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But you can lose money by maxing out your 401(k) too early in the year — unless the plan has a special feature. Most 401(k) plans offer an employer match, which uses a formula to deposit extra money into the account, based on your deferrals. Typically, you must contribute at least a certain percentage of income each paycheck to receive the year's full employer match. However, some 401(k) plans offer a "true-up," or additional deposit of the remaining employer match, for employees who max out contributions before the end of the year. It's typically most common in bigger plans, experts say.
Persons: maxing, Tommy Lucas, Moisand Fitzgerald Tamayo Organizations: Finance, Investor, America's Locations: Orlando , Florida
A Massachusetts man who fled during his rape trial in 2007, and was convicted in absentia, had been living for more than a decade with a woman in California who had no idea he was a wanted fugitive, the authorities said. But the man’s hidden past surfaced on Tuesday, when law enforcement agents in Danville, Calif., about 30 miles east of San Francisco, arrested the man, Tuen Kit Lee, 55, who was known as the “bad breath rapist,” the Massachusetts State Police said. Mr. Lee, who had fled just before closing arguments at his trial in Quincy, Mass., had been living with the woman, a flower shop owner, in her multimillion-dollar home in Diablo, a community of about 1,200 residents just outside Danville, the state police said. Chris Tamayo, a senior inspector with U.S. Marshals Service in Northern California, said that Mr. Lee had initially fled to New York and had then taken a bus to San Francisco, where he met the woman who became his companion for the past 10 years.
Persons: Tuen Kit Lee, Lee, Chris Tamayo, Mr Organizations: Massachusetts State Police, U.S . Marshals Service Locations: Massachusetts, California, Danville , Calif, San Francisco, Quincy , Mass, Danville, Northern California, New York
If you've opted into your employer's Roth 401(k) after-tax matching contributions this year, it could trigger a tax surprise without proper planning, experts say. Enacted in 2022, Secure 2.0 ushered in sweeping changes for retirement savers, including the option for employers to offer 401(k) matches in Roth accounts. Previously Roth 401(k) matches went into pretax accounts. However, those new matching Roth contributions could have "unintended consequences" at tax time, according to Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. More from Personal Finance:IRS aims to more than double its audit rate on wealthiest taxpayersHere are three ways to lower your credit card annual percentage rate, experts sayWhy your financial advisor may not give you the best Social Security advice
Persons: you've, Roth, Tommy Lucas, Moisand Fitzgerald Tamayo Organizations: of America, Finance Locations: Orlando , Florida
If you need more time for your taxes, there's a quick, free way to file a federal tax extension online, according to experts. Luckily, filing for a federal tax extension "takes minutes," according to Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. But you have through that due date to file an extension, which pushes the deadline by six months to Oct. 15. Some taxpayers already have a federal extension due to natural disaster declarations. Without the extension, your balance triggers the failure to file penalty, which is worth 5% of your unpaid taxes per month or partial month, capped at 25%.
Persons: there's, Tommy Lucas, Moisand Fitzgerald Tamayo Organizations: Finance Locations: Orlando , Florida
US President Joe Biden speaks about student loan relief at Madison College in Madison, Wisconsin, on April 8, 2024. Andrew Caballero-reynolds | AFP | Getty ImagesTax treatment of student loan forgivenessStudent loan forgiveness is federally tax-free through 2025 — thanks to a provision from the American Rescue Plan Act of 2021. But the future taxability of student loan forgiveness is unclear. Many states have conformed to federal rules on the taxability of student loan forgiveness. Depending on your situation, higher income from taxable student loan forgiveness could cause "a chain of [tax] consequences," such as phaseouts for other tax breaks, Lucas said.
Persons: Joe Biden, Andrew Caballero, reynolds, Biden, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, that's, Ethan Miller, isn't, Miller Organizations: Madison College, AFP, Getty, American, Planning, Progress, D.C Locations: Madison , Wisconsin, Orlando , Florida, Washington
AdvertisementBrandon Tamayo considered leaving his current job for a role in the private sector on his way to work one morning. "My friends in the private sector told me 'You could double your pay.'" AdvertisementHe could likely make six figures in the private sector — and he remains intrigued by the option. According to the US Bureau of Labor Statistics, the median years of tenure for public sector jobs in 2022 was 6.8 years, about 2.7 years higher than private sector jobs. For Tamayo, this is the largest reason he stays in the public sector.
