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☆ Warren Buffett thinks taxes are on the way up. Why selling stocks in advance may not be a good call
▼ + stars: | 2024-05-15 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

That's because the amount of money that's converted is subject to ordinary income tax – which can be as high as 37%. Even for those who are taxed at a lower rate, a sufficiently large conversion might bump them into a higher tax bracket. Long-term capital gains taxes have three tiers, depending on an investor's income: 0%, 15% and 20%. In a higher tax environment, "tax loss harvesting will become more important, and doing it in a performance-neutral way," said Jerrod Pearce, a certified financial planner and partner at Creative Planning in Overland Park, Kansas. Don't sell highly appreciated assets to generate cash if you're donating to charity.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, Trump, Tim Steffen, Baird, Roth, Steffen, that's, Jerrod Pearce Organizations: Creative Planning, Mutual Locations: Berkshire, Washington, Overland Park , Kansas

☆ There is still time to reduce your tax bill or boost your refund before year-end. Here are some moves to consider, experts say
▼ + stars: | 2023-12-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Vesna Andjic | E+ | Getty ImagesWith roughly one month left in 2023, there's still time to reduce your tax bill or boost your refund, experts say. In 2018, the Tax Cuts and Jobs Act nearly doubled the standard deduction, slashing the number of filers who itemized. Make the most of your tax bracketBefore completing a year-end strategy that adds to your income, you should see if you can afford to "run up the income tax brackets," Dietz said. Pretax IRA contributions : You can still make up to $6,500 in pretax IRA contributions ($7,500 for age 50 and older) for 2023, which may offer a deduction. However, you need to check IRA tax break eligibility first.

Persons: Vesna Andjic, there's, Akeiva Ellis, deferrals, Ellis, Robert Dietz, Dietz, It's, Louise Cochrane Organizations: Vanguard, Taxpayers, Bernstein Private Wealth Management, — Locations: Boston, Minneapolis, Alameda , California

☆ 4 ways to maximize your tax break for charitable donations on Giving Tuesday, according to experts
▼ + stars: | 2023-11-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Getty ImagesWhen filing your taxes, you claim the larger of the standard deduction or your total itemized deductions. In 2018, the Tax Cuts and Jobs Act nearly doubled the standard deduction, slashing the number of filers who itemized. For 2023, the standard deduction is $13,850 for single filers and $27,700 for married couples filing jointly. Give profitable assetsWhether you're transferring money to a donor-advised fund or giving directly to a charity, experts recommend sending profitable assets, rather than cash. Bunching donationsAnother way to exceed the higher standard deduction is by bunching donations, which is a popular strategy for donor-advised funds, experts say.

Persons: Juan Ros, Michael Maye, Maye, bunching, Mitchell Kraus Organizations: Financial Management, Financial, MJM Financial, Capital Intelligence Associates Locations: Thousand Oaks , California, Gillette , New Jersey, Santa Monica , California

☆ Videos of an artillery ambush show Russian tanks and armor making 'opening day mistakes' and paying the price for them
▼ + stars: | 2023-08-22 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +7 min

Videos of an apparent artillery ambush have emerged and show Russian forces taking heavy hits. A retired US Army general said Russians were making "opening day mistakes" 18 months into the war. Russian forces have made similar mistakes repeatedly in the war in Ukraine. Ukrainian forces, of course, are not infallible, and mistakes have jeopardized operations, including the opening phase of the ongoing counteroffensive, according to experts who visited areas near the front. They also moved the wrong way, and sometimes they ran into deadly minefields covered by defending Russian forces — traps not entirely unlike the ambush seen in the recent videos.

Persons: Diego Herrera Carcedo, Benjamin Hodges, You've, bunching, Hodges, — Organizations: Russian, US Army, Service, Anadolu Agency, Getty, Army, United States Army Locations: Ukraine, Wall, Silicon, US, Klishchiivka, Donetsk, Russian, United States Army Europe, Ukrainian, Novodarivka, Russia

☆ Brian Harman powers to 2023 Open Championship victory, clinching first career major
▼ + stars: | 2023-07-23 | by ( Jack Bantock | ) edition.cnn.com time to read: +19 min

CNN —Brian Harman won the 151st Open Championship on Sunday, sealing the first major of his career in dominant fashion. When Faldo birdied at the subsequent hole, Hoch's hopes of a first major win similarly went up in the air. David Cannon/Getty Images Europe/Getty Images Lorena Ochoa, US Women's Open (2005) Ochoa secured a top-four finish at the 2005 US Women's Open. Not when you led at the final hole. A par at the final hole would have been enough to put the American into the playoff, but an agonizing missed putt [pictured] epitomized her painful afternoon in San Francisco.

