significant financial losses. According to a study conducted by Northwestern Mutual, only 3 in 10 Americans have a
With the median IRA or self-employed Keogh balance rising to $87,000 in 2022, retirees are facing potential tax issues as their retirement savings grow. While it is generally positive to see larger balances in retirement accounts, the increase in pretax IRA balance has the potential to create a tax nightmare for retirees. Certified financial planner
The U.S. Department of the Treasury and IRS recently announced final tax reporting rules for digital asset brokers, which are set to have a significant impact on crypto investors. These regulations will introduce mandatory yearly reporting beginning in 2026, with digital currency brokers required to cover gross proceeds from sales in the previous year. The
The 10th Circuit U.S. Court of Appeals has granted the Biden administration’s request to stay an order that temporarily blocked a provision of its Saving on a Valuable Education (SAVE) plan last week. This decision comes as a major win for President Biden and his efforts to deliver relief to student loan borrowers. The SAVE
Millennials are said to be on the brink of becoming the wealthiest generation in history, with estimates indicating a whopping $90 trillion wealth transfer within the next two decades. As older generations, such as the silent generation and baby boomers, start passing on their assets to millennials, it begs the question of whether this younger