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☆ The next U.S. president could face a tax battle in 2025 — here's what it means for investors
▼ + stars: | 2024-11-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

This combination of pictures created on October 25, 2024 shows US Vice-President and Democratic Presidential candidate Kamala Harris in Houston, Texas on October 25, 2024 and former US President Republican presidential candidate Donald Trump in East Del Valle, Austin, Texas on October 25, 2024. As millions of Americans cast ballots on election day, advisors are bracing for major tax changes that could be on the horizon. Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017, or TCJA, brought sweeping changes for individuals, including lower tax brackets, higher standard deductions, a more generous child tax credit and a bigger estate and gift tax exemption, among others. Many of the individual TCJA provisions will sunset after 2025 without action from Congress, which will be a key issue for the next president, policy experts say. However, planning can be complicated with several tax provisions scheduled to sunset, experts say.

Persons: Kamala Harris, Donald Trump, Jim Guarino, Baker Newman Noyes Organizations: Democratic, Republican Locations: Houston , Texas, East Del Valle, Austin , Texas, Woburn , Massachusetts

☆ The No. 1 move to improve your finances in 5 minutes, according to CFPs
▼ + stars: | 2024-11-01 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

But that doesn't mean there aren't small, concrete steps you can take toward a better financial future that only require a few minutes. We asked financial planners the top piece of advice they'd give to clients who had only five minutes to meaningfully improve their finances . A doctor wouldn't attempt to help you improve your diet or exercise habits without knowing what you're currently doing. Getting to know your spending habits is like checking your financial vitals. To that end, you'll have to spend some time — more than just the initial five minutes — regularly reviewing your monthly spending.

Persons: Kevin Coombs, — you'll, there's, Tracy Sherwood, James Guarino, Coombs Organizations: CNBC Locations: Atlanta , Georgia, Clarence , New York, Woburn , Massachusetts

☆ Investors should still keep emergency funds liquid after the Fed's interest rate cut, advisor says
▼ + stars: | 2024-09-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

After years of higher yields on cash, the Federal Reserve's shifting policy means lower future returns on savings, certificates of deposit and money market funds. Despite falling rates, investors should still keep emergency funds "liquid," meaning the cash can be easily tapped, financial experts say. Banks use the federal funds rate to lend to and borrow from one another. Meanwhile, the biggest retail money market funds were still paying around 5%, as of Sept. 24, according to Crane Data. If you have been earning 4% to 5% on emergency savings, you could see a "small reduction" in the short term, said Kenealy, who recommends keeping emergency funds where they are.

Persons: Kathleen Kenealy, Banks, Kenealy Organizations: Finance, Data Locations: Woburn , Massachusetts

☆ Trump tax breaks are set to expire after 2025. Here's what advisors are telling their clients
▼ + stars: | 2024-06-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

With trillions of dollars in tax breaks scheduled to expire after 2025, financial advisors are working with clients to prepare for the looming tax cliff. Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017, or TCJA, included lower federal income tax brackets, bigger standard deductions and higher gift and estate tax exemptions, among other provisions. If Congress doesn't take action, those tax breaks will sunset after 2025. And if the TCJA provisions expire, more than 60% of tax filers could face increased taxes, according to the Tax Foundation. Here are some tax strategies advisors are discussing with their clients.

Persons: Donald Trump, Jim Guarino, Baker Newman Noyes, Mary, Guarino Organizations: Tax, Finance Locations: Woburn , Massachusetts

☆ The world of government contract jobs is incredibly complex. Here are the basics.
▼ + stars: | 2024-04-21 | by ( Ana Altchek | ) www.businessinsider.com time to read: +7 min

This lets the government tackle specific jobs and projects quickly without all the steps of regular government hiring and bureaucratic obstacles. Thomson ReutersThere are a wide range of large government contracting companies that the government regularly makes deals with. John Breth, 40, worked in government contracting roles for 12 years before starting his own contracting company. If awarded the contract, you have to meet specific requirements set by the government, which may involve getting clearances or certifications. Once you understand the landscape better, you'll be able to recognize which jobs you qualify for and define your path forward.

