DIRS.INFO The most relevant business & tech news

☆ Biden administration plans to reclassify marijuana, easing restrictions nationwide
▼ + stars: | 2024-04-30 | by ( Julie Tsirkin | Monica Alba | ) www.cnbc.com time to read: +7 min

"DOJ continues to work on this rule," a Biden administration official said. "No one should be jailed for using or possessing marijuana," the president said during the speech. "Reclassifying marijuana as a Schedule III drug sends the message that marijuana is less addictive and dangerous now than ever before. US President Joe Biden speaks during the White House Correspondents' Association (WHCA) dinner at the Washington Hilton, in Washington, DC, on April 27, 2024. Nearly six in ten Americans say that marijuana should be legal for medical and recreational purposes, according to a Pew Research poll last month.

Persons: John Tlumacki, Biden, Joe Bidens, Tom Williams, Joe Biden, Barack Obama's, Jim Cole, Obama, Cole, Kevin Sabet, Brendan Smialowski, Brad Horrigan Organizations: Delta, Trade, Boston Globe, NBC, Drug, Department of Health, Human Services, DOJ, Biden, Internal Revenue, Justice's, DC Marijuana Justice, CQ, Inc, Getty, State, National Cannabis Roundtable, NBC News, Smart, Marijuana, Obama Administration, White, Correspondents ' Association, Washington Hilton, AFP, Management, CRA, Pew Research, Florida Supreme, Tribune, Service Locations: Wareham, deducting, New York, California, Washington ,, Florida

☆ How to save for retirement if your company doesn't offer a 401(k)
▼ + stars: | 2024-04-30 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

Even if your employer doesn't offer a 401(k) plan, it shouldn't stop you from getting the most out of your retirement savings. You have other tax-advantaged options available to save for the future, including individual retirement accounts, Roth IRAs or health savings accounts — all of which can help your money grow. However, only about 11% of Americans max out their 401(k) contributions. If you don't have an employer retirement plan like a 401(k), all of those contributions are tax deductible. And unlike traditional IRAs, you don't have to take minimum distributions at any point.

Persons: Roth, Justin Rucci, Roth IRAs Roth, Alyson Basso Locations: Newport Beach , California, Middleton , Massachusetts

☆ Franchisees say it's them, not big corporations, who are the real losers of California's $20 fast-food wage
▼ + stars: | 2024-04-15 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Restaurant franchisees say they're the real losers of California's $20 fast-food minimum wage. AdvertisementFranchisees say they have to bear the brunt of California's new $20 minimum wage for fast-food workers. But the $20 wage applies to both corporate-owned and franchise restaurants, even if the franchisee just owns one or two restaurants. She added that the new $20 wage felt like an "unfair target on our backs." "You're going to have to have the mega owners as they're called, or 20 stores, a hundred stores, 500 outlets.

Persons: —, Keith Miller, Brian Hom, We're, Hom, Miller, he'd, Mike Mangoine, Jessica D'Ambre, D'Ambre, Matthew Haller, Burger King, they're Organizations: Service, Business, Subway, McDonald's Corporation, Los Angeles Times, Times, International Franchise Association, Taco Bell Locations: California, San Jose , California, Los Angeles, Inland, Burger, McDonald's

☆ Tension in the Middle East, hot inflation rattle stocks. Take these steps to shore up your portfolio
▼ + stars: | 2024-04-15 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Conflict in the Middle East escalated over the weekend as Iran launched drones and missiles at Israel, and traders braced for a response. Investors have already been on edge as of late amid climbing oil prices and recent economic data that shows inflation is remaining sticky. Rockier times could be ahead, too, noted Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute. Tax-loss harvesting involves selling losers in your taxable account and using these losses to offset realized gains within your portfolio. Extending duration involves adding exposure to bonds with greater price sensitivity to changes in rates.