Persons: , Brandon Tamayo, Tomayo, Tamayo, he's, Christine Cruzvergara, Cruzvergara, Raven Blanchard, she's, Blanchard, hasn't, Joe Biden, they've, Symoné Berry, Alexxus Harris, Harris, it's Organizations: Service, Indiana State University, US Bureau of Labor Statistics, ISC, EAP Locations: Illinois, Virginia, Germany, Asia
While loneliness among older adults has been an issue for years, the pandemic exacerbated it across all age groups. Some experts told me that cities could help counter loneliness with policies that bolster senior centers and ensure accessibility to vital resources and that governments should invest more in mitigating loneliness for older adults. That's largely why Lamy felt compelled to organize an easy way for older adults in the community to meet and talk to one another. What we know is that isolation and loneliness among older people tend to lead to pretty serious health complications very quickly. So there is a real reason for us to try to help older people find connection."
Persons: Maria Maki, Maki, Andrea Ellen Reed, Buffalo Community Center Andrea Ellen Reed, I've, Vivek Murthy, Gen Zers, Joe Lamy, Lamy, Jovelle Tamayo, Dianne Stone, winder, he'd, Jan, , that's, that'll, she'd, There's, they'd, Preeti Malani, who've, Malani, Garey Schmidt, Schmidt, Sedona , Arizona Matt Martian Williams, Matt Martian Williams, Sen, Chris Murphy, Murphy, Rick Grossman, Grossman, Stone, we're, Jeff Keilson, Maura Healey, Keilson, it's, we've, BI Murphy, he's Organizations: Buffalo Community Center, BI, National Council, National Institute of Senior Centers, National, Healthy Aging, University of Michigan, Democratic Locations: Buffalo , Minnesota, Buffalo, Seattle, Las Vegas, New York, Chicago, Sedona , Arizona, Flagstaff, someone's, Sedona, Connecticut, Massachusetts
Read previewBrandon Tamayo considered leaving his current job for a role in the private sector on his way to work one morning. "My friends in the private sector told me 'You could double your pay.'" AdvertisementHe could likely make six figures in the private sector — and he remains intrigued by the option. According to the US Bureau of Labor Statistics, the median years of tenure for public sector jobs in 2022 was 6.8 years, about 2.7 years higher than private sector jobs. For Tamayo, this is the largest reason he stays in the public sector.
Persons: , Brandon Tamayo, Tomayo, Tamayo, he's, Christine Cruzvergara, Cruzvergara, Raven Blanchard, she's, Blanchard, hasn't, Joe Biden, they've, they're, Symoné Berry, Alexxus Harris, Harris, it's Organizations: Service, Indiana State University, Business, Google, US Bureau of Labor Statistics, ISC, EAP Locations: Illinois, Virginia, Germany, Asia
Kate_sept2004 | E+ | Getty ImagesHouse lawmakers on Friday advanced a $78 billion bipartisan tax package, which includes temporary child tax credit changes that could affect millions of families this filing season. The plan temporarily expands access to the child tax credit with retroactive changes. Here's what to know about the proposed changes to the child tax credit as the opening of tax season, on Jan. 29, quickly approaches. How the child tax credit worksCurrently, the child tax credit is worth up to $2,000 per qualifying child under age 17 for 2023 and reduces your taxes on a dollar-for-dollar basis. How much the child tax credit could increaseIf enacted, the bipartisan tax bill would make several temporary changes to the child tax credit that could benefit the lowest-earning Americans, according to the Urban-Brookings Tax Policy Center.
Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Chuck Marr Organizations: Getty Images, Urban, Brookings Tax, Center, Budget Locations: Orlando , Florida
For years, jeepney drivers have argued that the cost to transition to cleaner vehicles is out of their reach. Groups representing jeepney drivers have held protests in recent months, with the latest gathering set for Tuesday in the capital Manila. But Mar Valbuena, chairman of transport group Manibela, said police attempted to stall jeepney drivers from joining that protest. Jeepney drivers protesting the modernization plan on December 29, 2023 near Mendiola, Manila. The important thing is that the consolidation is done,” Andy Ortega, head of the Office of Transport Cooperatives, told CNN Philippines.
