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☆ Trump hush-money judge warns against delay tactics and threatens lawyers with contempt in blistering order
▼ + stars: | 2024-03-26 | by ( Laura Italiano | ) www.businessinsider.com time to read: +4 min

The trial judge, New York Supreme Court Justice Juan Merchan, threatened Trump's lawyers with contempt if they again try to bend his strict rules limiting the filing of new pretrial motions. "This Court has the authority to implement measures as necessary to manage its docket and prevent "dilatory tactics" right up until the eve of trial," Merchan wrote. Later on Tuesday afternoon, Merchan made public a March 10 letter from Trump's legal team that appeared to illustrate his concerns. Blanche said that "pretrial publicity" made a fair trial impossible. "President Trump's constitutional right to a fair trial is at stake," Blanche wrote.

Persons: —, Donald Trump's, Juan Merchan, Merchan, Merchan's, Trump's, Stormy Daniels, Todd Blanche, Blanche, Allen Weisselberg, Michael Cohen, Stephanie Clifford Organizations: Service, GOP frontrunner's, New, Business, longtime Trump Organization Locations: York

A large suburban Philadelphia county has joined dozens of other local governments around the country in suing the oil industry, asserting that major oil producers systematically deceived the public about their role in accelerating global warming. The county wants oil producers to pay to mitigate the damage caused by climate change. The county's 31 municipalities will spend $955 million through 2040 to address climate change impacts, the group forecast last year. It said climate change policy is the responsibility of Congress, not local governments and courts. Circuit Court of Appeals dismissed a lawsuit by New York City against five oil companies to recoup damages caused by global warming.

Persons: Gene DiGirolamo, Theodore J, Boutrous Jr, ” Ryan Meyers Organizations: D.C, Center, Climate Integrity, BP, Chevron, ConocoPhillips, ExxonMobil, Philips, Shell, American Petroleum Institute, U.S, Circuit, New Locations: Philadelphia, Bucks, California , Colorado, Hawaii , Illinois, Maryland , New Jersey , New York , Oregon, South Carolina, Puerto Rico, Washington, Bucks County, Pennsylvania, New York City

☆ New Yorkers who make six figures won't save as much moving to Texas and Florida anymore
▼ + stars: | 2024-03-25 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

New Yorkers have historically moved to Florida and Texas to save money on taxes and other expenses. AdvertisementIn December, Rahul Sen Sharma told Business Insider that he was moving from New York to Miami — and bringing his company with him. New Yorkers moving to Texas for many of the same reasons will also face sticker shock. The savings gained by moving to Florida and Texas are dwindlingUtilities, gas, and housing are just a few expenses that have gotten pricier in Florida and Texas since 2019. "The property-tax percentage rate is higher," Marie Bailey, a Texas real-estate agent who moved from California, told Business Insider's Alcynna Lloyd.

Persons: —, Rahul Sen Sharma, Sen Sharma, BI's Phil Rosen, Jeff Bezos, Ken Griffin, SmartAsset, Dallas, Alexander Spatari, Realtor.com, Jaclyn DeJohn, SmartAsset's, Wager, Robert Walsh, Marie Bailey, Insider's Alcynna Lloyd Organizations: Service, Miami —, Bloomberg ., New, Miami, relocators, Miami . Miami Beach, Bloomberg, Business, Sunshine State, CBS, Fort Locations: Florida, Texas, New York, Miami, NYC, Austin, Florida and Texas, Dallas, Miami ., Manhattan, Fort Lauderdale , Florida, Fort Lauderdale, California

☆ Treasury chief Yellen defends Biden budget against Republican senators' fears of tax increases
▼ + stars: | 2024-03-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Provisions of the TCJA — a landmark tax law proposed by the Trump administration and passed by Congress in 2017 — that are set to expire in 2025 include the child tax credit. An additional "other dependent credit" offers a tax credit of $500 to people with less than $400,000 in income who have qualified dependents who are ineligible for the child tax credit. Biden's budget will restore the expanded child tax credit, the White House has said. "Would you agree that if the TCJA child tax credit provisions are not extended, this would also result in a tax hike for Americans making under $400,000?" The budget would impose a minimum 25% tax rate on the unrealized income of the very wealthiest households and raise the IRA's corporate alternative minimum tax for billion-dollar companies from 15% to 21%, while increasing the larger corporate tax rate to 28%.