Persons: —, Lockheed Martin, Lauren Irizarry, John Breth, Kevin Jennings, Jennings, you'll Organizations: Service, Department of Labor, Business, Raytheon, Thomson Reuters, Defense, Lockheed, Boeing, Northrop Grumman, Judge, US Small Business Administration Locations: Woburn, sba.gov

☆ Why is it so hard to find a job right now despite low unemployment?
▼ + stars: | 2024-02-02 | by ( Tim Paradis | ) www.businessinsider.com time to read: +6 min

Vargas, a special education instructor, has been mired for months in various stages of interviews for three teaching jobs. Employers' hiring rate fell sharply in 2023, Zhao said. They'll often toss out some number around 40, he told BI. AdvertisementHitting the numbers on job applications is also a priority for Kevin Cash, who previously told BI he's applied to more than 1,200 jobs and has mostly been ghosted. She's accepted a part-time job and plans to teach private classes for students learning English as a second language.

Persons: —, Lynne Vargas, Vargas, Daniel Zhao, Cory Stahle, Zhao, Josh Bersin, Debbie Lovich, Lovich, Royal Siu, They'll, Siu, it's, Kevin Cash, They're, Jeff Calnan, Indeed's Stahle, Stahle, She's Organizations: Service, Business, Employers, Federal, BI, Boston Consulting Group, Navy, US Air Force Locations: Middletown , New York, Seattle, Woburn , Massachusetts

☆ New change to 529 college savings plans has ‘so many caveats,’ advisor says. Here's what to know
▼ + stars: | 2024-01-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Nancy Ney | Photodisc | Getty ImagesThe downsides of 529-to-Roth IRA rolloversThe biggest downside of a 529-to-Roth IRA rollover is the conversion counts toward your annual IRA contribution limit, which may stunt future growth across both accounts, according to Loyd. "If my kids are pulling money from their 529 to make Roth contributions down the road, Daddy's not going to be happy." If my kids are pulling money from their 529 to make Roth contributions down the road, Daddy's not going to be happy. There's a lifetime cap of $35,000 for 529-to-Roth IRA rollovers, which means it would take five years of $7,000 conversions to reach the limit. Generally, it's better to keep the money growing in a 529 plan and contribute to a Roth IRA separately because you can change 529 plan beneficiaries, Loyd said.

Persons: Nancy Ney, Photodisc, Roth, Loyd, John Loyd, There's, Jim Guarino, Baker Newman Noyes Organizations: Roth IRA Locations: Daddy's, Woburn , Massachusetts

(AP) — The U.S. Environmental Protection Agency on Monday proposed banning the cancer-causing chemical trichloroethylene, which can be found in consumer products including automobile brake cleaners, furniture care and arts and crafts spray coating. “Today, EPA is taking a major step to protect people from exposure to this cancer-causing chemical.”Massachusetts Sen. Edward Markey, who has led the effort to ban TCE, welcomed the move. Political Cartoons View All 1215 Images“With this rule, we can see a future where we will no longer be manufacturing, processing and distributing a chemical known to be deadly,” Markey said. The chemical presents an “unreasonable risk of injury to health or the environment” in 52 of 54 uses in industrial and consumer products, the EPA has found. The 2016 law required the EPA to evaluate chemicals and put in place protections against unreasonable risks.

Persons: TCE, Michal Freedhoff, Massachusetts Sen, Edward Markey, ” Markey, “, Anne Anderson, Jimmy, Anne, ” Anderson, Frank, Matthew Daly Organizations: Environmental Protection Agency, of Chemical Safety, “, EPA, Woburn, Andersons, Chemical, Press Locations: WOBURN, Mass, U.S, United States, Massachusetts, Woburn ., America, Woburn, Washington

If you're 50 or older, you can funnel extra money into your 401(k), known as "catch-up contributions." But starting in 2024, higher earners can only make 401(k) catch-up contributions to after-tax Roth accounts, which don't provide an upfront tax break but the funds can grow levy-free. Fund pretax catch-up contributions for 2023Guarino urges higher earners to fund pretax catch-up contributions in 2023 while they still can because it provides a bigger tax break. Change provides tax diversificationWhile some higher earners will lose a tax break, the catch-up contribution change is "not necessarily a bad thing," according to Dan Galli, a CFP and owner at Daniel J. Galli & Associates in Norwell, Massachusetts. Preparing for the catch-up contribution change