Persons: Virgin Mary, Mar Valbuena, ” Valbuena, Josefiel Rivera, Valbuena, jeepneys, we’d, , Joseph Sabado, Russet Tamayo, Teofilo Guadiz III, Jose Santos, ” Guadiz, , ” Andy Ortega Organizations: CNN, Department of Transportation, CNN Philippines, Russet, Transportation, Transport Cooperatives Locations: Philippines, Manila, Mendiola
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
d3sign | Moment | Getty ImagesAs millions of Americans compare health plans on the Affordable Care Act insurance marketplaces, experts say it's critical to run projections and rethink popular tax moves before enrolling in subsidies. The average enrollee is paying premiums of $124 per month after the subsidies, which were boosted through 2025 via the Inflation Reduction Act. If your actual income exceeds your estimates, you might be required to repay some or all of the subsidy. "If your actual income exceeds your estimates, you might be required to repay some or all of the subsidy." The subsidy eligibility calculation also considers your location, family size and whether you spouse has available coverage.
Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Sean Lovison Organizations: Affordable, American, Center of Budget, Security, Philadelphia Locations: Orlando , Florida
The IRS on Thursday released dozens of inflation adjustments for 2024, including higher income tax brackets, increased standard deductions and boosted income thresholds for capital gains. For 2024, there are higher thresholds for the 0%, 15% and 20% long-term capital gains brackets, applying to assets owned for more than one year. How to calculate your capital gains tax bracketYou're more likely to fall into the 0% capital gains bracket in 2024 with higher standard deductions and capital gains income thresholds. "It's really quite a bit of capital gains you can receive without paying any tax," said certified public accountant Tom Wheelwright, CEO of WealthAbility. Who may fall into the 0% capital gains bracket
Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, Tom Wheelwright Organizations: IRS Locations: Orlando , Florida
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
In Mexico, modern art is for dogs too as exhibition opens
  + stars: | 2023-10-25 | by ( ) www.reuters.com   time to read: +1 min
[1/5] A dog sits in front of a poem during the "Art and Dogs" exhibition at the Rufino Tamayo Contemporary Art Museum, in Mexico City, Mexico October 21, 2023. Now, the Museo Tamayo in Mexico City has put together an exhibition of modern art pieces that both humans and their furry friends can visit. The second #ArteyPerros, or Art and Dogs, exhibition includes pieces by Haris Epaminonda, Max Ernst, Mathias Goeritz, Pierre Huyghe, Danh Vo and Mario Garcia Torres as well as a poem by Luis Felipe Fabre. Mila Cohen, a sixth-grade student who visited the exhibition, said she appreciated the idea that she could take her dog, Sakura. "It would be incredible if there were more spaces like this, with art, where we could spend time with our dogs," said Manu Exheverria, a photographer.
Persons: Rufino Tamayo, Lorenza, Haris Epaminonda, Max Ernst, Mathias Goeritz, Pierre Huyghe, Danh Vo, Mario Garcia Torres, Luis Felipe Fabre, Mila Cohen, Manu Exheverria, Diego Delgado, Stefanie Eschenbacher, Mark Porter Organizations: Rufino Tamayo Contemporary Art Museum, REUTERS, MEXICO CITY, Museo, Thomson Locations: Mexico City, Mexico, MEXICO
Two decades before Bluford's flight, Ed Dwight was an Air Force pilot who trained to be the first Black astronaut. Whitney Young of the National Urban League urged Kennedy to push the Air Force to find and train the first Black astronaut. Dwight said the famed pilot felt slighted and not being included in the decision to train a Black astronaut. "All of a sudden we were able to hire astronauts who didn't look like the classic NASA astronaut," Bolden said. During his flight, Glover had a group call with Dwight, Bluford, Bolden, and other Black astronauts.