Persons: Janet Yellen, Joe Biden's, Biden, Sen, Steve Daines, Yellen, Daines, Trump, Mike Crapo, pare Organizations: Treasury, Capitol, WASHINGTON —, Congress, White, Child Tax, Rescue, National Conference of State Legislatures, . Census, House Republicans, Lawmakers, Department of Homeland Security Locations: Washington , U.S, Idaho

☆ Build a tax-efficient portfolio with these funds, Bank of America says
▼ + stars: | 2024-03-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

April 15 is the deadline for taxpayers to file their income tax returns and pay sums owed for 2023. MLPs themselves aren't subject to federal income taxes, but limited partners owe taxes on the income distributed. MLPX has a total return of 7.6% in 2024, and MLPA's year-to-date total return is 9.3%, according to Morningstar. In 2024, IYK has a total return of nearly 4.7%, while XLU's total return is about 0.7%, according to Morningstar. MFM's total return this year is 3.66%, and NZF has a total return of 3.4% in 2024, according to Morningstar.

Persons: Jared Woodard, Woodard, —, MLPX, IYK, Morningstar, XLU, NZF Organizations: Bank of America, MLP & Energy Infrastructure, X MLP, Morningstar, Consumer Staples, Income Trust, Income Locations: MLPs, Indonesia, America, Nuveen

☆ Uber: Taxi drivers in Australia win $179 million from ride-sharing giant
▼ + stars: | 2024-03-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Uber will pay more than 8,000 taxi and hire car drivers in Australia almost 272 million Australian dollars ($179 million) in compensation for losses they suffered after the ride-sharing giant entered the country in 2012, lawyers representing the drivers said Monday. It has also made “significant contributions to various state-level taxi compensation schemes” in Australia since 2018, according to the company. Uber now teams up with taxi drivers in many countries. “This caused loss of income to authorized taxi drivers and operators, and hire car operators. In a statement on its website, Uber Australia said ride-sharing regulations did not exist anywhere in the world when it launched more than a decade ago.

Persons: London CNN — Uber, Maurice Blackburn, Uber, ” Maurice Blackburn, “, ” Uber, —, ”, Elizabeth O’Shea, Letitia James, Lyft, Dhruv Tikekar Organizations: London CNN, Maurice Blackburn Lawyers, New York Locations: Australia, — Victoria, New South Wales, Queensland, Western Australia, United States, United Kingdom, York

By hiring an accountant, we'll be able to get the most out of tax season and save for retirement. Short-term capital gains are profits you've made on stock that you've held for one year or less. Long-term capital gains are gains on investments you've held for longer than a year and range from 0% to 20%. What tax rate you'll pay on these gains depends on your taxable income, or what tax bracket you fall into. Little-known tax moves like this are another reason hiring an accountant is worth every penny.

Persons: we'll, —, I've, you've, I'm, Max, doesn't Organizations: Service, IRS

☆ What Groups Need Affirmative Action?
▼ + stars: | 2024-03-15 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

To do so, Abramitzky and Boustan collected millions of tax filings, census records and other data and analyzed upward mobility over time. As in the past, immigrants themselves tend to remain poor if they arrive poor, as many do. Within a generation or two, immigrant families resemble native families in economic terms. Overall upward mobility has declined sharply. For a mix of reasons — including their willingness to move to U.S. regions with strong economies — immigrant families have kept climbing society’s ladder.

Persons: — Ran Abramitzky, Leah Boustan, Princeton —, ”, Boustan Organizations: Stanford, Princeton, Immigrants Locations: United States, Gold, Asia, Latin America, Italy, Russia, U.S

☆ Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
▼ + stars: | 2024-03-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

This is about the wealthy contributing more ... the extremely wealthy contributing more and being proud to do that. "This is about the wealthy contributing more to the society, the extremely wealthy contributing more and being proud to do that," Phil White, retired business owner and Patriotic Millionaires co-signatory, told CNBC. But experts are divided over the effectiveness of a wealth tax, and its how achievable it is in reality. Data suggests that wealth tax accounts for only a very small proportion of total tax revenues in the countries where it has been applied. Data suggests that a wealth tax accounts for only a very small proportion of total tax revenues in the countries where it has been applied.