Persons: Peter Cade, deferrals, Roth, Jim Guarino, Baker Newman Noyes, Guarino, they've, Dan Galli, Daniel J, Galli, John Loyd Organizations: Getty, Galli & Associates Locations: Woburn , Massachusetts, Norwell , Massachusetts, Fort Worth , Texas

☆ Mining Deploys Innovative Tech to Find Copper, Other EV Metals
▼ + stars: | 2023-07-20 | by ( Yusuf Khan | ) www.wsj.com time to read: +8 min

By adding bio-surfactants along with the other chemicals during the soaking process, more copper floats to the surface and less is wasted. Locus says its bio-surfactants increase copper yields by 7%, and save energy because less rock needs to be crushed. It is also testing its process on iron ore and tailings waste. Photo: douglas magno/Agence France-Presse/Getty ImagesGroups concerned about the environment frequently talk about mining waste or so-called tailings, mining companies less so. “Long term we need to get more suppliers of these metals, rare earths in particular.”Phoenix finds mine sites where the tailings waste is free from radioactive elements such as thorium and uranium.

Persons: Nico Cuevas, Tesla, Cuevas, ”, Fatih Birol, Urbix, “, ” Cuevas, Luke Sharrett, Gabi Knesel, Knesel, douglas magno, Vale, Nicholas Myers, Myers, Yusuf Khan Organizations: SK, South, Sustainable Business, International Energy Agency, Miners, EV, Bloomberg, “ Mining, BHP, Agence France, Getty Locations: Mexican, Arizona, U.S, Mexico, Mesa, South Korean, China, America, Madagascar, Tanzania, Northern Europe, Solon , Ohio, Brazil, Woburn, Mass, New York, yusuf.khan

☆ Here's how much you can make and still pay 0% capital gains taxes for 2023
▼ + stars: | 2023-06-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Marko Geber | DigitalVision | Getty ImagesHow to calculate your capital gains tax bracketWith higher standard deductions and income thresholds for capital gains, it's more likely you'll fall into the 0% bracket in 2023, Lucas said. For 2023, you may qualify for the 0% long-term capital gains rate with taxable income of $44,625 or less for single filers and $89,250 or less for married couples filing jointly. The rates use "taxable income," which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income. For example, if a married couple makes $100,000 together in 2023, their taxable income may easily fall below $89,250 after subtracting the $27,700 married filing jointly standard deduction. Other tax-planning opportunitiesWith taxable income below the thresholds, you can sell profitable assets without tax consequences.

Persons: Marko Geber, Lucas, Jim Guarino, Baker Newman Noyes Organizations: DigitalVision Locations: Woburn , Massachusetts

☆ The World Bank is betting on this company to 'green' the $1.6 trillion steel industry — take a look inside
▼ + stars: | 2023-06-05 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +8 min

Boston Metal CEO, Tadeu Carneiro Photo courtesy Boston MetalThe Boston Metal offices in Woburn, Mass. A diagram of the process Boston Metal is using to make green steel. Zoom In Icon Arrows pointing outwards This is where the electricity is converted from AC to DC in the Boston Metal location. (A portion of the photo has been altered to protect the intellectual property of Boston Metal.) Zoom In Icon Arrows pointing outwards The Boston Metal electrolysis process releases oxygen as a byproduct.

Persons: Tadeu Carneiro, Cat Clifford, Adam Rauwerdink, It's, Carniero, Sonneborn, Rauwerdink, Boston Metal's, " Carneiro, doesn't Organizations: Boston Metal, CNBC, Boston, Boston Steel, DC, MIT, IFC, BHP, World Bank Locations: Woburn , Mass, Boston, Woburn, Asia, Burkina Faso, India, Brazil, South Asia

☆ More taxpayers will receive tax forms from apps such as Venmo, PayPal for 2023. Here's how to avoid tax issues
▼ + stars: | 2023-05-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

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

☆ How Much Rent Can I Afford?
▼ + stars: | 2023-05-11 | by ( ) www.wsj.com time to read: +7 min

Paying too much in rent could leave you struggling to pay your other bills or unable to save for the future. Here’s how financial planners say you can make sure your rent is in line with your income and goals. Experts we spoke to recommend keeping rent costs below 25% to 30% of your monthly income. Another factor to consider is whether spending a little more on rent could help you save on other costs. When it makes sense to spend lessIt can make sense to spend less than 30% of your net income on rent if you have other large expenses.

