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☆ How much can you make in the military? US officers can earn a $220K salary plus some pretty generous benefits
▼ + stars: | 2024-04-09 | by ( Ana Altchek | ) www.businessinsider.com time to read: +8 min

But the full compensation package of active military personnel goes beyond annual salary. Officers can earn a $220k salaryAll active duty military personnel adhere to the same pay scale and ranking system for base pay, regardless of which branch they serve in. An enlisted service member with an E-1 ranking receives $2,017.20 per month in basic pay, according to the DoD 2024 basic pay table. Service members outside the US may also receive an additional overseas housing allowance to incentivize military members to serve internationally. With Tricare, military members have no premium charges for coverage, and no out-of-pocket costs for medical care or prescriptions.

Persons: —, Paychecks, you've, you'll Organizations: Service, Military, Department of Defense, Navy, Marine Corps, Army, National Guard, Air Force, Business, O1, Space Force, Housing, Subsistence, Department of Defense's Finance, Accounting Service, US Department of Veteran Affairs, Savings Locations: San Diego, Bahrain, Tricare

☆ Oklahoma Was a Legal Marijuana Utopia. Then Came the Mass Murder
▼ + stars: | 2024-03-29 | by ( Matt Stroud | ) www.businessinsider.com time to read: +32 min

Fourteen months after the murders, the garage of the abandoned marijuana farm on prairie tableland northwest of Oklahoma City sits frozen and dark. Broadway Avenue in Kingfisher, Oklahoma, about 30 miles south of where Wu Chen, 47, executed four people at a marijuana farm. When Oklahoma legalized medical marijuana, the only real requirement was that Oklahoma residents had to be involved in marijuana growing and selling. But Oklahoma required 75% of any marijuana business to be owned by an Oklahoma resident. Deputies from the Kingfisher County Sheriff's Office were the first to arrive at the scene of a quadruple homicide at an abandoned marijuana farm.

Persons: Wu Chen, Mike Simons, Kevin Stitt, Sean Hannity's, Dan Newhouse, Liu, Chen, Yi Fei Lin, Mark Woodward, —, OBN, Adria Berry, BI Adria Berry, I'm, Barb Miuccio, Jeremy Grable, Jeremy, Barb, she's, Barbara Miuccio, Treez, Matt Stacy, Stacy, Stitt, Jeremy they'd, he'd, OMMA, didn't, Barb didn't, Barbara, Stacy —, she'd, Stacy hadn't, BI Jonathan Riedlinger, Riedlinger, Lin, Qirong Lin, Hechun Chen, Qiang Chen, Fang Lee —, Wenbo Lin, Wu Chen —, Wenbo Lin didn't, Reidlinger, Jed Green, Matthew Alan Stacy, Barb —, — he's, He'd, Woodward, Helen Carillo, He's, Kevin Pham, Pham, BI Pham, ProPublica, recriminations, Green, It's, they're, I'd, Ken Thompson, Thompson, Chen didn't, He'll, Jonathan Riedlinger, Kiki, I've Organizations: Oklahoma City, Broadway, BI, Marijuana, Oklahoma, Oklahoma Medical Marijuana Authority, Republican, Sean Hannity's Fox, Fox News, Chen Inc, Narcotics, BI Adria, Oklahoma's Army National Guard, OBN, Business, Oklahoma State Bureau of, Sheriff's, Prosecutors, CSI Accounting Services, Whitney Economics, NBC, Cannabis, Virginia Slim, Florida . Police Locations: Oklahoma, Kingfisher County , Oklahoma, Ames , Oklahoma, Kingfisher , Oklahoma, Pennsylvania, California, Arkansas, Republican Washington, China, Kingfisher County, Dallas, Moore , Oklahoma, Oklahoma City, Afghanistan, Iraq, Ukraine, He's, Moore, Kingfisher, Hennessey , Oklahoma, OMMA, Mexico, Edmond, Tulsa, Russia, Bulgaria, Armenia, Steakhouse, Virginia, Florida, Miami Beach, Miami

☆ Winning ticket for Mega Millions $1.128 billion jackpot sold in New Jersey — here’s how much the winner will owe in taxes
▼ + stars: | 2024-03-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There is officially one winner for the $1.128 billion Mega Millions jackpot — and the taxman will take a sizable share, experts say. A single ticket sold in New Jersey won the game's fifth-largest grand prize after matching all six numbers drawn Tuesday night, Mega Millions announced Wednesday. The final jackpot dropped from an estimated $1.13 billion to $1.128 billion based on actual ticket sales. The lucky winner will choose between two options: an annuitized prize worth $1.128 billion or a lump-sum payout of $536.6 million cash. New Jersey taxes prizes over $10,000 and the winner will owe millions to the state, including a mandatory withholding, on top of their federal tax bill, he said.