Persons: Joe Biden, Biden, Phil White, Abigail Disney, Brian Cox, Arun Advani, Advani, Christine Cairns, PwC, Tord Kolstad, Kolstad, Kolstad Eiendom Organizations: Patriotic, Patriotic Millionaires, CNBC, Scottish, University of Warwick Locations: Brazil, Europe, Switzerland, Norway, Spain, Colombia

☆ The average tax refund is over $3,000. Here are 7 ways to put it to good use
▼ + stars: | 2024-03-15 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —The average federal tax refund is more than $3,000, according to the latest data from the IRS. … They don’t understand how much interest they’re paying,” Russ said. Create or add to an emergency fundYou can use your refund to start or bolster an emergency fund. If you have high-rate debt and you’re lacking emergency savings, Russ suggested you might use a portion of your refund to attack your debt and the other portion to create an emergency fund. If you need the money within three years, you might consider putting your refund in certificates of deposits and US Treasury bonds.

Persons: you’re, ”, Eric Bronnenkant, Keyana Russ, ” Russ, Russ, Bronnenkant, Roth, Bronnenkant, Charles Schwab, ” Bronnenkant Organizations: New, New York CNN, Ponds Financial, Invest, Roth IRA, Treasury Locations: New York, Ponds

☆ A tax expert shares 3 little-known concepts every real-estate investor should know about, including one that could eliminate capital gains taxes
▼ + stars: | 2024-03-14 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

"It's section 1250 in the tax code, and that tax rate is 25% at the federal level, regardless of whatever marginal income tax bracket you're in." In addition to owing capital gains tax on the $500,000 of appreciation they experience, they're also subject to depreciation recapture tax. As a DST investor, you essentially own fractions of the investment properties, typically high-grade institutional properties, owned by the trust. A step-up in basis can reduce or eliminate capital gains taxesA "step-up in basis" can help heirs reduce or even eliminate capital gains taxes. That means, if the surviving spouse wants to sell, they can save big on capital gains taxes.

Persons: —, Austin Bowlin, they're, Bowlin, aren't Organizations: Service, Real, Business, IRS, Midwest, Investors Locations: Delaware, Texas, Arizona , California , Idaho , Louisiana , Nevada , New Mexico , Texas, Washington, Wisconsin

☆ Bipartisan Tax Bill Is Stuck in Senate Limbo After Broad House Approval
▼ + stars: | 2024-03-13 | by ( Kayla Guo | ) www.nytimes.com time to read: +1 min

A bipartisan bill to expand the child tax credit and reinstate a set of business tax breaks has stalled in the Senate after winning overwhelming approval in the House, as Republicans balk at legislation they regard as too generous to low-income families. The delay of the $78 billion tax package has imperiled the measure’s chances and reflects the challenges of passing any major legislation in an election year. Enacting a new tax law would give President Biden and Democrats an achievement to campaign on, something that Republicans may prefer to avoid. The package, which would be in effect through 2025, would expand the child tax credit and restore a set of tax breaks related to business research costs, capital expenses and interest. It would also include a boost to a tax credit encouraging the development of low-income housing, tax relief for disaster victims and tax breaks for Taiwanese workers and companies operating in the United States.

Persons: balk, Biden Organizations: Republican, Senate Locations: United States

☆ The IRS's free tax filing system is officially open. Here's everything you need to know.
▼ + stars: | 2024-03-12 | by ( Allie Kelly | ) www.businessinsider.com time to read: +3 min

Read previewThe Internal Revenue Service and the US Department of the Treasury officially launched their Direct File tax program on March 12. Direct File — now available in both English and Spanish — has been piloted in several states and offers Americans a free way to file their taxes. With Direct File, taxpayers can file their taxes directly from their smartphone, laptop, or desktop computer. The Direct File program will show taxpayers clear math on the taxes they owe and their expected tax refund. "Our priority in launching this new service is to save taxpayers time and money they can spend on themselves and their families."

