Markets

6 important things to know before filing your taxes this year

Welcome to Personal Finance Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money. Here’s what: Your guide to tax season As a personal-finance journalist and financial planner, I’m obligated to remind you: It’s tax season. Wait! Don’t leave yet. […]
6 important things to know before filing your taxes this year
Markets

Billionaire investor Howard Marks compares gold’s value to a ‘superstition’ and criticises taxes on unrealized gains

Howard Marks expressed scepticism about gold and taxes on unrealized gains this week. Gold’s value is “almost like a superstition,” the billionaire investor told CNBC. The Oaktree Capital boss said taxes on unrealized gains are impractical and could deter investing. Visit Business Insider’s homepage for more stories. Billionaire investor Howard […]
Billionaire investor Howard Marks compares gold’s value to a ‘superstition’ and criticises taxes on unrealized gains
News

Prosecutors conducted an ‘hours-long’ interview with Michael Cohen about Trump’s finances as the end of the president’s legal immunity draws near

New York prosecutors interviewed Michael Cohen, Trump’s former lawyer and fixer, about the president’s finances on Thursday. Cohen is cooperating with two investigations into Trump – a grand jury investigation and a civil investigation. Investigators reportedly asked Cohen to examine Trump organisation documents and provide details about the company’s corporate […]
Prosecutors conducted an ‘hours-long’ interview with Michael Cohen about Trump’s finances as the end of the president’s legal immunity draws near
News

Hunter Biden says federal prosecutors are investigating his taxes

Hunter Biden, President-elect Joe Biden’s 43-year-old son, announced Wednesday that federal prosecutors in Delaware are investigating his taxes. “I take this matter very seriously but I am confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately,” he said in […]
Hunter Biden says federal prosecutors are investigating his taxes
News

Any rich person could pay off Donald Trump

Donald Trump leads an expensive lifestyle and, at least on paper, his businesses aren’t keeping up. The New York Times obtained Trump’s tax returns, and they show that he has hundreds of millions in liabilities coming due that make him a liability to the United States of America. That’s because […]
Any rich person could pay off Donald Trump
Strategy

Even the lowest-paid workers in America have a higher tax bill than Trump

The New York Times released a bombshell report on Sunday drilling into nearly two decades’ worth of President Donald Trump’s tax returns. The Times reported that Trump paid just $US750 in federal income taxes in 2016 and again in 2017. Based on the tax brackets, standard deductions, and personal exemptions […]
Even the lowest-paid workers in America have a higher tax bill than Trump
News

Trump paid his daughter Ivanka $747,622 for ‘consulting,’ then deducted it from his taxes, according to a New York Times investigation

A New York Times investigation into President Donald Trump’s tax filings found that from 2010 to 2018, Trump wrote off about $US26 million in unexplained consulting fees. Among them was $US747,622 written off by the Trump Organisation, the same amount his daughter Ivanka Trump reported receiving in consulting fees, according […]
Trump paid his daughter Ivanka $747,622 for ‘consulting,’ then deducted it from his taxes, according to a New York Times investigation
Markets

Billionaire ‘Bond King’ Gundlach hints he might leave California to a lower-tax state if local taxes for the wealthy are raised

Billionaire investor Jeffrey Gundlach hinted on Twitter he would leave California if local taxes rise for high-earners. The CEO of DoubleLine Capital said in a tweet on Saturday that Elon Musk, comedian Joe Rogan, and political commentator Ben Shapiro are leaving California to “escape incompetent governance.” Taxes are likely to […]
Billionaire ‘Bond King’ Gundlach hints he might leave California to a lower-tax state if local taxes for the wealthy are raised
Markets

Trump attacked Biden’s economic plan as a huge tax hike for the middle-class. But most Americans wouldn’t see their taxes directly increase.

