1. Articles in category: Financial

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    1. 5 Ways You Could Accidentally Commit Tax Fraud

      5 Ways You Could Accidentally Commit Tax Fraud

      Whether you’re expecting a tax refund this year or simply hope to owe as little as possible, it can be tempting to fudge the numbers in your favor. However, what you might consider to be a little white lie on your taxes could count as tax fraud in the eyes of the IRS.

      Tax fraud occurs when a person willfully attempts to evade the tax code. In other words, they lie. If someone makes a genuine mistake, it’s considered negligence. That’s usually not as bad as committing flat-out fraud, but it’s not great, either.

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    2. New proposal to lower Medicare age to 50 could be a lifeline to millions

      New proposal to lower Medicare age to 50 could be a lifeline to millions

      A group of 21 Democratic senators have reintroduced legislation in Congress to lower the qualifying age for Medicare from 65 to 50.

      “When it comes to providing affordable health care for every American, there is more we must do right now to change the status quo, improve our health care system and lower costs,” said Sen. Tammy Baldwin, a Democrat from Wisconsin and one of the cosponsors of the bill.

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    3. Some middle-class families will have a tax rate of zero this year — or less - Cbs News

      Some middle-class families will have a tax rate of zero this year — or less - Cbs News

      The American Rescue Plan signed into law by President Joe Biden delivered $1.9 trillion of aid to shore up families, businesses, and cities and local governments amid the ongoing pandemic. But it will also have another impact by lowering the average individual tax rate to almost zero — and even less — for families earning below $75,000 a year. So estimates the nonpartisan Joint Committee on Taxation (JCT), which recently published its forecast for average individual tax rates in 2021.

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    4. What to watch today: Stocks relatively flat after another S&P 500 record high

      What to watch today: Stocks relatively flat after another S&P 500 record high

      U.S. stock futures were mixed Friday, a day after modest gains pushed the S&P 500 to another closing record and the Dow Jones Industrial Average within 24 points from Monday’s record close. The Nasdaq was the real winner Thursday, logging a 1% gain on strength in tech names. The Nasdaq was less than 2% from its February record close. (CNBC)

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    5. Laddering Life Insurance To Reduce Costs

      Laddering Life Insurance To Reduce Costs

      Life insurance is a powerful tool in wealth management with a long history dating back to Ancient Rome. Roman soldiers participated in “burial clubs,” in which members pooled resources to help pay funeral costs for the deceased. The actuarial tables used by insurance companies today to help determine policy premium costs have their origin dating back to the 1700s.

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    6. Making Health Insurance Cheaper For Millions Of Americans: President Biden’s Affordable Care Act Reforms | Personal-finance

      Making Health Insurance Cheaper For Millions Of Americans: President Biden’s Affordable Care Act Reforms | Personal-finance

      Millions of Americans will temporarily have access to health insurance coverage at a lower cost due to the first wide-ranging expansion of the Affordable Care Act. The subsidies for health insurance are part of the American Rescue Plan Act (ARPA), a $1.9 trillion Covid-19 relief package that was signed into law by President Joe Biden on March 11. New, lower insurance costs begin on April 1.

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    7. Biden vows to raise taxes on anyone earning over $400K

      Biden vows to raise taxes on anyone earning over $400K

      President Joe Biden said anyone earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy.

      “Anybody making more than $400,000 will see a small-to-a-significant tax increase,” Biden said during an interview on ABC’s Good Morning America that aired Wednesday. “You make less than $400,000, you won’t see one single penny in additional federal tax.”

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    8. The new stimulus plan could affect your 2020 taxes. Here's how

      The new stimulus plan could affect your 2020 taxes. Here's how

      As welcome as the American Rescue Plan is for many people, the fact that it was signed into law in the middle of tax filing season raises a number of questions. That's because some provisions may affect how you should prepare your 2020 tax return, including calculating the size of your refund. And nearly 56 million people have already filed as of March 5. Advertisement Here's what we know so far. What is adjusted gross income?

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    9. How Are Unemployment Benefits Taxed?

      How Are Unemployment Benefits Taxed?

      Millions of people received unemployment benefits in 2020, and many are in tax limbo now. The federal government usually taxes unemployment benefits as ordinary income (like wages), although you don't have to pay Social Security and Medicare taxes on this income. But the American Rescue Plan Act of 2021 , the stimulus bill that was signed into law on March 11, 2021, changed the rules.

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    10. Unemployment Tax Break: Don't Amend Your 2020 Tax Return Quite Yet

      Unemployment Tax Break: Don't Amend Your 2020 Tax Return Quite Yet

      Americans who received unemployment benefits last year can claim a special new tax break included in the $1.9 trillion American Rescue Plan Act recently signed by President Biden: Up to $10,200 of unemployment benefits received in 2020 is exempt from federal income tax for households with an adjusted gross income under $150,000. If you're married, you and your spouse can each exclude up to $10,200 of unemployment compensation.