Persons: Brian Harman, Australia’s Jason Day, Austria’s Sepp Straka, Tom Kim, Jon Rahm, Harman, “ I’m, ” Harman, Osullivan, Brooks Koepka, Wyndham Clark, Rahm, Kim, Rory’s, Argentina’s Emiliano Grillo, ” McIlroy, “, ”, Luke Walker, Greg Norman, France’s Jean van de Velde, –, McIlroy, Andrew Redington, Sam Snead, Snead, Lew Worsham, Louis, Arnold Palmer, Palmer, Billy Casper, Casper, Ed Sneed, Sneed, Fuzzy Zoeller, Tom Watson, Watson, Scott Hoch, Hoch, Nick Faldo, skyward, Faldo birdied, Hoch's, Mark Calcavecchia, Calcavecchia, Colin Montgomerie, Germany's Bernhard Langer, Norman, Faldo, David Cannon, Jean Van De Velde, Van De, Van De Velde, Frenchman, Barry Burn, Paul Lawrie, Lorena Ochoa, Ochoa, Birdie Kim, Harry, Phil Mickelson, Mickelson, Lefty, Geoff Ogilvy, Ezra Shaw, Stewart Cink, Warren Little, Dustin Johnson, Johnson, Graeme McDowell, Donald Miralle, Jason Dufner, Dufner, Keegan Bradley, Bradley, Adam Scott, Ernie Els, Scott, Jordan, Buddy, Jordan Spieth, Danny Willett, Spieth, Jim Watson, Lexi Thompson, Yuka Saso, Thompson, Sean M, Mito Pereira, Pereira, Justin Thomas, Will Zalatoris, Christian Petersen, Van de Velde, Stuart Franklin, Ghostbuster Harman, Tommy Fleetwood, Read, Brian Harman shrugs, unflappable Organizations: CNN, 151st, PGA, Reuters, Northern, Royal Liverpool, PGA Championship, North, Louis Post, Bettmann, Augusta, Augusta National, Getty, Ryder, American, Scottish, Team Europe, . Augusta National, Barry Burn . Pictures, South Korean, Chevron, Royal Lytham, Nasa, Mito, Southern Hills Country Club, eventual Locations: Royal Liverpool, South, Georgia, Carnoustie, Augusta, North America, San Francisco, Kiawah, Europe, Jean Van De Velde , British, Scotland, Mexican, British, Turnberry, Atlanta, American, New York, St, Annes, squander, Tulsa, Liverpool, Harman’s

☆ Here are tax-savvy ways to donate money, according to a charitable giving expert
▼ + stars: | 2023-06-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — Tax savings aren't typically the main reason for philanthropy. But if you're planning to donate money, certain charitable giving strategies provide a bigger tax benefit. Roughly 33% of taxpayers itemized deductions in 2017, compared with fewer than 10% in 2021, said Hoyt, speaking at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Tuesday. Given these constraints, investors can maximize tax breaks by "bunching gifts," Hoyt said. "Concentrate your gifts in one year, as opposed to spreading them over several."

Persons: there's, Christopher Hoyt, Hoyt, Ivy League acceptances Organizations: VEGAS, University of Missouri, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Kansas City, Las Vegas

☆ Putin's new recruits filling gaps in a decimated Russian unit keep bunching up into a 'pile of people' in battle, making them easy targets, Ukrainian troops say
▼ + stars: | 2023-02-15 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The small mining town of Vuhledar is the site of ongoing fighting as Russia aims to take more territory. Ukraine's 72nd Mechanized Brigade, an armored unit, has been leading Vuhledar's defense, aided by members of the country's 68th Jaeger infantry brigade, The Guardian reported. "We can see very clearly that they're poorly trained," a senior lieutenant who goes by the call sign of Tykhyi, told The Guardian. The new recruits often "gather in one pile of people" making them easy to target, Tykhyi, 23, told The Guardian. One Ukrainian estimate cited by The Guardian suggested Russia is losing 17 soldiers for each slain Ukrainian defender.

☆ Glossier, Ugg, Le Creuset: Product releases this week
▼ + stars: | 2023-02-03 | by ( Krystin Arneson | ) edition.cnn.com time to read: +8 min

There are a ton of great products that drop every week — and we’re here, as always, to keep you up to date on the best of them. This week brings the launch of Otherland’s ’90s-inspired candle collections, Ikea’s stunning collab with Sabine Marcelis and Le Creuset’s new matte navy cookware. Shop our favorite new releases below, but be fast — they’re prone to selling out. The $90 device comes in black, white, brushed steel and brass, so it’s also easy to match to your kitchen fixtures. Loungewear-meets-streetwear from the expertsUggIf anyone knows a thing or two about creating comfortable things to wear, it’s Ugg.

Throughout the decades, I’d cling to winter wonderlands I saw on television and the feeling of my first Christmas at my Catholic school. It had everything I associated with Christmas, this holiday I’d quickly fallen in love with: community, friendship, love, belonging and the best songs ever written. These qualities felt wrong in my house but right in my American life. We don’t need all this stuff.”I thought the better I made Christmas, the more American I would feel. The next day, I released my family from the pressure of having to make the right holiday memories.