Persons: Paul Christopher, Christopher, rebalancing, Gargi Pal Chaudhuri Organizations: Wells, Wells Fargo Investment Institute, Information Technology, Communications Services, BlackRock, Treasury Bond ETF Locations: Fresh, Iran, Israel, Wells Fargo, BlackRock

But some smaller, more specialized tax credits and deductions could score you hundreds (or even thousands) of extra dollars back as well. Here's an overview of some overlooked federal and state tax credits that filers often miss. At first glance, this might seem counterintuitive — why wouldn't you deduct state income tax, which is usually a larger sum? AdvertisementEven if your state has an income tax, you may still come ahead by itemizing sales tax instead, depending on your tax profile. The IRS provides tables and tools to calculate if claiming sales tax delivers more savings than claiming income tax.

Persons: You've, filers, it's, you've, doesn't Organizations: IRS, Care Locations: California, Texas, Florida, Nevada

☆ A financially independent real-estate investor explains the strategy she used to 'exchange' investment properties and sidestep capital gains taxes indefinitely
▼ + stars: | 2024-02-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

The real-estate investor, consultant, and author of "30-Day Stay" explained how and why she did a 1031 exchange. How a 1031 exchange worksWith a 1031 exchange, you're essentially selling one property, purchasing another, and avoiding capital gains taxes in the process. There are ways to reduce your capital gains tax liability, like deducting your property's depreciation. But, with a 1031 exchange, you can sidestep your capital gains taxes indefinitely and continue reinvesting in more profitable properties and growing your wealth. However, real property in the United States is not like-kind to real property outside the United States."

Persons: —, Zeona McIntyre, McIntyre, St . Louis, Louis —, you'll, There's Organizations: Service, Business, IRS Locations: Boulder, St ., St, Florida, United States

☆ Uber is celebrating its $1 billion profit. But some drivers are feeling left behind.
▼ + stars: | 2024-02-15 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Drivers are feeling squeezedSome Uber drivers are feeling squeezed on pay. That doesn't mean drivers aren't feeling angry about a drop in pay that they say they've experienced, with data backing them up. Gridwise Analytics, a data firm analyzing the gig economy , found average monthly gross earnings for Uber drivers fell 17% last year. A more contentious issue among drivers has focused on whether or not Uber is taking a bigger slice of their fares. Yet it seems that not all drivers are satisfied — and Uber will be hoping that number doesn't keep rising.

Persons: —, Dara Khosrowshahi, he’d, Uber, ” Khosrowshahi, “, it's, ru4gU8nRa7, OEx6OEkovB Organizations: Service, Business, App Workers, “ Workers, East, Drivers, East Coast Locations: Chicago, Philadelphia, Pittsburgh

☆ A boomer Uber driver made over $100,000 but lost $80,000 to expenses and fees. He shares why he plans to keep driving.
▼ + stars: | 2024-02-05 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A boomer Uber driver's business had over $100,000 in earnings but only $20,000 in profits. But after Uber took its cut and his driving expenses were accounted for, his profits fell to about $20,000. The $44,000 deduction was an estimate for tax purposes, so it's possible his true vehicle expenses weren't quite that high. AdvertisementThat said, commissions and driving expenses took a significant cut out of his business's profitability. His first year driving Uber, 2016, was more eventful than he anticipated: He got caught in Hurricane Matthew while driving in Norfolk, Virginia.

Persons: boomer, —, Dean Ceran, Kia Forte, Uber, he's, Ceran, it's, haven't, they're, Lisa Greene, Lewis, Greene, — Ceran Organizations: Uber, Service, BI Locations: Virginia, Hurricane, Norfolk , Virginia

☆ A boomer Uber driver made over $100,000 but lost $80,000 to expenses and commissions. He shares why he plans to keep driving.
▼ + stars: | 2024-02-05 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

But after Uber took its cut and his driving expenses were accounted for, his profits fell to about $20,000. How commissions and driving expenses reduce drivers' profitsOf Ceran's roughly $83,000 in total business expenses, $38,000 consisted of Uber's booking and service fees — effectively the commission the company takes from drivers' earnings. After accounting for Uber's commission — and before expenses — Ceran saw as much as $65,000 in Uber income enter his bank account in 2023. The $44,000 deduction was an estimate for tax purposes, so it's possible his true vehicle expenses weren't quite that high. His first year driving Uber, 2016, was more eventful than anticipated: He got caught in Hurricane Matthew while driving in Norfolk, Virginia.

