If you have a portfolio and have sold any stocks at a profit this year, you might be looking for a way to offset the capital gains tax. That’s where tax-loss harvesting comes into play. It’s a way of selling investments that helps you lessen the capital gains tax blow. But what is tax-loss harvesting,…
How Does Tax-Loss Harvesting Work—and Is It for You?
November 16, 2022
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Will You Get a State Stimulus Check This Year?
By Rocky Mengle From Kiplinger’s Personal Finance Question: I heard that some states are handing out stimulus checks. Is this true? Answer: You heard correctly. The final federal stimulus checks were mailed in 2021. For the economic woes facing Americans in 2022—most notably, high inflation—there’s been no such relief from Uncle Sam. But some states…
Biden’s Windfall Profits Tax Pledge Resembles Carter Administration Policy, Critics Say
President Joe Biden’s pledge to impose a Crude Oil Windfall Profits Tax on U.S. oil and natural gas companies if they don’t increase production to “bring down gas prices” is another failed Democratic policy, critics, including a former Treasury Secretary, argue. In a speech one week before midterm elections, Biden said the companies have “a…
Tax Laws That Sunset at Year-End 2025: Take Advantage Now
The Tax Cuts and Jobs Act (TCJA) tax law changes will sunset on Dec. 31, 2025. And although this may seem far off, it’s never too soon to plan. You and your accountant may be able to set up mechanisms now to avoid some of the higher taxes that are coming. But what exactly will…
Is It Worth It to Move to a Low-Income Tax State to Save Money?
Many people in the United States have decided that it would be a good idea to move to a low-income tax state—or to a no-tax state—to save money. While it may sound like a good idea—it’s time to find out—is it worth it? An article from The Washington Post reported that the states that have…
Tax Withholding Changes Can Boost Your Paycheck Now
By Rocky Mengle From Kiplinger’s Personal Finance Question: This past tax season I received a big refund, which I understand is an interest-free loan to the federal government. Is it too late to prevent that from happening again? Answer: Look at your last paycheck and see how much federal income tax has been withheld from…
Vermont Announces Bonus Round of State Tax Credits
A bonus round of funding has been added to a Vermont program designed to breathe life into downtowns. The Vermont Agency of Commerce and Community Development says $800,000 in state income tax credits are being made available beginning next year for projects designed to enhance the state’s history while improving building safety at aging historic…
A $1 Trillion Headache: China’s Local Fiscal Shortfall Poses Broader Growth Risks
BEIJING—By any account, $1 trillion seems huge. That’s the scale of budget shortfalls facing Chinese provinces, reducing their fiscal firepower to fund infrastructure spending and tax cuts, and raising risks for the world’s second-biggest economy in 2023. The timing couldn’t be worse for policymakers in Beijing, as the economy wobbles under the weight of global…
Where to Stash Your Investments
October 17, 2022
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By Nellie S. Huang From Kiplinger’s Personal Finance Which investments you hold matters, but so, too, does where you hold them, whether it’s in a tax-advantaged account or a taxable one. The strategy of divvying up your assets into certain types of accounts to lower your tax bill is called asset location. The general advice…
Charitable Contributions for 2022: How to Save on Taxes
In 2020 and 2021, you could deduct up to $300 for cash donations to charity without itemizing. This came under the standard deduction. It didn’t apply to those who itemized, but at least you could take a deduction without pulling out Schedule A. But that charitable standard deduction wasn’t extended past 2021. So that leaves…
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