Investing News

Gifts to charity are one of the best tax-saving opportunities available. Not only does the charity benefit, but taxpayers enjoy tax savings by deducting part or all of their contributions on their tax returns. For 2021, special rules extend and expand the generous tax treatment for qualifying cash contributions previously allowed nonitemizers in 2020. Nonitemizers
In the good old days, Social Security was tax-free. But times have changed, and now many taxpayers can expect to see at least a portion of their Social Security income make its way onto the taxable income line of their 1040s. People who convert their traditional IRAs to Roth IRAs often fall into this hidden
If you borrowed money to pay for school, your first question might be how best to pay off your student loans. The short answer is that there’s no magic bullet, but there are definitely things you can do to make paying back education debt easier. Student loan debt reached an all-time high of $1.61 trillion
Established in 1789 by an act of Congress, the United States Department of the Treasury is responsible for federal finances. The Treasury Department manages the U.S. government’s expenditures and its revenue-raising functions. Here we examine the Treasury’s responsibilities, particularly the reasons for its borrowing, and the means by which it takes on debt.1 The Treasury’s Responsibilities The U.S. Treasury is
Retirement planning involves identifying expenses, sources of income, and saving enough money to cover a certain percentage of your living expenses. However, there are a few expenses that might not be on your radar. Living expenses might be lower in retirement versus working years, while other expenses may stay the same. However, some costs might
The calls for full disclosure grow with every accounting scandal. The domino-like procession of corruption including Worldcom, Enron, and Tyco back in the early 2000s brought manipulative accounting to the forefront for the first time, and prompted calls for legislation and accounting reforms all aimed at forcing corporations to make frank and full disclosure in
Mutual funds receive investment capital from investors and use that money to purchase securities. The types and amounts of securities depend on the investment strategy of the mutual fund and change over time as the investment manager makes adjustments to the portfolio. The turnover, which refers to the investment manager divesting current securities or buying
What Is a 529 Savings Plan? Families need to save as much as possible, as early as possible to get ahead of rising education costs. According to a research report from CollegeBoard.org, the average cost of attending a public four-year college, including tuition and fees, in the 2021 to 2022 school year is $10,740 for an
If you’ve been diligently saving for retirement through your employer’s 401(k) plan, you may be able to convert those savings into a Roth 401(k) and gain some added tax advantages. Key Takeaways Many companies have added a Roth option to their 401(k) plans. Traditional 401(k)s and Roth 401(k)s are taxed differently; traditional ones use pre-tax