Persons: —, Spanish —, Joe Biden's, Wally Adeyemo, Natalie Quillian, Quillian Organizations: Service, Revenue Service, US Department of, Treasury, Business, Taxpayers, Social, Treasury Department, IRS, Staff Locations: Spanish, California , Arizona, Florida , Massachusetts, New Hampshire , Nevada , New York, South Dakota , Tennessee , Texas, Washington, Wyoming

☆ IRS free tax filing program launches in 12 pilot states. Here's what to know
▼ + stars: | 2024-03-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

After weeks of testing with roughly 1,500 returns, Direct File, a free tax filing program from the IRS, is now fully open in 12 pilot states, according to the U.S. Department of the Treasury. While the pilot focuses on "simple tax situations," the Treasury estimates the pilot could cover about one-third of tax situations for 19 million taxpayers. "Dozens of countries have provided free tax options to their citizens for years," Deputy Secretary of the Treasury Wally Adeyemo said during a press call on Monday. "American taxpayers who want to file their taxes for free directly with the IRS should have that option." More from Personal Finance:Trump vs. Biden: What a presidential election rematch could mean for your taxesTax pros brace for 'tidal wave' of crypto tax scrutiny from the IRS.

Persons: Wally Adeyemo, Biden, Adeyemo Organizations: U.S . Department of, Treasury, Finance, Trump, Economic Security

☆ 19 million people may qualify for free tax prep through the IRS this season. Here’s where they live
▼ + stars: | 2024-03-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

IRS Free File returns up nearly 15%This season, the Direct File pilot is only available in 12 states, but most taxpayers also qualify for another option: IRS Free File. The program is a public-private partnership between the IRS and the Free File Alliance, a nonprofit coalition of tax software companies. Tim Hugo Executive director of the Free File AllianceSome 70% of taxpayers, or roughly 100 million Americans, are eligible for Free File. "It's free, it's easy to use and it's available," said Tim Hugo, executive director of the Free File Alliance. Other free tax filing options this season include Volunteer Income Tax Assistance, Tax Counseling for the Elderly and private company software.

Persons: Tim Hugo, Hugo Organizations: Treasury, IRS, Alliance, Elderly Locations: California, Arizona, Florida, Massachusetts, Hampshire, Nevada, York, Dakota, Tennessee, Texas, Washington, Wyoming

☆ Paris has hiked parking charges on SUVs. Now cities like London are taking note
▼ + stars: | 2024-03-11 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +4 min

At a referendum in Paris last month, almost 55% voted in favor of a specific parking rate for sports utility vehicles (SUVs) for non-residents. The higher charges will apply to SUVs weighing more than 1.6 metric tons that are hybrid or have a combustion engine, as well as electric SUVs weighing over 2 metric tons. According to Jens Müller, deputy director and head of policy and research at the Clean Cities campaign group, "what happens in Paris usually doesn't stay in Paris." Its plans to introduce higher parking charges for heavier vehicles which is due to come into force next June. It's a nod to the fact that pollution isn't the only potential issue with SUVs, with space and safety also of concern.

Persons: it's, Jens Müller, Paris Mayor Anne Hidalgo, Edmund King, Belit Onay Organizations: Anadolu, Getty, Clean Cities, CNBC, Paris Mayor, International Energy Agency, Times, Lyon, Grenoble, Transport, Environment, Vias Institute Locations: Paris, France, Europe, Bordeaux, Germany, Tübingen, Hanover, 200cm, Belgium

☆ Biden’s Budget Calls for Tax Increases on Corporations and the Wealthy
▼ + stars: | 2024-03-11 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

For Mr. Biden, tax policy has been at the center of his efforts to make the economy more equitable and to counter Republican tax proposals that Democrats deride as giveaways to the wealthy. “Does anybody really think the tax code is fair?” Mr. Biden asked during his address last week. Overall, Mr. Biden is proposing $5 trillion in additional taxes on corporations and high earners over the next decade. Here’s what those increases would entail:Corporate tax increasesThe budget employs a mix of approaches to make American corporations pay more in federal taxes. Mr. Biden also calls for increasing what’s known as the corporate minimum tax to 21 percent from 15 percent.

