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☆ Workers at a boot store are owed almost $360,000 because some wages were paid in gift cards
▼ + stars: | 2022-11-27 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

A Vancouver store was forced to pay more than $360,000 in damages to staff. Dayton Boots paid some employees half their salaries in the form of gift cards. Dayton director Eric Hutchingame claimed it was a way of paying for employee equipment. Two Dayton employees filed complaints in October 2020 under section 74 of Canada's Employment Standards Act, arguing the company was deducting half their wages and replacing them with store gift cards. The tribunal initially ordered Dayton to pay C$610,417 because it requires employees to be paid in Canadian dollars.

However, the volume of crude available to refineries was 14.22 million bpd, consisting of imports of 10.16 million bpd and domestic oil production of 4.06 million bpd. China exported 4.46 million tonnes of refined products in October, equivalent to around 1.15 million bpd, using the BP conversion rate of 8 barrels to one tonne. Fuel exports are expected to remain at elevated levels in November as refiners use up their remaining quotas for 2022. China's November crude imports are estimated at 11.46 million bpd by Refinitiv Oil Research, which would be an 11-month high. Overall, the recent strength in China's crude imports may not be long-lasting, especially if new refined fuel export quotas aren't granted.

☆ Engie upgrades full-year guidance on boost from high power prices
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - French power company Engie (ENGIE.PA) on Thursday raised its full-year net income guidance, as energy prices surged in the wake of Russia's Ukraine invasion, and boosted its earnings at end-September. The company has benefited from the jump in power prices as the Ukraine war highlighted Europe's reliance on Russian gas, which has left the bloc seeking alternative energy sources. Engie's earnings before deducting interest and taxes (EBIT) for the nine months to September 30 came in at 7.3 billion euros ($7.32 billion), up 79.3% organically from a year earlier. Engie also said it expected earnings before interest, taxes, depreciation and amortisation (EBITDA) in the range of 13.2 and 14.2 billion euros and EBIT from 8.5 to 9.5 billion. Finance chief, Pierre-Francois Riolacci, said the annual forecast was now including a few hundred million euros in costs relating to a European revenue cap aimed at addressing high power prices for consumers.

LONDON, Oct 26 (Reuters) - A rebound in China's refinery processing and fuel exports in September was still not enough to prevent the world's biggest crude oil importer from adding to its stockpiles. However, the total volume of crude available to refineries was 13.88 million bpd, comprising imports of 9.79 million bpd and domestic output of 4.09 million bpd. This means that the volume of crude available was 60,000 bpd more than what was processed, implying a small build in crude oil inventories despite the recovery in refinery throughput. The small build in September was a marked contrast to August, when about 850,000 bpd were added to commercial or strategic stockpiles. While Chinese diesel exports may result in a lower profit margin for producing the fuel at other refiners in Asia, it's likely to remain highly profitable.

☆ Brazil's Guedes says govt may raise minimum wage above inflation
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

BRASILIA, Oct 25 (Reuters) - Brazilian Economy Minister Paulo Guedes on Tuesday said the government of President Jair Bolsonaro could, if re-elected, raise the minimum wage above inflation now that the pandemic is over. Speaking virtually at an event on cooperativism, the minister also denied that the government wants to end the possibility of deducting medical and health expenses from income tax. Reporting by Marcela Ayres; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

I know I'll need passive income to support myself if I want to retire early. I asked financial planners who work with millionaires which passive income streams are most lucrative. That's why financial planner Darren Colananni says it's one of the most common passive income streams among millionaires. "You can get a tax deduction on the rental income by depreciating the property," which means deducting the cost of buying or improving a rental property, says Colananni. Social Security, collected strategicallyA passive income stream that most American workers get when they retire, Social Security, is one that millionaires also bank on, according to financial planner Scott Sturgeon.

☆ A top Wall Street analyst says cannabis-banking reform is far more likely than many investors think. Here are the top 4 stocks he says to bet on.
▼ + stars: | 2022-10-05 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Cantor Fitzgerald's Pablo Zuanic says a cannabis banking bill may pass before the end of the year. Passage of the SAFE Banking Act would give cannabis stocks a much-needed boost. A long-awaited cannabis-banking bill may pass in the lame-duck session of Congress this year, a top Wall Street analyst says. The bipartisan SAFE Banking Act is a narrow cannabis reform bill that would allow companies that sell or cultivate THC to access the banking system. Cory Booker and Ron Wyden, have previously opposed the SAFE Act proceeding ahead of more comprehensive, criminal-justice-focused cannabis reform.