Trump engaged in a barrage of inaccurate attacks on Democrats during his Thursday speech at the Republican National Convention. He said Biden’s tax plan would raise taxes on “almost all American families,” which would “totally collapse our rapidly improving economy.” But experts across several think-tanks say most of the new […]
Trump attacked Biden’s economic plan as a huge tax hike for the middle-class. But most Americans wouldn’t see their taxes directly increase.
News

New York prosecutor cites media reports of extensive ‘criminal conduct’ as grounds to demand Trump’s tax records

The Manhattan District Attorney’s Office asked a judge for eight years of President Donald Trump’s tax records on the grounds that media reports had identified “extensive and protracted criminal conduct at the Trump Organisation,” the Associated Press reported Monday. Vance cited newspaper articles identifying potential criminal activity by Trump and […]
New York prosecutor cites media reports of extensive ‘criminal conduct’ as grounds to demand Trump’s tax records
News

A total of 16 states are holding back-to-school tax holiday periods that help curb the cost of supplies, as local school districts puzzle over whether or not to reopen in the fall

A total of 16 states are holding back-to-school tax holidays this year, during which shoppers are exempt from paying taxes on select items including supplies, clothing, shoes, and electronics like laptops. The decision to move forward with the tax-free periods comes as school districts continue to puzzle over opening schools […]
A total of 16 states are holding back-to-school tax holiday periods that help curb the cost of supplies, as local school districts puzzle over whether or not to reopen in the fall
Strategy

Britain’s high earners could see taxes rising this year – here’s how they can invest wisely, according to financial advisers

The UK government has spent billions to support businesses and individuals during the coronavirus pandemic. Ministers may target tax reliefs and high earners to cover the costs of COVID-19 support. High-net worth (HNW) individuals can protect their income. Business Insider spoke to wealth managers and financial advisers to find out […]
Britain’s high earners could see taxes rising this year – here’s how they can invest wisely, according to financial advisers
Lifestyle

The wealthy are rarely caught by the IRS for not paying their taxes

The wealthy are rarely caught for not filing their taxes, according to a recent audit by the Treasury Inspector General for Tax Administration. From 2014 to 2016, a collective $US45.7 billion was owed by 879,415 high-income nonfilers. Of these nonfilers, 369,180 weren’t worked on by the IRS for tax collection […]
The wealthy are rarely caught by the IRS for not paying their taxes
Markets

What to do if your coronavirus stimulus check is too big or too small

The IRS has sent out the majority of coronavirus stimulus checks to Americans who qualify. The size of your relief payment is dependent on the adjusted gross income (AGI) listed on the latest tax return you filed, either this year’s or 2018’s. The one-time payment is technically an advance tax […]
What to do if your coronavirus stimulus check is too big or too small
Markets

‘The era of tax cuts is over’: The wealthy US ‘investor class’ will have to pick up the tab for coronavirus stimulus, Guggenheim co-chair says

The “investor class” that reaped the benefits of President Donald Trump’s 2017 tax cut will likely pay for much of the government’s coronavirus stimulus, Jim Millstein, co-chairman at Guggenheim Securities, said Monday. The national deficit is expected to quadruple to $US3.8 trillion in 2020, according to a federal watchdog agency. […]
‘The era of tax cuts is over’: The wealthy US ‘investor class’ will have to pick up the tab for coronavirus stimulus, Guggenheim co-chair says
Markets

Don’t worry — your stimulus check won’t lower your tax refund

The US government is sending out cash payments, which people are calling stimulus checks, as the coronavirus pandemic continues to cause financial strain. Technically the payment is a refundable tax credit that qualifying Americans can apply to their 2020 tax bill, but the government is handing it out early. A […]
Don’t worry — your stimulus check won’t lower your tax refund
Strategy

Here are the 19 US states that are in the best fiscal position for a recession

The novel coronavirus has caused many businesses to shutter, several cities to be placed on lockdown, and a record-shattering number of Americans to file for unemployment. Business Insider looked into which states are most prepared for a possible recession, which seems increasingly likely amid the chaos surrounding the pandemic. We […]
Here are the 19 US states that are in the best fiscal position for a recession
Markets

How long to keep tax records, according to the IRS

In general, the IRS recommends keeping copies of your tax returns and tax-related documents for at least three years and up to seven years. The time periods represent the statute of limitations for IRS auditing, though that shouldn’t be cause for worry for the vast majority of taxpayers. You typically […]
How long to keep tax records, according to the IRS