Persons: Biden, Donald J, Trump, deride, Mr Organizations: Mr, White

☆ I moved from Denmark to the US. I prefer the US, but there are some things the Danish do better.
▼ + stars: | 2024-03-09 | by ( Michelle Mastro | ) www.businessinsider.com time to read: +6 min

Denmark is not a socialist country, but it has strong welfare safety nets, like a free healthcare system that people must pay into. AdvertisementDenmark has 'free' healthcare, but it isn't efficientDanish people pay high taxes to support a healthcare system that is becoming less effective. The social aspect of the Danish system doesn't work efficiently anymore, so patients are choosing private hospitals instead. The idea is to discourage people from consuming these products and then relying on the free healthcare system for treatment. The Danish work less and take more time away to reinvigorate their creativity.

Persons: —, Nick Olsen, didn't, I'd, Denmark, I've, you've, It's, Danes Organizations: Service, x365, Business Locations: Salt Lake City, Denmark, United States, LA, Thailand, Utah, Danish, New York, California, there's, America

☆ Novo Nordisk stock: The company behind Ozempic and Wegovy is now bigger than Tesla
▼ + stars: | 2024-03-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —First, Novo Nordisk, the company behind Ozempic and Wegovy, outgrew its native Denmark. Investors rushed into Novo Nordisk’s stock after the company reported early-stage results from a trial of amycretin, an experimental weight loss drug that can be taken in pill form. Novo Nordisk, once the little-known maker of diabetes drug Ozempic, has ballooned in value as the drug’s off-label use for weight loss has spread. By contrast, shares of Novo Nordisk are up by 30% this year, and by nearly 80% over the past 12 months. The companies have cornered the global market for weight loss drugs that mimic GLP-1, a naturally-occurring hormone that suppresses appetite.

Persons: Grégoire, ”, Jens Naervig Pedersen, “, Tesla, Elon Musk’s Tesla, China’s, Eli Lilly, “ Novo, Lilly, It’s, Musk, Jeff Bezos Organizations: London CNN, Novo Nordisk, Pictet, Management, CNN, US Food and Drug Administration, Nordisk “, Danske Bank, EV, Reuters, “, Amazon, Bloomberg Locations: Novo, Denmark, Novo Nordisk’s, Danish, United States, Berlin, Germany, Europe, Pictet, EVs

☆ After a Night ‘on Fire,’ Biden Hits the Road to Make the Case for a Second Term
▼ + stars: | 2024-03-07 | by ( Peter Baker | ) www.nytimes.com time to read: +1 min

President Biden took his bid for a second term on the road on Friday, effectively opening the general election campaign with a strongly populist pitch and an aggressive attack on his Republican challenger, former President Donald J. Trump. Mr. Biden made clear that his regular targets during this re-election bid would be billionaires, corporations, pharmaceutical companies, banks, credit card companies and even potato chip makers. All of them, in his telling, are out to gouge consumers and duck their fair share of taxes. But his favorite villain in his election-year narrative will still be Mr. Trump, his opponent from 2020 now in a rematch set by this week’s Super Tuesday primaries. “Donald Trump and the MAGA Republicans are trying to take away our freedoms,” Mr. Biden told a crowd of cheering Democrats in a school gymnasium, this time not shying away from citing his challenger by name, unlike the night before.

Persons: Biden, Donald J, Trump, “ Donald Trump, MAGA, Mr, “ That’s, ” Organizations: Republican, Trump, MAGA Republicans Locations: Wallingford, Pa

BARCELONA, Spain (AP) — Spanish state prosecutors have accused Real Madrid coach Carlo Ancelotti of alleged tax fraud, claiming he used shell companies to hide parts of his income during his first stint at the club a decade ago. Prosecutors in Madrid said in a statement Wednesday that they are accusing Ancelotti of two accounts of tax fraud and are requesting a prison sentence of four years and nine months. Photos You Should See View All 60 ImagesFormer Madrid coach Jose Mourinho received a one-year suspended sentence after reaching a guilty plea for tax fraud in 2019. Star players Lionel Messi and Cristiano Ronaldo — among others — have also been found guilty of tax fraud in Spain. Madrid is leading the Spanish league and is set to play Leipzig on Wednesday for a spot in the Champions League quarterfinals.