Persons: Albert Campo Organizations: Mega, Finance, AJC Accounting Services Locations: New Jersey, Manalapan , New Jersey . New Jersey, California, Florida , New Hampshire, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ More startups are paying for ChatGPT as generative AI becomes a go-to tool for tech employees like engineers
▼ + stars: | 2024-03-26 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +6 min

65% of startups on Kruze Consulting's platform are paying for OpenAI, up from just 3% when the chatbot launched in late 2022. Back then, OpenAI had an API service that one to three percent of his clients were using, Jones told Insider in an interview. At fintech unicorn CloudWalk, which is building a payments network, a few engineers started using ChatGPT Plus on their own and praising the application on company Slack channels. Indeed, the growing adoption of ChatGPT is creating demand for engineers who are especially savvy at using generative AI to get work done more quickly. "The feedback we got, which is indirectly related to our using AI, is that investors didn't understand how our team has so many clients and has built so much," Siegal said.

Persons: Healy Jones, OpenAI, Jones, Luis Silva, Carlyle, Lauder, ChatGPT, Silva, We're, CloudWalk, he's, Anthropic, GitHub Copilot, Jared Siegal, Siegal, Copilot, Axel Springer Organizations: Kruze Consulting, OpenAI's, Business, OpenAI, Kruze, ChatGPT, eBay, Slack, ChatGPT Enterprise, Lauder Companies Locations: Brazil, Kruze, GitHub

However, you may still owe taxes if you made a profit on resold Taylor Swift tickets, experts say. While third-party payment apps won't report as many business transactions to the agency this year, you are still required to pay taxes on profits, including resold concert tickets. "The big thing this past year was selling Taylor Swift concert tickets," said certified financial planner Tommy Lucas, an enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. 'If you want to follow the law ... report it'Ticket profits have always been taxable, and this may affect those who resold Taylor Swift concert tickets this summer. Keep copies of your purchase receipts for goods you later resell, such as those Taylor Swift tickets, since tax liability will be based on your sales proceeds minus the original purchase price.

Persons: Taylor Swift, Buda Mendes, tas23, Tommy Lucas, Moisand Fitzgerald Tamayo, Swift, Taylor, Lucas, James Guarino, Baker Newman Noyes, it's, Albert Campo Organizations: Getty, IRS, PayPal, TicketMaster, Accounting Services, CNBC Locations: Orlando , Florida, Boston, New Jersey

☆ Donating a used car may serve as a charitable gift this holiday season — but it's unlikely to benefit your taxes
▼ + stars: | 2023-11-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Additionally, the value of non-cash charitable contributions is limited to 50% of your adjusted gross income, which can be a "real hassle" if you're donating a newer used car, which are "valuable right now," he said. The donor must include the 1098-C when they file their individual tax return, and detail the donation on Schedule A. If you made more than $5,000 in non-cash charitable contributions, you'll also fill out Form 8283, Lucas said. Even if you don't see a tax benefit, you relieve the charity of the effort and expense of repairing and selling the car. How to vet a nonprofit for a car donationIf you plan to donate a car, make sure the organization is a 501(c)(3) organization, Campo explained.

Persons: Manusapon, Albert J, Lucas, you'll, Campo Organizations: AJC Accounting Services, IRS Locations: Manalapan , New Jersey

☆ 3 things you can learn about taxes from San Francisco 49ers' Arik Armstead's paycheck
▼ + stars: | 2023-11-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Arik Armstead of the San Francisco 49ers at the NFC Championship game against the Philadelphia Eagles on Jan. 29, 2023. While the pay stub showed gross earnings of more than $4 million year to date, experts say it holds lessons for everyday taxpayers. While it's possible to withhold less than you'll owe, you could risk underpayment penalties on top of a sizable income tax bill in April. Max out your 401(k) to save on taxesIn addition to significant tax withholdings, Armstead also maxed out his workplace retirement plan for 2023. But you can reduce your adjusted gross income with pre-tax 401(k) contributions, experts say.

