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July 1, 2022

Government taxation and revenue

Winning ticket for Powerball’s $366.7 million jackpot sold in Vermont. Here’s the tax bite for the winner

CNBC
by CNBC017
CNBC – For more and to sign up click here If you’re holding the winning ticket for Powerball’s $366.7 million jackpot, don’t forget about your silent partner: Uncle Sam. After rolling higher for about two months of three weekly drawings with no winner, the lottery game’s top prize was nabbed......
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There’s a growing interest in direct indexing as the investing trend becomes ‘democratized’

CNBC
by CNBC042
CNBC – For more and to sign up click here As demand grows for specialized portfolios, a trend known as direct indexing is quickly becoming an option for more investors.   Rather than owning a mutual or exchange-traded fund, direct indexing is buying the stocks of an index to achieve goals......
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CEO of $4.8 billion fintech Wise faces investigation over tax breach

CNBC
by CNBC069
CNBC – For more and to sign up click here Kristo Kaarmann, CEO and co-founder of Wise. Eoin Noonan | Sportsfile | Getty Images The CEO of £3.9 billion ($4.8 billion) fintech firm Wise is being investigated by U.K. regulators after tax authorities found he failed to pay a tax......
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Tax return backlog is still ‘crushing the IRS’ — and taxpayers — as pileup exceeds 21 million, agency watchdog reports

CNBC
by CNBC025
CNBC – For more and to sign up click here IRS Commissioner Chuck Rettig testifies before the Senate Finance Committee on April 7, 2022. Kevin Dietsch | Getty Images News | Getty Images The IRS backlog of tax returns has swelled over the past year, despite efforts to clear the......
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Obama boasted about opposing federal gas tax holiday before 2008 election — Biden now wants one

CNBC
by CNBC05
CNBC – For more and to sign up click here U.S. President Joe Biden stands with former President Barack Obama during an event on the Affordable Care Act, the former president’s top legislative accomplishment, in the East Room at the White House in Washington, U.S., April 5, 2022. Leah Millis......
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One key problem has 1 in 4 expats ‘seriously considering’ or ‘planning’ to renounce U.S. citizenship

CNBC
by CNBC04
CNBC – For more and to sign up click here Valentyn Semenov / Eyeem | Eyeem | Getty Images While many filers dread tax season, Americans living abroad face even bigger yearly burdens — and those are frustrating enough that some want to ditch their U.S. citizenship. Roughly 1 in......
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Here’s how retirees can give to charity and create an income stream at the same time

CNBC
by CNBC032
CNBC – For more and to sign up click here Kieferpix | iStock | Getty Images For retirees who want to put their charitable dollars to work right away but worry about giving away a large sum all at once, there’s a relatively easy strategy that may be a good......
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Here’s how to fight a higher-than-expected property tax bill

CNBC Real Estate
by CNBC Real Estate01
Momo Productions | Digitalvision | Getty Images If the value of your home ballooned during the pandemic, you may receive an inflated property tax assessment in the mail. There are ways, however, to combat a higher bill, experts say. Despite double-digit growth in single-family home prices, property taxes only increased......
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Here’s when tax-loss harvesting makes sense … and when it doesn’t

CNBC
by CNBC07
CNBC – For more and to sign up click here When the stock market dips, a strategy known as tax-loss harvesting can be a silver lining. But it doesn’t make sense for all portfolios, financial experts say.   Here’s how tax-loss harvesting works: You can sell declining assets from your brokerage......
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Beware of scams involving jobs, stimulus checks and tax refunds, IRS warns

CNBC
by CNBC042
CNBC – For more and to sign up click here IRS Commissioner Chuck Rettig testifies before the Senate Finance Committee on April 7, 2022. Kevin Dietsch | Getty Images News | Getty Images The IRS is warning taxpayers to look out for scams involving fake job offers, tax refunds and......
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Tax planning begins when building your portfolio. Here’s what to know

CNBC
by CNBC010
CNBC – For more and to sign up click here Tetra Images | Tetra images | Getty Images If you’re still recovering from the tax sting of larger-than-expected mutual fund payouts in 2021, it’s never too early to prepare for future distributions, financial experts say. Midyear capital gains distributions aren’t......
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Retirement tax breaks benefit higher earners, leaving middle-class savers behind, report finds

CNBC
by CNBC053
CNBC – For more and to sign up click here Fstop123 | E+ | Getty Images Tax breaks designed to boost retirement savings may primarily benefit higher earners, leaving middle-class workers behind, according to a report from the National Institute on Retirement Security. With most Americans receiving less than half......
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House Democrats push Treasury, IRS for repeal of rule blocking state and local taxes cap workaround

CNBC
by CNBC011
CNBC – For more and to sign up click here Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Three House Democrats are still pushing for relief......
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Nearly half of families with kids can no longer afford enough food 5 months after child tax credit ended

CNBC
by CNBC09
CNBC – For more and to sign up click here lisegagne | E+ | Getty Images Without the child tax credit, Stormy Johnson has been skipping her own meals so her kids can eat. Johnson, 45, works as a student support specialist in Preston County Schools in Kingwood, West Virginia.......
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Ready to buy muni bonds again? Consider this hidden tax before piling in

CNBC
by CNBC042
CNBC – For more and to sign up click here Peter Cade | Getty Images After a rough period for municipal bonds, also known as muni bonds, investors may be returning. But there’s a hidden tax retirees need to consider before piling in. While weekly inflows for U.S. muni bond......
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The IRS is working to increase its audit rates for higher earners

CNBC
by CNBC036
CNBC – For more and to sign up click here Jeffrey Coolidge | Photodisc | Getty Images The IRS is working to boost its audit rates for the wealthiest Americans, according to a statement released with the agency’s annual Data Book, covering activities for the 2021 fiscal year. While plummeting audits have......
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Your Social Security check might be taxed. Here’s how that could change

CNBC
by CNBC036
CNBC – For more and to sign up click here Fertnig | E+ | Getty Images Death and taxes are two certainties in life, as the saying goes. But many people may not realize their Social Security benefits they receive from the government are also subject to taxes. The way......
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Choosing between pre-tax and Roth 401(k) plans can be much trickier than you think

CNBC
by CNBC042
CNBC – For more and to sign up click here Prathanchorruangsak | Istock | Getty Images Whether you’re a current employee or changing jobs, you may need to choose between pre-tax and Roth 401(k) contributions, and it may be trickier than you expect. Here’s the difference: Pre-tax 401(k) deposits reduce......
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A market bottom is an elusive target. These are the moves Merrill advises clients to make now

CNBC
by CNBC053
CNBC – For more and to sign up click here Ilkercelik | Istock | Getty Images The market volatility that’s gripped the markets for weeks has prompted some investors to ask, “Is this the bottom?” But waiting for the market low may prove elusive. “There’s no ‘the’ bottom,” said Chris......
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Capital gains may have triggered hundreds of billions more in individual taxes for 2021, analysis shows. How to trim your tax bill

CNBC
by CNBC034
CNBC – For more and to sign up click here The U.S. Department of the Treasury building Julia Schmalz | Bloomberg | Getty Images Some investors may be grappling with the sting of higher-than-expected capital gains for 2021 and losses in 2022. But experts say tax-planning opportunities may soften the......
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