Persons: —, Ceran, Kia Forte, Uber, he's, they're, Lisa Greene, Lewis, Greene, — Ceran, he'd Organizations: Service, Business, BI Locations: Virginia, Hurricane, Norfolk , Virginia

☆ Trump claimed his E. Jean Carroll defamations were the best thing that ever happened to her. Here's how the grotesque tactic met its end.
▼ + stars: | 2024-01-28 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

AdvertisementE. Jean Carroll surrounded by her defense team after winning an $83 million defamation verdict against Donald Trump. That's because "such benefits are irrelevant as a matter of law," Carroll attorney Joshua Matz wrote to Judge Kaplan. Donald Trump attends the E. Jean Carroll defamation trial in New York with attorney Alina Habba. Carroll attorney Joshua Matz thought not. In her closing arguments, Habba, Trump's lead attorney, argued that Carroll "is a woman who was exuberant and enjoying newfound attention."

Persons: —, Donald Trump, Jean Carroll, — hasn't, Carroll, Brendan McDermid, Kathy Griffin, Alina Habba, Habba, Alyssa Milano, Jamie Lee Curtis, Rob Reiner, she'd, I've, Lewis Kaplan, Trump, Kaplan, deducting, Freeman, Giuliani, Rudy Giuliani, — Ruby Freeman, Wandrea, Moss —, Joshua Matz, Judge Kaplan, Gross, Jane Rosenberg, Michael Madaio, Madaio, Lewis Kaplan Jane Rosenberg, Matz, " Matz, he'd, There'd, Seth Wenig, Roberta Kaplan —, Donald Trump's, she's, Trump's, Jean Carroll's, Carroll's, Shawn Crowley Organizations: Service, Business, Carroll, US, Trump, Trump haters, Reuters Locations: Florida, York, Manhattan, Georgia, New York, United States

☆ Warner Bros Discovery boss’s payday is toast
▼ + stars: | 2023-11-27 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

The Warner Bros Discovery (WBD.O) chief executive will have to more than double the value of the media company if he wants to collect a lavish $200 million compensation package awarded when Discovery agreed to merge with Warner Media in 2021. The news sent shares plunging 19%, the largest one-day drop since Discovery merged with Warner Media. Its current value is over $18 billion when applying Bernstein’s multiple of 8 times EBITDA. At the end of September, the company had net leverage – after deducting $2.4 billion cash – of 4.2 times EBITDA. Shares of Warner Bros Discovery fell 19% on that day.

Persons: David Zaslav, He’s, Harry Potter, Jefferies, Max, “ Barbie ”, Zaslav, David, Peter Thal Larsen, Sharon Lam Organizations: Reuters, Warner Bros Discovery, Discovery, Warner Media, HBO, CNN, Food Network, TBS, LSEG, Netflix, Reuters Graphics Reuters, HGTV, Thomson Locations: EBITDA

China's refiners processed 63.93 million metric tons of crude in October, equivalent to 15.05 million bpd, according to National Bureau of Statistics data released on Nov. 15. Crude imports were 48.97 million metric tons and domestic output was 17.33 million, giving a total of 66.3 million, equivalent to 15.61 million bpd. Subtracting the refinery throughput from the total crude available leaves a surplus of 560,000 bpd to be put into commercial or strategic reserves. China total crude available vs refinery processingFORECASTS TOO BULLISH? China's imports for the first 10 months of the year are 11.36 million bpd, which is 1.19 million bpd higher than for the whole of 2022.