Persons: Arik Armstead, Kevin Sabitus, Sam, Armstead's, Albert Campo, Armstead, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Armstead's withholdings, John Loyd, Max Organizations: San Francisco 49ers, NFC, Philadelphia Eagles, Getty, Finance, Social Security, AJC Accounting Services, CFP Locations: Manalapan , New Jersey, California, Orlando , Florida, Florida, Texas, Fort Worth , Texas

The Thomson Reuters logo is pictured on a building in the Manhattan borough of New York City, New York, U.S. November 16, 2021. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNEW YORK, Nov 1 (Reuters) - Thomson Reuters Corp (TRI.TO) on Wednesday reported higher-than-expected third-quarter profit as its biggest divisions serving legal, tax and accounting professionals performed well amid economic uncertainty. Organic revenues in the Legal Professionals segment increased 6%, while total revenue fell 2%, reflecting sales of some divisions. Thomson Reuters has earmarked $10 billion for acquisitions and about $100 million per year in investments in AI capabilities. In August, the company closed its $650 million cash acquisition of Casetext, a California-based AI company that helps legal professionals conduct research, analysis and prepare documents using generative AI.

Persons: Carlo Allegri, Thomson, Steve Hasker, ” Hasker, Hasker, Helen Coster, Nick Zieminski Organizations: Thomson Reuters, REUTERS, Thomson Reuters Corp, ”, Microsoft, Elite, TPG, Reuters, Thomson Locations: Manhattan, New York City , New York, U.S, California

☆ Intuit forecasts robust annual profit; shares dip on weak consumer group outlook
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

The company forecast Consumer Group growth of 7% to 8% for the financial year ending July 2024. "The Consumer Group guidance for FY24 is lighter than expected," Morningstar analyst Julie Sharma said. Intuit's main products include QuickBooks, TurboTax, Credit Karma, and Mailchimp among others, that serve more than 100 million customers by managing a wide range of accounting services. "We were expecting slightly better Credit Karma results," said Sharma, adding it appears that challenges regarding loans were worse than she expected. The company expects annual revenue between $15.89 billion and $16.11 billion, compared with market estimate of $15.99 billion.

Persons: Morningstar, Julie Sharma, Sharma, Jaspreet Singh, Shailesh Organizations: Intuit, Wall, Consumer, Consumer Group, Thomson Locations: TurboTax, View , California, Bengaluru

☆ Thomson Reuters' profit beats estimates; outlook steady
▼ + stars: | 2023-08-02 | by ( Helen Coster | ) www.reuters.com time to read: +4 min

The Thomson Reuters logo is pictured on a building in the Manhattan borough of New York City, New York, U.S. November 16, 2021. The news and information company reported adjusted earnings of 84 cents per share, 6 cents ahead of estimates. Total revenue rose 2% in the quarter to $1.65 billion, slightly missing expectations, according to Refinitiv. Thomson Reuters maintained its full-year 2023 outlook for organic revenue, adjusted EBITDA margin and free cash flow. Reporting by Helen Coster Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, divestitures, Steve Hasker, Thomson, –, Michael Eastwood, Hasker, Eastwood, Helen Coster, Nick Zieminski Organizations: Thomson Reuters, REUTERS, Thomson Reuters Corp, Accounting, company’s Elite, TPG, London Stock Exchange, Reuters News, Thomson Locations: Manhattan, New York City , New York, U.S, Britain, California

☆ Climate startup Supercritical nabbed $13 million to help carbon removal projects get funded. Check out the 11-slide pitch deck it used to secure the funds from Lightspeed.
▼ + stars: | 2023-06-21 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

London-based startup Supercritical just raised $13 million to help projects get funded via companies. London-based startup Supercritical has just raised $13 million from Lightspeed Venture Partners to help the "groundswell" of businesses pledging to invest in carbon removal. That's where carbon removal — tree-planting, sucking CO2 from the air using technology, or enhanced rock weathering — comes in. Long term, it wants to be the "no brainer" option for carbon removal purchases. Check out the 11-slide redacted pitch deck Supercritical used to raise the funds.

Persons: we've, Michelle You, Aaron Randall, Carbo Organizations: Lightspeed Venture Partners, Paris, Frontier Fund, RTP Global, Greencode Ventures, MMC Ventures Locations: London

☆ New York City Has Lost Tens of Thousands of Retail Jobs, Report Finds
▼ + stars: | 2023-06-08 | by ( Stefanos Chen | ) www.nytimes.com time to read: +2 min

More than 70 percent of the city’s 301,700 retail jobs are held by Black, Hispanic and Asian workers, a disproportionate share of whom did not finish college. But that amounted to only 4,300 new jobs, Mr. Bowles said. The growth of home health care services has also been sharp, with a gain of 41,700 new jobs, but those positions tend to pay far less than some retail jobs. The working-age population of New York City was down 400,000 people in March and April of 2023, compared to the start of 2020, which hurt retail demand, Dr. Parrott said. To counter the losses in retail, Mr. Bowles said, the city should invest in job training programs that can help retail workers transition to other fields.

