The Internal Revenue Service (IRS) announced Friday that it would propose rules that would make it more difficult for a number of new electric vehicles (EVs) to qualify for tax breaks, according to a news release. Starting April 18, the IRS will enforce a domestic sourcing requirement for minerals and components used in EV batteries,…
IRS Says Major Changes Are Coming to Electric Vehicle Tax Credits Next Month
How to Avoid Paying Dividend Taxes
March 30, 2023
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Receiving dividends regularly provides an excellent opportunity to earn more money. If you are retired, the money can supplement your income and make it more comfortable. The good news is that there are some tactics you can use to avoid dividend taxes. The Capital Gains Tax Rate Taxes on dividends partially depend on how much…
Choosing Between Look-alike ETFs and Mutual Funds
By Nellie S. Huang From Kiplinger’s Personal Finance When faced with a choice between buying shares in an exchange-traded fund (ETF) and buying shares in a mutual fund that follows a similar strategy, which is the better option for you? “The choice isn’t always black and white,” says Charles Rotblut, with AAII, which helps individual…
IRS Warns of Scams Spreading on Social Media That Could Get ‘Well-Meaning Taxpayers in Trouble’
The Internal Revenue Service (IRS) has issued a warning that inaccurate or misleading tax information is circulating on social media that lures otherwise honest taxpayers into “compromising tax situations” which can lead to legal problems. As part of its “Dirty Dozen” series of warnings for taxpayers during tax-filing season, the IRS stated in a press release…
Should You Tap Your 401(k) When Urgent Financial Needs Arise?
March 29, 2023
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Shortly after COVID-19 started and many people lost their jobs, the government permitted penalty-free 401(k) withdrawals for people short on cash. There was a limit to the withdrawal of $100,000, which had to be paid back within three years—if it was to remain penalty-free. Many people took advantage of the opportunity, but hindsight asks whether…
Arizona Gov. Katie Hobbs Vetoes GOP Bill Eliminating Food Tax Amid Skyrocketing Inflation
March 29, 2023
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Arizona Gov. Katie Hobbs on March 28 vetoed a Republican-led bill that would have banned municipalities from taxing groceries, granting some relief to Arizonans struggling with soaring inflation. Senate Bill 1063 (pdf) was sponsored by Majority Leader Sonny Borrelli and passed the Republican-majority Legislature last week. The bill echoed promises made by Republican gubernatorial candidate Kari Lake, who proposed…
How to Know When You Should Update Your Estate Plan
Creating an estate plan for your heirs is necessary for your assets to escape probate. It enables you to put your assets into the hands of those you want to receive them. Failing to update your estate plan could cause significant damage and may thwart your desire to give your assets to your chosen beneficiaries….
Little Change in Tax Code Expected This Year
By Joy Taylor From Kiplinger’s Personal Finance Question: Is there any chance that Congress will pass legislation this year to reduce taxes? Answer: Not much. You can ignore many of the recent proposals from federal politicians on both sides of the aisle. They’re wishful thinking—at least for now—given the divided political climate in Washington. Most…
Investing for Longevity
March 21, 2023
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By Sandra Block From Kiplinger’s Personal Finance As you approach retirement, you may be tempted to shift most of your savings to more-conservative assets. That temptation may be particularly strong in today’s volatile market. But this strategy could increase the risk that you’ll outlive your money. If you retire in your early sixties, you may…
IRS Issues Fresh Warning in ‘Dirty Dozen’ List of Tax Scams
The IRS has issued a warning to taxpayers and businesses about unscrupulous promoters who are falsely advertising the availability of Employee Retention Credits (ERCs) in order to gain fraudulent refunds. Taxpayers have been bombarded with inaccurate information on eligibility and computation of the credit, according to an IRS notice that adds ERC schemes as a…
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