Persons: refiners, China doesn't, Stephen Coates Organizations: National Bureau, Statistics, OPEC, International Energy Agency, BP, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, China, Asia, Saudi Arabia

☆ Brazil Aims to Expand Rail System With Funds From Prior Contracts
▼ + stars: | 2023-11-13 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

By Lisandra ParaguassuBRASILIA (Reuters) - Brazil plans to expand its railway network with a 40 billion reais ($8 billion) fund that will be financed by removing discounts given to rail companies by previous government contracts, Transport Minister Renan Filho told Reuters. The Federal Audit Court is now reviewing those extensions after the government of President Lula da Silva disputed the discounts. "We think that some procedures adopted in the contracts are unacceptable," Filho said in an interview on Friday. According to the government, the companies owe an additional 40 billion reais ($8.1 billion) in unpaid concession payments. The government's goal is to have 40% of Brazil's freight, which is mostly iron ore, transported by rail, up from 17% today.

Persons: Renan Filho, Jair Bolsonaro, Lula da Silva, Filho, Rumo, São Paulo, Vale, Lisandra Paraguasu, Anthony Boadle, Emelia Sithole, Aurora Ellis Organizations: Reuters, Transport, Federal Audit Court, Vale, Rumo, TCU Locations: Paraguassu BRASILIA, Brazil, Carajas, Vitoria, Espirito Santo, São

☆ Private equity superstores overstock the shelves
▼ + stars: | 2023-11-08 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

LONDON, Nov 8 (Reuters Breakingviews) - Private equity investors seem happier these days shopping for returns at specialty shops over supermarkets. U.S. private equity funds raised some $240 billion in the first nine months of 2023, according to research outfit PitchBook, 13% less than a year earlier. New York-based CD&R in August raised $26 billion for its 12th-generation private equity fund while Eurocentric CVC managed an even more eye-popping $29 billion in July. A better explanation, from the consultants who advise LPs on where to put their cash, is that private equity supermarkets may be cannibalising themselves. Until they can prove otherwise, the more scattered private equity superstores risk losing more ground to the specialists.

Persons: Clayton, Blackstone, Steve Schwarzman, Marc Rowan, don’t, Rowan, Rob Lucas, Blackstone’s, they’re, Lucas, Jeffrey Goldfarb, Thomas Shum Organizations: Reuters, Rice, CVC Capital Partners, Apollo Global Management, Blackstone Capital Partners IX, “, IX, CVC, Apollo, Blackstone, U.S, Thomson Locations: Dubilier, New York, Blackstone, Asia, Luxembourg, Europe, Americas

☆ New York Attorney General announces $328 million in settlement funds from Uber and Lyft for ‘stealing earnings’
▼ + stars: | 2023-11-02 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +4 min

New York CNN —Thousands of rideshare drivers in New York may be eligible to receive significant back pay from Uber and Lyft as part of a settlement announced by the state attorney general on Thursday. New York Attorney General Letitia James announced two settlement funds totaling $328 million with rideshare companies Uber and Lyft for allegedly “cheating drivers out of hundreds of millions of dollars” in earnings, according to a statement from her office. The investigation also accuses Uber of misrepresenting deductions made to drivers’ pay in their terms of service. More than 100,000 drivers in New York stand eligible to receive settlement funds and expanded benefits. “This is a win for drivers, and one we are proud to have achieved with the New York Attorney General’s Office,” Bird said in a statement.

Persons: Letitia James, Uber, Lyft, James, ” James, ” James ’, James ’, Tony West, West, “, ”, ” West, Jeremy Bird, ” Bird, Bird Organizations: New, New York CNN, Uber, . New York, Black, Fund, New York Attorney, New York Locations: New York, York, New York City, Tony, New York State, California, Washington

Refiners also called on stockpiles in July, though, when refinery processing exceeded the total volume of available crude by 510,000 bpd. The inventory draws in September and July came as China's refiners boosted throughput to meet rising domestic demand and higher fuel exports. As well, a strong rally in global oil prices has lowered the incentive to keep crude imports at elevated levels. China total available crude vs refinery throughputIMPORTS DROPPING? China's crude imports were 11.13 million bpd in September, down 10.5% from August's 12.4 million bpd, according to customs data.