Persons: Mr, Bowles, James Parrott, Jobs, Parrott, “ They’re, ” Organizations: Black New Yorkers, Yorkers, City, New York, Center, New York City Affairs, New School, Mr Locations: New York, New New York, New, New York City

[1/2] The Thomson Reuters logo is seen on the company building in Times Square, New York, U.S., January 30, 2018. Total revenue rose 4% in the quarter to $1.738 billion, beating expectations, according to estimates from Refinitiv. Thomson Reuters plans to spend $100 million on an annual run rate basis to invest in artificial intelligence, Hasker said. AI features will be incorporated in most major business divisions -- legal, tax and accounting, and in the news business. As of April 30, it owned 47.4 million shares of LSEG, worth $5 billion.

[1/2] The Thomson Reuters logo is seen on the company building in Times Square, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly/File PhotoMay 2 (Reuters) - Thomson Reuters Corp (TRI.TO), on Tuesday reported higher sales and operating profit in the first quarter, helped by divestitures and high customer retention rates. As of April 30, Thomson Reuters owned 47.4 million shares of LSEG, worth $5 billion. Thomson Reuters shares are trading at an all-time high. Reporting by Helen Coster and Kenneth Li in New York, Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ $7 billion startup Carta has been embroiled in multiple lawsuits with former employees. Allegations in legal documents depict a CEO who can be retaliatory and volatile.
▼ + stars: | 2023-02-21 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +11 min

Carta, a Silicon Valley darling valued at more than $7 billion, has been embroiled in multiple lawsuits with former employees that named Henry Ward, its CEO and cofounder. Meanwhile, the company is separately suing Jerry Talton, the chief technology officer whom it fired and who was deposed as a witness in the Kramer case. Carta alleges he made secret recordings of company executives and shared them with former female employees who were in legal disputes with the company. And now that the Kramer case has been settled, the complaints from other employees included in the lawsuit may never see the light of day. Lawyers for Talton are expected to file an answer to the company's lawsuit by March 15.

☆ Thomson Reuters reports higher fourth-quarter sales, profit
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

The news and information company reported adjusted earnings of 73 cents per share. A strong dollar took 2 percentage points off the sales growth. Divestitures reduced sales growth by another 1 point. It expects first-quarter organic sales growth at the lower end of its full-year target of 5.5-6.0%. During the fourth quarter, Thomson Reuters said it would buy SurePrep LLC, a U.S.-based provider of tax automation software and services, for $500 million in cash.

☆ How 'Real Housewife' Jen Shah's fabulous life came crashing down
▼ + stars: | 2023-01-06 | by ( Stephanie Clifford | ) www.businessinsider.com time to read: +43 min

The woman wrote to the judge overseeing Shah's case that she'd had to remortgage her house, almost divorced, and "thought about ending my own life." The couple decided that he should get his degree while Jen Shah dropped out of college to work. (Shah told a judge at her 2022 plea hearing that she had been treated for "alcohol and depression" two years prior. Koa Johnson, Jen Shah's former fashion designerWhen Sharrieff Shah did participate in filming, he quickly became a fan favorite, calm and sensible. Once the show aired and Jen Shah developed a fan base, her behavior became more dramatic, Johnson said.

☆ Tax strategies to use before the New Year: How to take advantage of this year's stock market losses minimize your tax bill, and other tactics to keep in mind
▼ + stars: | 2022-12-27 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

For stock market investors, there are a number of strategies one can employ over the next couple of months to lower their tax bill for 2022, according to tax experts that spoke with Insider. One of the most common strategies is tax loss harvesting, said Tanya Taylor, the founder and CEO of Grow Your Wealth and former financial regulator with the New York Federal Reserve. Investors should also consider gains made outside of the stock market when thinking about tax loss harvesting, said Ryan McKeown, a financial advisor at Wealth Enhancement Group. Below are the 2022 income tax brackets. Tax FoundationAnother strategy investors can use to minimize their 2022 tax bill is to donate stock to charity, both McKeown and Freifeld said.

