How do you know if you owe taxes

Share to Twitter Share to Linkedin What Happened It has been a rough 2022 for cryptocurrency holders who had to face the collapse of luna and its associated stablecoin terraUSD, the meltdown of several digital-asset exchanges, and a brutal financial winter that cut the market value of all coins and tokens to $800 million from the January high of $2.4 trillion. With the year coming to an end, U.S. investors–most of whom are likely to be sitting on losses – have some room to optimize their tax situations and get ready for the upcoming filing season. Anyone following crypto knows how volatile the market can be. Forbes CryptoAsset & Blockchain Advisor looks at the universe of viable crypto assets with proprietary analysis and insider crypto knowledge to guide you to the best choices. Key Concepts Below are some strategies and best practices you can follow before the end of the year to save on taxes and have a smoother filing experience in … [Read more...] about Year-End Tax Tips After Crypto’s Dismal 2022

Share to Twitter Share to Linkedin The Secure Act 2.0 brought about several consumer-friendly policies that should help people save more over time, as well as more flexibility when it comes to how funds in a 529 college savings plan can be used. Specifically, families will soon be able to move up to $35,000 from a 529 college savings plan into a Roth IRA for the account beneficiary, although annual contribution limits apply. This becomes an option for savers in 2024. Because annual contribution limits come into play here, maximizing the cap on this benefit will take several years. In fact, the Internal Revenue Service (IRS) has set the annual contribution limit across all IRA accounts at $6,500 for 2023 (unless you're 50 or older, in which case you can contribute up to $7,500 per year). ADVERTISEMENT The 529 plan making the transfer must also be open for at least 15 years, so it's not possible to open an account, fund it quickly, then move money … [Read more...] about Prevent State Tax Issues Before You Move 529 Funds To An IRA

Share to Twitter Share to Linkedin Crypto continues to have a rocky 2023, with one of the most recent announcements being a pending lawsuit against Coinbase by the Securities and Exchange Commission. While the SEC continues to hammer on virtually every crypto-native organization or service provider, there are other issues that investors need to keep in mind. Taxes are a part of any business conversation, and rarely a fun one to discuss. Enjoyable or not, however, taxes are an important topic for any investment or business decision; crypto taxes and tax treatment continue to provide fertile ground for debate, discourse, and wide ranging conversation. Even as the Internal Revenue Service has continuously updated guidance, issued multiple online Q&A documents, and made changes to tax forms for U.S. taxpayers, the tax situation surrounding crypto continues to be a complicated one. Straight-forward crypto transactions, such as using bitcoin (or other crypto) … [Read more...] about What Crypto Investors Need To Know About NFT Tax Changes

Share to Twitter Share to Linkedin Travis Forman, Portfolio Manager at Strategic Private Wealth Counsel - Harbourfront Wealth Management . Not to alarm you, but there may be a red flag in your portfolio. You might have a sound investment plan and be adequately diversified, but how are you protecting your purchasing power? Do you have inflation-fighting assets in your portfolio? Whether we acknowledge it or not, we are in an era of higher inflation. Just a couple of years ago, inflation was low, and interest rates were at rock bottom. As we know, this has changed significantly since then. While peak inflation of 9.1% in the United States and 8.1% in Canada may no longer be a reality, a swift return to the days of 2% inflation is also unlikely. If you need to hear it from someone other than me, the multinational investment corporation BlackRock agrees. In its 2023 outlook, the firm stated, “we think we are going to be living with inflation … we see … [Read more...] about Know The Red Flag In Your Portfolio

Share to Twitter Share to Linkedin It turned out to be the most talked-about moment on Season 27 of “The Bachelor.” Zach Shallcross prepared to set out on a trio of Fantasy Suite dates with the final three woman in the competition and then fumbled the highly anticipated encounters by making a vow no one asked him to make—and immediately breaking it. As he explained to Ariel Frenkel on his first date, he had no intention of having sex on any of his dates. He told Gabi Elnicki the same thing on the second date, but he followed it up a little differently by having with her. Then, guilt-stricken, he recapped it all in a messy confession on date three with Kaity Biggar. After it was all over, Shallcross sent Frenkel home, the one woman who had no idea about his sexual change of heart. And that became the topic of an uncomfortable confrontation on the opening portion of the live “Bachelor” finale Monday night. MORE FROM FORBES The 5 Cringiest Fantasy … [Read more...] about Ariel Frenkel Confronts Zach Shallcross About Fantasy Suite Betrayal On ‘Bachelor’ Finale