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    11. Get Credit for IRA Contributions Made by April 15 on 2020 Tax Returns

      Get Credit for IRA Contributions Made by April 15 on 2020 Tax Returns

      WASHINGTON, D.C. — The Internal Revenue Service announced that taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 15, 2021. There is no longer a maximum age for making IRA contributions. An...

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    12. Biden Planning First Major Tax Hike Since 1993: Report

      Biden Planning First Major Tax Hike Since 1993: Report

      President Joe Biden is expected to propose a number of tax increases in the first major federal tax hike in nearly 30 years to pay for the long-term economic program that will follow the COVID-19 response bill, according to a new report. Sources reportedly told Bloomberg that provisions currently under consideration include raising the corporate tax rate to 28 percent from 21 percent; paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships; increasing the income tax rate on individuals earning more than $400,000; expanding the estate tax; and a higher capital-gains tax rate for ...

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    13. Biden Planning First Major Tax Hike Since 1993: Report

      Biden Planning First Major Tax Hike Since 1993: Report

      President Joe Biden is expected to propose a number of tax increases in the first major federal tax hike in nearly 30 years to pay for the long-term economic program that will follow the COVID-19 response bill, according to a new report. Sources reportedly told Bloomberg that provisions currently under consideration include raising the corporate tax rate to 28 percent from 21 percent; paring back tax preferences for so-called pass-through businesses, such as limited-liability companies or partnerships; increasing the income tax rate on individuals earning more than $400,000; expanding the estate tax; and a higher capital-gains tax rate for ...

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    14. 10 Simple Tips For Funding A 529 Plan

      10 Simple Tips For Funding A 529 Plan

      Saving for your child’s future can impact yours if you’re not careful. Before you start putting money away for your child’s college savings in a 529 plan or another type of account, look for easy ways to fund it without dramatically impacting your life. These can be small decisions—like directing credit card rewards toward college savings—or something bigger.

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      Mentions: Robert Williams
    15. When You Need to Pay Taxes on Social Security

      When You Need to Pay Taxes on Social Security

      Retirees who have several sources of income, including pensions, retirement account withdrawals or part-time work, might have to pay taxes on part of their Social Security benefit. The federal government taxes up to 85% of Social Security payments for seniors who earn more than a specific threshold, but never taxes the full benefit.

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    16. Los Angeles-Orange County homeownership ranks nation’s worst, again

      Los Angeles-Orange County homeownership ranks nation’s worst, again

      Los Angeles and Orange counties last year had the nation’s lowest homeownership rate for the third time in a row while the Inland Empire hit an 11-year high.

      Census stats, highlighting long-running home affordability challenges, show 48.5% of L.A.-O.C. households living in residences they owned. That was the lowest rate among 75 big metropolitan areas tracked. The top metro was Florida’s Cape Coral-Fort Myers at 77.4%.

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      Mentions: Southern CA News
    17. What to know about unemployment benefits in the new relief package

      What to know about unemployment benefits in the new relief package

      President Joe Biden signed into law the American Rescue Plan Act on Thursday, which includes a new round of stimulus checks, expands the child tax credit and puts funds into vaccine distribution. The $1.9 trillion rescue package also continues federally enhanced unemployment at $300 per week until Labor Day and adds a new tax waiver for some families.

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      Mentions: Joe Biden Vaccine
    18. Stocks rally as jobs report overshadows rising bond yields | Fox Business

      Stocks rally as jobs report overshadows rising bond yields | Fox Business

      The Dow Jones Industrial Average gained 306 points, or 1%, while the S&P 500 and the Nasdaq Composite climbed 0.96% and 0.84%, respectively.

      The U.S. economy added 379,000 jobs in February as the unemployment rate ticked down to 6.2%, according to the Labor Department. Economists surveyed by Refinitiv were anticipating the addition of 182,000 jobs as the unemployment rate to hold steady at 6.3%.

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    19. Dems strike new unemployment benefits deal in $1.9T Covid bill - POLITICO

      Dems strike new unemployment benefits deal in $1.9T Covid bill - POLITICO

      Senate Democrats struck a new deal on the unemployment benefits in President Joe Biden’s $1.9 trillion coronavirus relief package on Friday, shortly before debate on the bill reached its peak.

      A new amendment readied by Sen. Tom Carper (D-Del.) would change the aid bill's boosted weekly federal unemployment payments from $400 weekly, as approved by the House, to $300. But the Senate's deal would extend benefits through September instead of August, and the first $10,200 of unemployment benefits will now be non-taxable income. The agreement was hatched by both moderate and progressive Democrats.

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