Persons: Refiners, China's, China doesn't, It's, LSEG, Tom Hogue Organizations: National Bureau of Statistics, Benchmark Brent, United, United Arab Emirates, Diesel, Reuters, Thomson Locations: LAUNCESTON, Australia, China, It's, OPEC, Saudi Arabia, United Arab, Asia

☆ Deductions for megamansions and Ferraris: The IRS details tax dodges by the ultra-wealthy and says it recently squeezed 100 millionaires for $122 million in missing taxes
▼ + stars: | 2023-10-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

There's more enforcement to come, thanks to the Inflation Reduction Act. The passage of the Inflation Reduction Act infused billions of dollars into the previously perpetually underfunded and paper-laden IRS. "Inflation Reduction Act funding gives us the ability to take swift and aggressive action to improve compliance and close the tax gap." Since the passage of the IRA, the IRS has closed several cases of high-earning taxpayers getting creative with their business expenses and deductions. The IRS is specifically taking aim at Americans who earn over $1 million, and have over $250,000 in tax debt.

Persons: it's, —, Daniel Werfel, That's, Werfel Organizations: IRS, Service, dodgers, Ferrari, Bentley, Lamborghini Locations: COVID

"That is his super power," said David Kochel, a Republican strategist not affiliated with any 2024 presidential campaign. Both campaigns use other accounts to raise money known as joint fundraising committees. Trump's campaign previously said it raised over $45 million in the third quarter, without giving details of how much joint fundraising raised and how much the joint committee spent raising that money. The Trump campaign didn't respond to requests for details about fundraising by the joint committee. Biden's camp had previously said his campaign, the Democratic Party and their joint fundraising committees raised a combined $71 million.

Persons: Donald Trump, Brian Snyder, Donald Trump's, Joe Biden, Trump, David Kochel, I'm, Biden's, Jason Lange, Alexandra Ulmer, Robert Birsel Organizations: REUTERS, Rights, Democratic, Federal, Commission, Republican, Trump, Democratic Party, Thomson Locations: Wolfeboro , New Hampshire, U.S, Georgia, Washington, San Francisco

☆ What Is the Mortgage Interest Deduction?
▼ + stars: | 2023-10-15 | by ( Aly J. Yale | ) www.wsj.com time to read: +11 min

That’s thanks to the Home Mortgage Interest Deduction, which lets you write off the interest you pay on your mortgage loan throughout the year. What is the mortgage interest deduction? The mortgage interest deduction is a type of itemized tax deduction that has been around in some form since a federal income tax was introduced in 1913. Mortgage pointsMortgage points—an upfront fee you can pay at closing to lower your interest rate—are another form of mortgage interest, just prepaid. Whether you should take the mortgage interest deduction comes down to the age-old question of itemizing vs. using the standard deduction.

Persons: Aly J, you’re, won’t, ”, Paul T, Joseph, Joseph & Joseph, We’ll, “, Aaron Cirksena, “ You’re, ” Cirksena, Jan Organizations: Yale, Home, Joseph &, Joseph & Joseph Tax, MDRN, IRS, — Locations: Williamston, Mich, California, Annapolis, Md, “

However, as a financial professional and homeowner myself, I still see renting as a more conducive and efficient option to invest and build wealth. In this situation, the renter would have a higher return on investment, with $1.8 million compared to the homeowner with just $617,000. Even though the homeowner's payment stops once the mortgage is paid, the return on investment from just the down payment and maintenance expense favors the renter. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Also, the homeowner still pays property taxes, which may increase over time, and still has to contend with annual maintenance.

Persons: it's, —, Joel Ohman, Jeffrey Zhou, doesn't, Get, Steven Gilbert, Gilbert, Says Ohman Organizations: Service, Gilbert Wealth, & $

The world's top importing region saw arrivals of 24.95 million barrels per day (bpd) in September, down from August's 25.22 million bpd, according to data complied by LSEG. September's imports were also almost 3 million bpd weaker than the 27.92 million bpd seen in July, which was the highest monthly total so far in 2023. China imported 11.53 million bpd in September, down from August's 12.49 million bpd, according to LSEG data. Russia was China's top supplier in September, providing 1.81 million bpd, eclipsing the 1.44 million bpd from Saudi Arabia. The main question for Asia's oil demand in the fourth quarter is just how hard the recent price rally will bite demand.