☆ How to avoid mistakes with required minimum distributions from your retirement accounts
▼ + stars: | 2022-11-30 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Divide your account balance — say it's $100,000 — by that factor and your 2022 RMD for that account would be about $3,650. For 401(k) accounts, RMDs must come from each account that is subject to the withdrawals. However, you can aggregate 403(b) accounts, Slott said. Spouses cannot combine their RMDsCharday Penn | E+ | Getty ImagesMarried couples must view their accounts and RMDs separately from each other. "You're holding the same thing but you've satisfied your RMD," Slott said.

☆ 3 lesser-known ways to trim your 2022 tax bill or boost your refund before year-end
▼ + stars: | 2022-11-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

"It's always exciting to reap the rewards of hard work by getting a year-end bonus," said Lisa Greene-Lewis, a CPA and tax expert with TurboTax. However, by receiving the money in January, you may reduce 2022 income without waiting too long for the funds, assuming your company allows it, she said. Prepay future medical expenses for a deductionIt's not easy to claim the medical expense deduction. For 2022, there's a tax break for unreimbursed medical expenses that exceed 7.5% of your adjusted gross income. Of course, you'll need to project your adjusted gross income, total itemized deductions and tally your previous 2022 medical expenses first.

☆ George Russell wins maiden Grand Prix after collision-ridden race in Brazil
▼ + stars: | 2022-11-13 | by ( Ben Morse | ) edition.cnn.com time to read: +2 min

CNN —George Russell won his maiden Grand Prix on Sunday after a collision-ridden race in Brazil. With one race left on the 2022 calendar, Russell moves up to fourth in the driver’s standings, a place ahead of eight-time world champion and teammate Hamilton. Russell celebrates after winning the Sao Paolo Grand Prix. Verstappen and Hamilton collide during the Sao Paolo Grand Prix. Even with a late safety car bunching the pack up, Russell was faster than his more experienced teammate Hamilton, racing home for his first ever Grand Prix victory.

A donor is eligible for an immediate tax deduction when contributing cash, securities, or other assets to a DAF. watch nowThis strategy addresses the fact that charitable contributions are only tax-deductible for those who itemize their deductions. Since the gifted assets are "frozen" at today's lower values, they use up less of the federal lifetime gift tax exemption. At current levels, a married couple with an estate above $24.12 million, or $10.98 million after 2025, may be hit with federal estate tax. That means an investor can gift each person $16,000 this year gift tax-free.

☆ The best year-end tax strategies from top-ranked advisors – including a ‘once in multiple-decade' opportunity
▼ + stars: | 2022-10-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Tetra Images | Tetra images | Getty ImagesAfter several months of soaring inflation, stock market volatility and interest rate hikes, many investors are feeling weary about their finances. But the prolonged stock market downturn offers a silver lining for some investors: opportunities to reduce their tax bill. Here are some of the most popular year-end moves to consider, according to top financial advisors. You can use Roth conversions to transfer pre-tax IRA money to an after-tax Roth IRA, for tax-free future growth. But you'll need to consider how the extra income may affect your taxes, Strain said.

☆ 5 ways millennials can have the most impact donating their time and money to charity
▼ + stars: | 2020-12-30 | by ( Kristen Robinson | ) www.businessinsider.com time to read: +7 min

Also, consult the best financial advisors to take advantage of tax benefits, and consider non-traditional ways to give, such as through impact investing. Be tax-savvyMaking informed choices with your money can mean more tools in your charitable giving toolbox — and more to devote to your mission. You can complement your giving by choosing a values-based approach to investing, called impact investing. More than 77% of affluent millennials have made an impact investment — and there are many different ways to do this. Many companies now offer impact investing options as a part of company retirement plans.

Persons: —, you've, millennials, Baby Boomer, you'll, Kristen Robinson Organizations: Service, Fidelity Charitable, Baby Boomers, Fidelity, BI's Money

It's never too early to start thinking about next year's tax bill, and what you could deduct. Contributing to a tax-deferred account allows you to deduct contributions from your income, which will help you reduce your taxable income and save on your tax bill. After the $130,000, the Social Security percentage disappears, and you pay Medicare taxes (2.9%) on your entire income. Read more: 5 changes to expect when you file your tax return this yearOn a $150,000 profit, you will end up paying more than $20,000 in Social Security and Medicare taxes in addition to income taxes, noted Amedian. Contribute to a health savings account (HSA)Certified Public Accountant Riley Adams, who also blogs at Young and the Invested, wants to remind taxpayers it's never too late to open a health savings account, or HSA.

Persons: It's, —, it's, whittle, Dave Du Val, You'll, Du Val, Emil Abedian, Read, Max, Megan Gorman, Gorman, Riley Adams Organizations: Service, Internal Revenue Service, EA, Social Security, Social, Corporation, IRS, Financial Management, Worth Tax, Financial, Young Locations: Plenty

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