Persons: Ed Dwight, Robert Lawrence, NASA didn't, , Guion Bluford, Bluford, Dwight, Lisa Cortés, hadn't, John F, Kennedy, Whitney Young, Cortés, Dwight wasn't, Chuck Yeager, Yeager, Frederick Gregory, Frederick Douglass, Rosa Park, Ella Fitzgerald, Martin Luther King, Craig F, Walker, Ed, Leland Melvin, Buzz Aldrin, Michael Collins, Bernard Harris , Jr, Arnaldo Tamayo Méndez, Ron McNair, Diego Hurtado de Mendoza, Charles Bolden , Jr, Tamayo Méndez, Gregory, Bolden, McNair, they'll, Charles Bolden, Melvin, de Mendoza, Katherine Johnson, Ed's, kickstart, Victor Glover, George Floyd, who's, Leland D, Victor, Glover Organizations: NASA, Service, Air Force, Black, Atlanta Constitution, National Urban League, Bettmann, Denver's, Denver, Getty, Soviet Union, Space Shuttle Challenger, Space Shuttle Columbia, Space Station, NASA’s Office, Education, Geographic, Disney Locations: Atlanta, Rosa, Cuban, Cuba, United States, Soviet Union
Taylor Swift fans forked out an average $2,183 for a resold ticket to a concert on the superstar's Eras Tour, according to resale research site TicketIQ. Now, ticket resellers may owe taxes on profits made during what may turn to be — for them, at least — a rather "Cruel Summer." Ticket profits have always been taxable, but the new IRS reporting threshold for business transactions on third-party platforms, such as TicketMaster or eBay , is now a single payment of $600, down from 200 transactions worth an aggregate of over $20,000. Taxpayers will have to prepare as the law takes effect this coming season. "Starting at the beginning of next year, you want to make sure you know how to report this income," said certified financial planner and enrolled agent Tommy Lucas of Florida-based Moisand Fitzgerald Tamayo.
Persons: Taylor Swift, Tommy Lucas of, Moisand Fitzgerald Tamayo Organizations: TicketMaster, eBay, Taxpayers Locations: Tommy Lucas of Florida
There are two kinds of risk that investors should understand when building a portfolio: risk tolerance and risk capacity. Safer assets, like cash or money market funds, are stable but have relatively low returns that may not deliver much if any growth after inflation. Risk tolerance is essentially an investor's comfort level with short-term market gyrations. It's a willingness to take risk and is personal, subjective and guided by emotion, experts said. Such a person would have a low risk tolerance.
Persons: Charlie Fitzgerald III, Fitzgerald, Moisand Fitzgerald Tamayo, It's Organizations: Finance Locations: Orlando , Florida
Savers are now getting higher cash yields after several interest rate hikes from the Federal Reserve. "Everyone thinks it's kind of a free lunch," said Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida. Falling into the regular tax brackets, ordinary income is less favorable than long-term capital gains. Similarly, taxable money market funds — which typically invest in shorter-term lower-credit-risk debt — and Treasury bills also trigger ordinary income. But Treasury bill earnings aren't subject to state or local taxes.
Persons: Crane, Tommy Lucas, Moisand Fitzgerald Tamayo, you've Organizations: Federal Reserve, Crane Data, Finance Locations: Orlando , Florida
[1/5] Peruvian singer Lenin Tamayo records a song as he takes on Peru's music scene with a new genre that resembles South Korean pop music but with songs in Quechua, the language of the Incas, in Lima, Peru August 17, 2023. REUTERS/Angela Ponce Acquire Licensing RightsLIMA, Aug 17 (Reuters) - Lenin Tamayo, named after the leader of the Russian Revolution, is taking on Peru's music scene with a new genre that resembles South Korean pop music but with songs in Quechua, the language of the Incas. Instead, he is striving to tackle discrimination through music and bring attention to the importance of the South American country's ancestral past. "My music had to embrace my origins strongly," the singer told Reuters ahead of a concert in Lima's northern district. It was at school that Tamayo first began listening to Korean pop music, known as K-pop, which started gaining an international folloawing around a decade ago through supergroup BTS.