Persons: Kevin J, Ryan, isn’t, “, ”, Christopher Lyman, James Guarino, Baker Newman Noyes, Guarino, Garrett Sorensen, Akeiva, Ellis, Sorensen, you’re, it’s Organizations: Financial Advisors, ”, Utilities Locations: Newtown, Penn, Woburn , Mass, Boston , New York, San Francisco, Old Hickory, Tenn, Natick, Mass

☆ Here’s how the IRS says you should handle 1099-K tax reporting mistakes on your return
▼ + stars: | 2023-03-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

The 2022 threshold for Form 1099-K, which reports third-party business payments to the IRS, is still more than 200 transactions worth an aggregate above $20,000. That's slated to change for next tax season when the 2023 threshold drops to $600 for even a single transaction. In the meantime, you still need to report business income, regardless of whether you receive Form 1099-K, the IRS said in a news release on Thursday. "In effect, the IRS compares the information it receives from third parties to the information included on a tax return," he said. watch nowHow to handle 1099-K reporting errors

☆ How to pay 0% capital gains taxes with a six-figure income in 2023
▼ + stars: | 2023-02-15 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Here's why: The IRS made dozens of inflation adjustments for 2023, including the long-term capital gains brackets, applying to investments held for more than one year. This means you can have more taxable income before reaching the 15% or 20% brackets for investment earnings. Here's your capital gains tax bracketWith higher standard deductions and income thresholds for capital gains, it's more likely you'll fall into the 0% bracket in 2023, Lucas said. The rates use "taxable income," calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income. For example, if a married couple makes $100,000 together in 2023, their taxable income may easily fall below $89,250 taxable income after subtracting the $27,700 married filing jointly standard deduction.

☆ Microsoft and ArcelorMittal back MIT spinout trying to green the $1.6 trillion steel industry
▼ + stars: | 2023-01-27 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

The $1.6 trillion steel industry is the backbone of the modern world. That's why massive global businesses, including international steel giant ArcelorMittal and tech stalwart Microsoft , are investing in Boston Metal, a company that spun out of Massachusetts Institute of Technology and developed a new way of making clean steel. "There is no economy, there is no infrastructure without steel," Boston Metal CEO Tadeu Carneiro told CNBC in a video call on Wednesday. The same year they launched a company, Boston Electrometallurgical Corp., to scale and commercialize that technology. He is a veteran of 40 years career in the steel industry, mostly at Brazilian metals giant CBMM.

☆ 'You can control your tax reporting destiny.' 4 key year-end tax moves
▼ + stars: | 2022-12-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

While your tax return isn't due until April, several key deadlines are approaching by year-end, experts say. "You can control your tax reporting destiny," said certified financial planner Jim Guarino, a CPA and managing director at Baker Newman Noyes in Woburn, Massachusetts. Since few Americans itemize deductions, it's harder to claim a tax break for charitable gifts. Time Roth IRA conversions with transfers to a donor-advised fundAnother charitable giving strategy, donor-advised funds, may pair well with a Roth IRA conversion, Guarino said. Donor-advised funds act like a charitable checkbook, allowing investors to "bunch" multiple years of gifts into a single transfer, providing an upfront tax deduction.

☆ Here's how much you can earn and still pay 0% capital gains taxes in 2023
▼ + stars: | 2022-10-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Getty ImagesHow to know your capital gains tax bracketWith higher standard deductions and income thresholds for capital gains, it's more likely you'll fall into the 0% bracket in 2023, Lucas said. For 2023, you may qualify for the 0% long-term capital gains rate with taxable income of $44,625 or less for single filers and $89,250 or less for married couples filing jointly. The rates use "taxable income," calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income. By comparison, you'll fall into 0% long-term capital gains bracket in 2022 with a taxable income of $41,675 or less for single filers and $83,350 or less for married couples filing jointly. Of course, the decision hinges on your taxable income, including payouts, since you won't have taxable gains in the 0% capital gains bracket.

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