☆ Tech company Solutions 30 falls into the red for its half-year as French business struggles
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

Sept 28 (Reuters) - Technology services company Solutions 30 (S30.PA) reported a sharp decline in first-half core profit and a loss at the net result level, hampered by a weak performance in France. "We now find ourselves in the midst of an operational transition," he added. Its net result for the period turned to a loss of 12.3 million euros, against a profit of 14.1 million euros last year. "We have reached a low point and we anticipate a recovery in the final quarter that will continue throughout 2023," said Fortis. ($1 = 1.0382 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Juliette Portala; Editing by Sudip Kar-GuptaOur Standards: The Thomson Reuters Trust Principles.

But despite the decline in oil imports, China has actually been building up inventories, as crude imports and domestic production has been exceeding the volume of refinery processing. But an estimate can be made by deducting the amount of crude processed from the total of crude available from imports and domestic output. Crude imports were 9.5 million bpd in August, based on official data, up 8.1% from July's 8.79 million bpd in July, but they were still down 9.4% from August 2021. Domestic oil output was 3.99 million bpd in August, down a touch from July's 4.03 million bpd. Refinery throughput was 12.64 million bpd in August, up slightly from July's 12.53 million bpd, which was the lowest daily rate since March 2020.

☆ Airbus confirms cancellation of remaining Qatar A350 orders
▼ + stars: | 2022-09-08 | by ( ) www.reuters.com time to read: +1 min

Sept 8 (Reuters) - Airbus (AIR.PA) on Thursday confirmed it had revoked all remaining A350 orders from Qatar Airways, raising the stakes in a safety and contractual dispute with the Gulf carrier. "Airbus confirms that it has removed 19 Qatar Airways A350s from the backlog," a spokesperson said. Qatar Airways had no immediate comment. Airbus said it had booked orders for 843 jets between January and August, or a net total of 637 after cancellations including routine order reversals by customers and the aircraft withheld from Qatar by Airbus. It delivered 382 jets over the same period, or a net total of 380 after deducting two A350 aircraft built for Aeroflot but impossible to deliver due to sanctions.

☆ Peloton investors gear up for a volatile ride
▼ + stars: | 2022-08-25 | by ( ) www.reuters.com time to read: +2 min

TORONTO, Aug 25 (Reuters Breakingviews) - Investors in Peloton Interactive (PTON.O) hardly ever know what kind of workout they’ve signed up for. Shares in the exercise-bike maker sank over 18% on Thursday morning after it posted a $1.2 billion net loss for the three months to June, about four times the deficit for the same period of 2021. The slide wiped out an equivalent percentage gain a day earlier after Peloton said it would begin selling its bikes and other accessories on Amazon.com (AMZN.O) in the United States. McCarthy isn’t sitting idle — roughly a third of the company’s quarterly loss was due to restructuring charges. Thursday’s slide shrinks Peloton’s enterprise value to just over $3 billion, after deducting roughly $500 million in net cash.

When it comes to managing your money and planning to reach long-term financial goals, understanding the language is key. This glossary of terms focused on money management, saving, investing, retirement planning, loans, and other areas of personal finance can help you decipher the jargon you're likely to encounter along the way. Conforming mortgage: A mortgage that meets the requirements to be purchased by Fannie Mae or Freddie Mac. JJumbo loan: A mortgage that exceeds the borrowing limit for regular mortgages set by the Federal Housing Finance Agency. USDA mortgage: A mortgage offered by a private bank or lender that's guaranteed by the Department of Agriculture.

☆ An obscure law could jeopardize profits for startups racing to get in on the first legal magic-mushroom market in the US
▼ + stars: | 2022-05-20 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +5 min

A tax rule will make it difficult for psychedelics companies to generate profits in Oregon. Because cannabis and psilocybin are federally illegal, 280E affects businesses even in areas where the substances are locally legal. According to Harris Bricken, an international law firm, psilocybin businesses in Oregon could face challenges like those that cannabis companies faced. "There's still a pretty big cloud around how to successfully manage a 280E tax liability," he said. Getty ImagesIt's still unclear which companies in Oregon 280E would directly affect.