Share to Twitter Share to Linkedin There are many financial planning considerations before, during, and after a divorce. A key part of the process from a financial standpoint is dividing the assets. Generally, couples split the value of their assets 50-50 (though not always). But that doesn't mean the actual assets are just split down the middle, and some assets are much more favorable from a tax perspective than others. Once the divorce is finalized, a crucial (but often overlooked) part of the process is updating estate documents and beneficiary designations. Here are some key considerations when financial planning for a divorce. Money and divorce This article solely focuses on some of the general financial planning aspects of divorce and is not personal legal, tax, accounting, or financial advice. When getting a divorce, it's important to assemble your team of professionals. During the divorce, your attorney is the star quarterback. … [Read more...] about Financial Planning For A Divorce

MLB’s most marketable star leads a group that is set to collect a record $436 million combined this year before taxes and agents’ fees, up 15% from last year’s all-time high. By Justin Birnbaum W hen Shohei Ohtani led Team Japan to victory at the World Baseball Classic last week, striking out his Los Angeles Angels teammate Mike Trout to end the championship game, he delivered yet another incredible achievement to his ever-expanding baseball resume. As he enters his sixth big league season, Ohtani has collected a slew of awards, including the 2021 American League MVP. That kind of success has translated financially for the 28-year-old Ohtani, who is now the highest-paid player in baseball. Forbes estimates Ohtani will collect $65 million in total earnings for the 2023 season before taxes and agents’ fees, an MLB record. Nearly half of that comes from the record-breaking one-year, $30 million contract extension he signed in October to avoid arbitration. Off the … [Read more...] about Baseball’s Highest-Paid Players 2023: Shohei Ohtani’s MLB-Record Total Lands Him At No. 1

TAMPA, Fla. — At the end of a hallway inside the convention center at the Republican National Convention last week, rising Republican star Ted Cruz took a seat in a folding chair and answered eight questions from The Daily Caller. Cruz, the Republican nominee for the U.S. Senate in Texas, criticized the media for failing to highlight his party’s Hispanic and other minority convention speakers, discussed which government agencies he’d like to see eliminated, and revealed what he thinks about party-watchers who see him as a future presidential contender. Here’s that conversation with Cruz with minor edits for length and clarity: TheDC : Who particularly impressed you as a convention speaker here in Tampa? Cruz : I think Ann Romney on Tuesday was the rock star of the night, and I think the task she had before her was humanizing Mitt Romney. A lot of people understand his extraordinary business career, his very successful tenure and leadership. But she had a critical task of … [Read more...] about Rising GOP star Ted Cruz talks about the media, the convention, federal agencies to axe

Share to Twitter Share to Linkedin “TikTok keeps teens awake all night — well past their bedtime.” That’s a real statement from Representative Kim Schrier from the a district in Washington during a Congressional inquiry about TikTok this past week. Shou Zi Chew, the CEO of TikTok, answered questions about data collection , misinformation, and abuses but all I could think about was how out of touch the panel seemed. It was like watching a generational dumpster fire at times. I guess Representative Schrier has a point, although I would say our kids are likely going to stay up late no matter what we do. She went on to explain how TikTok use could lead to depression and other problems. Yes, we know . In another strange moment, a Congressman asked about whether TikTok uses the home Wi-Fi network of the user . Chew seemed a bit ruffled by the question, saying that, of course it would have to use Wi-Fi to access the Internet. Then it was U. S. … [Read more...] about I Asked Google Bard To Pretend It Was A Politician Explaining How TikTok Works. The Results Were Actually Quite Hilarious

Share to Twitter Share to Linkedin Jonathan Dash is founder of Dash Investments . As CIO, he is responsible for the firm’s Investment Management and Asset Allocation decisions. Last year's stock market performance was not what anyone would have wanted, but it was to be expected. For those keeping score, it was the largest yearly decline since 2008 . That could be catastrophic for someone who initially invested in January 2022 with just a one-year time horizon. But most investors don't invest for a one-year period. They invest with their sights set on a long-term goal 10, 20 or 30 years out. But even for someone who started investing just three years ago, their average annual return at the end of 2022 would have been 8.22% . For someone who began five years ago, their average annual return would have been 9.11% . A 10-year horizon ending in 2022 would have generated a 12.4% average annual return. You see where I'm going with this. In a … [Read more...] about Putting The 2022 Stock Market Decline In Perspective