Results for "tax"

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IRS provides guidance on pass-through taxes, targets loophole

August 8, 2018

The Internal Revenue Service provided some long-awaited answers for business owners hoping to dodge the limits on a juicy new tax break. The IRS's proposed regulations make it clear that the agency considers a planning technique known as "crack...

New tax rules strike fear into U.S. expat business owners

July 31, 2018

The four-employee business of Travis Baldwin, who hasn't lived in the U.S. for nearly a decade, is about to get hammered by a pair of tax provisions that were aimed at corporate behemoths like Microsoft Corp. A Republican law signed by President...

Wages can boost Social Security taxes, Medicare premiums

August 7, 2018

My recent column on how income from a job can temporarily reduce or even eliminate Social Security benefits claimed before full retirement age prompted some interesting questions from readers. Those questions allow me to clarify how earnings...

Indexing capital gains for inflation would be tax windfall for clients

July 31, 2018

A proposal being floated by Treasury Department officials to index capital gains to inflation would, if enacted, bestow a significant tax windfall on many clients of financial advisers. Treasury Secretary Steven Mnuchin has indicated he is considering...

Wall Street fears new international tax

July 30, 2018

A new international tax that was supposed to deter U.S. technology and pharmaceutical companies from shifting their profits offshore could instead catch Wall Street banks in its crosshairs. The levy on international profits — called Gilti...

Digital plus human equals the future of advice

August 1, 2018

Speculation about the future of advice will never end, and with good reason: The future is unpredictable. But when the future conversation about the future focuses solely on technology and the disruptions that will emerge as a result, we lose...

New GOP tax-cut framework would make individual cuts permanent

July 25, 2018

House Republicans unveiled a broad outline Tuesday for their next phase of tax code changes, which steered clear of correcting technical mistakes from last year's overhaul. The so-called Tax Reform 2.0 legislation was seen as a possible vehicle...

IRS provides guidance on 529 plans

July 30, 2018

The Internal Revenue Service and the Treasury Department provided guidance on regulations to be issued affecting three areas of 529 plans, after legislation liberalized some tax consequences related to the educational savings plans. Two portions...

Variety of tax benefits help offset the cost of college

July 17, 2018

Recent high school graduates may still be basking in the glow of their achievement, but their parents have likely moved on to thoughts of their child's next phase of education. And while they will be excited for their children to take their...

States sue over federal cap on tax deductions

July 17, 2018

Four Democratic-led Northeastern states sued the Trump administration to invalidate the new $10,000 cap on the federal tax deduction for state and local taxes. New York,​ New Jersey, Connecticut and Maryland claim the sweeping 2017 federal...

Capital Group, sponsor of American Funds, launches savings accounts to help with disability costs

July 17, 2018

Capital Group, which sponsors the American Funds brand of investment products, on Friday launched ABLEAmerica, a tax-advantaged savings plan for individuals with disabilities and their families. These accounts will be the first of the ABLE plans...

Tax loophole from 1960s could let wealthy tap 21% corporate rate

July 11, 2018

An obscure tax provision from the 1960s that was left untouched by President Donald J. Trump's overhaul could let wealthy individual investors seize for themselves the largest corporate tax cut in U.S. history. The measure — signed into law...

New IRS form could send taxpayers toward Intuit, away from H&R Block

June 27, 2018

The IRS's new 1040 tax form doesn't exactly fit on a standard postcard as Republicans promised, but it's smaller and simpler than before — and it may push more filers to use software rather than in-person tax preparers. Tax software companies...

Tax planning doesn't stop on Tax Day

June 8, 2018

My father, Paul A. Samuelson, and I shared the same name and a strong interest in personal investing. While his primary job was professor of economics at MIT, he took on various investment advisory roles and served for many decades as a trustee...

All is not lost when it comes to the mortgage interest deduction

May 9, 2018

The recently enacted tax reform package changed the way we think about itemized deductions by placing caps on some items and outright repealing others. The change that's garnered the most attention is the new $10,000 cap on the state and local...

Top 10 overlooked tax deductions

October 26, 2017

As the year winds down and the process of gathering documents for 2017 tax filing gets under way, many advisory clients skip over deductions that can add up to hundreds of dollars. Here are the top 10 tax deductions taxpayers are overlooking,...

Trump vows to make changes to tax plan

October 10, 2017

President Donald Trump said Tuesday he plans to make changes to his tax plan within the next few weeks, while dismissing concerns that his public spat with Senator Bob Corker would scuttle an overhaul. "We'll be adjusting a little bit over the...

Free online tax filing proposed in Senate

April 12, 2017

A bill simplifying and eliminating the cost of tax-filing for the average taxpayer has been re-introduced by Senate democrats. The Tax Filing Simplification Act of 2017, originally introduced in the last Congress, would direct the Internal Revenue...

Divorce reduces retirement readiness

June 19, 2018

It's no secret that divorce creates enormous emotional and financial challenges in the short run. But now a new report from the Center for Retirement Research at Boston College quantifies how divorce affects longer-term finances in the form...

Prospect of high cash distribution has investors chasing dividends through ETFs

July 13, 2018

A handful of dividend ETFs may owe President Donald J. Trump a thank you note. The iShares Core Dividend Growth ETF (ticker DGRO), Schwab U.S. Dividend Equity ETF (SCHD) and Vanguard Dividend Appreciation ETF (VIG) have absorbed more than $2...

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