The House of Representatives on Friday voted for the second time on a bill to decriminalize cannabis. US lawmakers just voted for the second time to federally decriminalize cannabis. Among the Republicans who voted for the bill were Florida Rep. Matt Gaetz, California Rep. Tom McClintock, and Florida Rep. Brian Mast. Two Democrats voted against the bill: Rep. Chris Pappas of New Hampshire, and Rep. Henry Cuellar of Texas. It was updated on April 1, 2022 when the House of Representatives voted to pass the MORE Act a second time.

But it can make more sense to file separately in a few cases, such as when you have excessive medical expenses. For married couples, choosing to file taxes jointly or separately can have a significant impact on the amount of income tax owed. Still, there are special circumstances where it makes sense to file separately. If you got married on or before December 31, you're considered married for the entire year for tax purposes. Filing separately would allow both spouses to begin deducting qualified medical expenses after they exceed 7.5% of their own AGI.

Life insurance premiums are generally not tax-deductible. Are life insurance premiums tax-deductible? The IRS considers life insurance premiums a personal expense that is not tax-deductible. Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Life insurance payouts aren't taxable, with a few exceptionsEven if you can't write off premiums you pay on your life insurance, if you are the beneficiary of a life insurance policy, you do not pay taxes on the death benefit.

With the term “personal taxes,” however, Mr. Garten appears to be conflating income taxes with other federal taxes Mr. Trump has paid — Social Security, Medicare and taxes for his household employees. Fragments of Mr. Trump’s tax returns have leaked out before. Mr. Agalarov’s father, Aras, a billionaire who boasts of close ties to Mr. Putin, was Mr. Trump’s partner in the event. Mr. Trump’s avoidance of income taxes is one of the most striking discoveries in his tax returns, especially given the vast wash of income itemized elsewhere in those filings. When they got to line 56, the one for income taxes due, the amount was the same each year: $750.

☆ 11 tax deductions you won't want to forget about this year
▼ + stars: | 2020-04-09 | by ( Caroline Lupini | Freelance Reporter | ) www.businessinsider.com time to read: +9 min

Tax deductions like medical expenses, mortgage interest, and, in some cases, college tuition can help reduce your overall tax bill. Note that these types of tax deductions apply only if you're itemizing your taxes instead of taking the standard deduction, which increased as part of 2017 tax reform. Home-mortgage interestIf you own a home, you probably already know about this one — it's one of the most significant tax deductions available to most families. And keep in mind that you're paying both income tax and self-employment tax on your small-business income — so you've got an added incentive to make sure you're taking all the deductions you're entitled to. This is calculated separately from both the personal deductions and your business expenses, and additional restrictions apply above certain income levels.

☆ It might seem like travel bloggers write off lavish vacations and luxurious meals without a thought, but the reality is more complicated
▼ + stars: | 2019-09-18 | by ( Holly Johnson | Freelance Writer | Read More | ) www.businessinsider.com time to read: +14 min

Pros Check mark icon A check mark. Good for those with a complex tax situation that may need help navigating deductions and forms Check mark icon A check mark. Pros Check mark icon A check mark. Good for those with a complex tax situation that may need help navigating deductions and forms Check mark icon A check mark. Offers step-by-step guidance Check mark icon A check mark.

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). I made some poor financial decisions in my 20s, like eating out every day and shopping pointlessly. Emotional spendingAfter being broke in my early 20s, I fell into a comfortable financial situation in my later 20s. But I didn't feel any different ... until I started spending. On some level, spending money made me feel like I had money.

Bankrate.com recently released a report detailing the best places to save for a six-month emergency fund in 50 US metro areas. San Jose, California, was the hardest place to save money for emergencies, while Kansas City, Missouri, was the easiest. AdvertisementAdvertisementA new report by Bankrate.com outlines the best places to save money for a six-month emergency fund across 50 US metro areas. Even in the easiest metro area to save money — Kansas City, Missouri — the typical family can save as much as 63% of their emergency-fund goal in just one year. We narrowed down the list to the 25 best places in the US to live to save money, ranked from the hardest to easiest.

Persons: Bankrate.com, That's, deducting Organizations: Kansas Locations: San Jose , California, Kansas City , Missouri, Memphis , Tennessee

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