Persons: Lenin Tamayo, Angela Ponce, Tamayo, Tok, Kay Pacha, Uku Pacha, Hanan Pacha, Gabriel Castro, Gloria Lopez, Lucinda Elliott, Sandra Maler Organizations: Incas, REUTERS, Rights, BTS, Reuters, Thomson Locations: Peruvian, Lima , Peru, Russian, Incas, Lima, Lima's, South America, Colombia, Peru, Argentina, Chile, Bolivia, Ecuador, Brazil, Korean
The Mega Millions jackpot hit a record $1.55 billion on Aug. 7, 2023. VIEW press | GettyThe Mega Millions jackpot has ballooned to an estimated $1.55 billion after months without a winner. If you pass away before collecting all 30 payments, Mega Millions will make the remaining payments on schedule to your designated beneficiary or your estate. Picking the lump sum payout is a 'big mistake'Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners, says 95% choose the lump sum option, which he describes as a "big mistake." Tuesday's Mega Millions drawing comes about three weeks after a single ticket sold in California won Powerball's $1.08 billion jackpot.
Persons: Andrew Stoltmann, Tommy Lucas, Moisand Fitzgerald Tamayo Locations: Chicago, Orlando , Florida, California
The Mega Millions jackpot soared to $1.05 billion on July 31, 2023. Shannon Stapleton | ReutersThe Mega Millions jackpot has soared to more than $1 billion for the fifth time in the game's history. Currently, the 30-year annuitized payout is worth $1.05 billion, Mega Millions' fourth-largest prize to date. The chance of hitting the Mega Millions jackpot is roughly 1 in 302 million. watch nowHow federal tax brackets workThe Mega Millions jackpot easily pushes the winner into the top federal income tax bracket, which is currently 37%.
Persons: Shannon Stapleton, Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, that's Organizations: Mega Locations: Orlando , Florida
Aaronp/bauer-griffin | Gc Images | Getty ImagesIt's "Shark Week," the annual television-programming event on Discovery that stars the ocean's apex predators. Specifically, investors have a tendency to get swept away by the fear or euphoria of the recent past. This is called "recency bias," and it's often accompanied by financial loss. "People need to understand that recency bias is normal, and it's hard-wired," said Charlie Fitzgerald III, an Orlando, Florida-based certified financial planner. Investors are most vulnerable to recency bias, he said, when on the precipice of a major life change such as retirement, when market gyrations may seem especially scary.
Persons: bauer, Charlie Fitzgerald III, Steven Spielberg's, Omar Aguilar, Fitzgerald, I'm, Moisand Fitzgerald Tamayo, FOMO Here's, Aguilar, Christopher Polk Organizations: San Diego Convention Center, Aaronp, GameStop, Schwab Asset Management, Universal Studios Home Entertainment, Filmmagic, Getty, Finance Locations: Orlando , Florida
There's a key tax deadline approaching for past-due filers, with an estimated $1.5 billion in unclaimed refunds up for grabs. Nearly 1.5 million taxpayers still have pending refunds from 2019, with a median payment worth $893, according to the IRS. The last chance to file or amend 2019 returns to claim your money is July 17. Filing 2019 returns could yield "thousands of dollars," Lucas said, especially for those claiming the so-called earned income tax credit, a tax break for low- to moderate-income workers. The earned income tax credit is "refundable" because you'll still qualify for a refund when the credit exceeds taxes owed.
Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Franklin, Lucas, you'll Organizations: Finance Locations: Orlando , Florida
As a result of the change, more taxpayers are likely to receive Form 1099-K, which reports third-party business payments to the IRS. Some lawmakers are pushing to increase the reporting threshold, so it could change further. However, regardless of the tax reporting threshold, it's important to remember P2P business payments have always been taxable, experts say. Here are some additional tips to consider before the reporting change in January. An accounting system may also make it easier to track business expenses, which may be deducted to reduce taxable income, Guarino said.
Persons: Tommy Lucas, Moisand Fitzgerald Tamayo, Lucas, It's, Jim Guarino, Baker Newman Noyes, Guarino, Adam Markowitz, I've, Markowitz Organizations: Getty, Taxpayers, PayPal, eBay, IRS Locations: Orlando , Florida, Woburn , Massachusetts, Windermere , Florida
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