☆ ‘It’s massively welcome.’ What to know about the latest 1099-K tax reporting change for Venmo, PayPal
▼ + stars: | 2022-12-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're worried about getting a tax form from payment apps like Venmo or PayPal , you're now less likely to receive one for 2022 — thanks to a change from the IRS. The agency on Friday announced a one-year delay for a new tax reporting rule, requiring payment services to issue Form 1099-K for business transfers over $600, and many tax experts have applauded the change. Before 2022, taxpayers and the IRS received 1099-Ks when payments crossed a threshold of more than 200 transactions worth an aggregate above $20,000. More from Personal Finance:IRS delays tax reporting change for 1099-K on Venmo, Paypal business paymentsFrom 'quiet quitting' to 'loud layoffs,' will career trends continue in 2023? He said the one-year delay for the federal 1099-K tax reporting change gives taxpayers more time to prepare.

☆ Tax pros ‘expecting the worst' with Venmo, PayPal tax reporting change. How to handle a 1099-K for personal payments
▼ + stars: | 2022-12-16 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

As the tax season approaches, many Americans are bracing for a new reporting change for third-party payment networks like Venmo or PayPal. Starting in 2022, you'll receive Form 1099-K, which reports income to the IRS, for business payments over $600. But experts say it's possible you'll receive 1099-Ks for personal transfers by mistake. "As tax preparers, we are more or less expecting the worst," said Albert Campo, a certified public accountant and president of AJC Accounting Services in Manalapan, New Jersey. But the American Rescue Plan Act of 2021 dropped the threshold to just $600.

☆ 'Early filers' should wait to submit their tax return in 2023, the IRS warns. Here's why
▼ + stars: | 2022-12-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you're eager to file your 2022 tax return in January or early February, the IRS has a warning: You'll need to wait for "key documents" before filing in 2023. In a release last week, the IRS urged "early filers" to watch for Form 1099-K, which reports income for third-party payment networks such as Venmo or PayPal. "A little extra caution" could save time and effort, the agency said, because if you don't report 1099-K income, you may owe money and need to file an amended return. That means tax filers should build in a little time to allow for slow or misdirected mail. If you've recently moved, for example, it's possible third-party payment networks still have your previous address on file and send 1099-Ks to the wrong place, he said.

☆ You may get a 1099-K for Venmo and PayPal payments. Here's how to prepare — and shrink your tax bill
▼ + stars: | 2022-12-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

If you've accepted payments via apps such as Venmo or PayPal in 2022, you may receive Form 1099-K, which reports income from third-party networks, in early 2023. "There's no change to the taxability of income," the IRS noted in a release Tuesday about preparing for the upcoming tax season. Before 2022, you may have received a 1099-K if you had more than 200 transactions worth an aggregate above $20,000. More from Personal Finance:IRS warns about new $600 threshold for third-party payment reportingTax 'refunds may be smaller in 2023,' warns IRS. Here's what to know about reporting 1099-K payments on your return and how to reduce your tax liability.

☆ How an Instagram micro influencer built 6 income streams and how much she earns from each
▼ + stars: | 2022-11-11 | by ( Marta Biino | ) www.businessinsider.com time to read: +5 min

Her career was built mostly on brand partnerships, but she's been working to diversify her income. Here's how much she earned from six income streams — and how much she spent — in September. Kirsty Ip, a food influencer from Vancouver, British Columbia, is among those moving away from brand collaborations to feel more secure. She is also considering making a course about influencer marketing for aspiring creators to add another stream of income. Ip created her YouTube channel in 2017 but posted only a few videos before abandoning it to focus on Instagram content.

☆ Stocks are down big this year. Here's how you can use losses to your advantage — and other strategies to keep in mind — to pay as little tax as possible next year.
▼ + stars: | 2022-11-03 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

One of the most common strategies is tax loss harvesting, said Tanya Taylor, the founder and CEO of Grow Your Wealth and former financial regulator with the New York Federal Reserve. "You're capitalizing on some of the gains but you won't need to pay taxes on it because you can offset it against the loss," Taylor said. Investors should also consider gains made outside of the stock market when thinking about tax loss harvesting, said Ryan McKeown, a financial advisor at Wealth Enhancement Group. Below are the 2022 income tax brackets. Tax FoundationAnother strategy investors can use to minimize their 2022 tax bill is to donate stock to charity, both McKeown and Freifeld said.

Adjusted earnings per share came in at 57 cents, 7 cents ahead of estimates. Thomson Reuters' peers include RELX Group’s (REL.L) LexisNexis, Bloomberg LP, News Corp's (NWSA.O) DowJones, and Wolters Kluwer (WLSNc.AS). Thomson Reuters holds a minority stake in the LSE, worth about $6.3 billion as of Friday. Thomson Reuters will be "quite a bit more aggressive in the next few quarters in looking at acquisitions," he said. Reporting by Ken Li and Nick Zieminski in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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