Persons: Vietnam's, China doesn't, Asia's, Jamie Freed Organizations: LSEG, Imports, Reliance Industries, SK Energy's Ulsan, Taiwan's CPC, Brent, U.S, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, August's, Jamnagar, India, South Korea, Saudi Arabia, Asia, CHINA, China, Russia, Iran

☆ It Took Quitting My Job to Finally Pay for Tax Help. It’s Totally Worth It
▼ + stars: | 2023-09-18 | by ( Tanza Loudenback | ) www.wsj.com time to read: +5 min

So the 90 minutes or so I spent gathering all of my paperwork and answering tedious questions about my income and deductions felt like a net gain. I would be responsible for meticulously tracking my income and expenses, as well as for making estimated quarterly tax payments. The questions felt more nuanced and crunching the numbers for estimated tax payments was more complicated than I anticipated. I was able to write off over $14,000 worth of business expenses thanks to the deductions the CPA uncovered. Aside from sharing my 1099s and a list of business expenses, and meeting with my accountant virtually for an hour during tax season, I was hands-off.

Persons: Loudenback, prepped, —, I’m, knowledgeably Organizations: CPA

This was reversed in August as strong crude imports and steady domestic output outweighed the record refinery processing rates. This was up 19.6% from the same month in 2022 and also stronger than July's 14.87 million bpd. Crude imports were 12.43 million bpd in August, the third-highest daily rate on record and up 20.9% from July and 30.9% from August last year. Subtracting processing of 15.23 million bpd leaves a surplus of 1.32 million bpd that flowed into storage tanks. The question is how will China's refiners respond to the higher crude oil prices?

Persons: shouldn't, China doesn't, China's, refiners, Sam Holmes Organizations: National Bureau of Statistics, Brent, Saudi, Reuters, Thomson Locations: LAUNCESTON, Australia, China, OPEC, pare, Iran, Russia, Venezuela

☆ Ambani’s retail backers dispel only a little doubt
▼ + stars: | 2023-09-15 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Asia’s richest man is raising fresh funds to trim debt and expand the shopping unit of his flagship Reliance Industries (RELI.NS). Ambit Capital, a broking firm, for example ascribes Reliance Retail a $57 billion valuation in a sum of the parts analysis, almost half Bernstein’s estimated $111 billion. Any financial haze around Reliance Retail will naturally clear whenever it publishes a detailed listing prospectus. U.S. private equity giant KKR will invest 20.7 billion rupees ($250 million) into Reliance Retail Ventures, the company’s parent Reliance Industries said on Sept. 11. Reliance Retail is a subsidiary of Reliance Industries.

Persons: Mukesh Ambani, Thakore, Singapore’s GIC, Bernstein, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, KKR, Abraham, Qatar Investment, U.S, Reliance Retail, Abu Dhabi Investment Authority, Saudi Arabia’s Public Investment Fund, Reliance, HK, India’s Reliance Industries, Reliance Retail Ventures, Thomson Locations: MUMBAI, Qatar, Abu Dhabi, China, Singapore, Saudi Arabia

A view of the main lobby of building BV200, during a tour of Google's new Bay View Campus in Mountain View, California, U.S. May 16, 2022. The California settlement requires Google to pay $93 million, and disclose more about how it tracks people's whereabouts and uses data it collects. Money from Google's $62 million settlement with private plaintiffs would, after deducting legal fees, go to court-approved nonprofit groups that track internet privacy concerns. Last November, Google agreed to pay $391.5 million to resolve similar allegations by 40 U.S. states. Lawyers for the private plaintiffs did not immediately respond to requests for comment.

Persons: Peter DaSilva, Rob Bonta, cy, Jonathan Stempel, Leslie Adler, Daniel Wallis Organizations: REUTERS, Google, Alphabet Inc, Thomson Locations: Mountain View , California, U.S, California, View , California, Arizona, Washington, New York

Search resuls for: "deducting"

25 mentions found