Persons: Carlo Ancelotti, Ancelotti, Jose Mourinho, Lionel Messi, Cristiano Ronaldo —, —, Mourinho, Ronaldo, Messi, ___ Organizations: Real Madrid, Prosecutors, Madrid, Champions League, AC Milan, Spanish, Star, Leipzig Locations: BARCELONA, Spain, Spanish, Madrid, Ancelotti, England, Italy, Germany, France

☆ The average tax refund is over $1,700—how Americans plan to spend it
▼ + stars: | 2024-03-06 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The 2024 tax season is in full swing, with some Americans already seeing refund checks hit their mailboxes or bank accounts directly. And about 20% of taxpayers plan to use the cash for fun expenses like vacations, home improvements and retail splurges. There's some debate around whether it's actually a good thing to receive a tax refund versus adjusting your withholdings and receiving larger paychecks throughout the year. Similarly, if you do receive a tax refund, it's up to you to decide the best way to use it, from covering day-to-day expenses to saving for a future goal. The best way to use your tax refund

Persons: Bankrate, Gen, it's Organizations: Internal Revenue Service

The project, known as Direct File and launched by the IRS on a limited basis in 12 states this tax season, is in its pilot phase. Derek Wheeler, director of the Low-Income Taxpayer Clinic at the University of Florida’s Law School, said his clinic has referred less than a dozen clients to the Direct File system. His legal clinic has partnered with the IRS and selectively identifies clients who may be eligible to submit their taxes through the program. One of their biggest criticisms is that free tax prep services already exist for people of all income brackets and developing the Direct File system will end up costing taxpayers billions of dollars. But after using Direct File, she said, “I feel foolish for paying all that money every year.”

Persons: Dixie Warden, ” Warden, Warden, She's, ”, Obama, Derek Wheeler, Wheeler, Grover Norquist, Joe Biden, ‘, Norquist, Daniel Werfel, Vanessa Williamson, ” Wheeler, she’ll, “ Organizations: WASHINGTON, IRS, Affordable, University of Florida’s Law, Associated Press, Tax, Urban, Brookings Tax Policy, Organization for Economic Cooperation, Development, University of Florida, House Republicans, Congress Locations: Kyle , Texas, Florida, New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington , Wyoming , Arizona , Massachusetts, California, New York, United States, Germany, Japan, Britain, U.S

☆ Attorney accusing Fani Willis of wrongdoing testifies before Georgia state Senate panel
▼ + stars: | 2024-03-06 | by ( Nick Valencia | Jason Morris | ) edition.cnn.com time to read: +4 min

CNN —A Georgia state Senate committee investigating allegations of wrongdoing by the Fulton County District Attorney Fani Willis heard more than three hours of testimony from defense attorney Ashleigh Merchant that largely went unchallenged by the mostly Republican committee and offered little to no new information about the claims. Merchant is representing one of Donald Trump’s co-defendants in the sprawling 2020 Georgia election interference racketeering case and is seeking to have Willis, a Democrat, removed from the case, possibly endangering the entire prosecution. Republican state Sen. Bill Cowsert, chairman of the committee, told CNN that endgame of the panel is, “to determine whether there has been improper behavior. They’re going hear the evidence…and I’m sure both sides will actually do their role in that particular situation,” Jones said. The panel can amend Georgia law or create new legislation but lacks the power to directly sanction Willis.

Persons: CNN —, Fani Willis, Ashleigh Merchant, Merchant, Donald Trump’s, Willis, Sen, Bill Cowsert, “, it’s, ” Cowsert, Democratic Sen, Jason Esteves, ” Esteves, Harold Jones, ” Jones, Wade, Jones, ” “, he’s, ”, CNN’s Jade Gordon, Shirin Faqiri, Olivia Laborde Organizations: CNN, Republican, Democratic, Merchant, Trump Locations: Georgia, Fulton County, guardrails

☆ You could 'owe huge taxes' next year if you don't make this update, says CFP—how to check if you need to
▼ + stars: | 2024-03-05 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

If you contribute too little money, you might receive a sizable tax bill you weren't expecting when you file your taxes next year. Take adding dependents, for example: They can lower your tax bill by thousands of dollars if you claim credits like the child tax credit, the child and dependent care credit or the earned income tax credit. "Tax withheld on bonuses and stock compensation is typically — though not always — withheld at a flat 22% for federal taxes," says Carla Adams, a certified financial planner in Michigan. However, those in a higher tax bracket could owe huge taxes." How to check if your tax withholding is on track

Persons: it's, Roth, Michelle Gessner, Carla Adams Organizations: Internal Revenue Locations: Houston, Michigan

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