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(November 17, 2020, 10:00 p.m. EDT) Here's a chance for us all to come together. No matter whether you voted Red or Blue, tax planning is about green!
(November 11, 2020, 11:00 p.m. EDT) With the election of Joseph R. Biden Jr. as the 46th U.S. President, higher federal taxes are almost certain to be enacted in 2021.
(November 3, 2020, 9:00 p.m. EDT) The Enforcement Division of the U.S. Securities and Exchange Commission released its annual report yesterday. Since it's probably not on your reading list, here are highlights investors need to know.
(Tuesday, Oct. 27, 2020; 9:00 PM EST) Rearranging placement of foods increases or decreases their consumption by as much as 25%.
(Tuesday, Oct. 20, 2020; 10:30 PM EST) In America's capitalist system, an economic cycle entails destruction of businesses and their replacement with better businesses. It's survival-of-the-fittest, a process in which the ranks of businesses are periodically thinned by recessions.
(Tuesday, Oct. 13, 2020; 10:30 PM EST) The six tech giants that have dominated stock performance in 2020 were less dominant over the last three months. The stock market rally broadened.
(Tuesday, Oct. 6, 2020; 10:00 PM EST) Stocks posted a +8.9% gain in the third quarter of 2020, following a +20.5% gain in the second quarter of 2020, which followed a -19.6% Covid-related loss in the first quarter of 2020.
(Wednesday, Sept. 30, 2020; 9:30 PM EST) Should the Democrats win the White House and Senate on November 3, high-income individuals, along with those having estates valued at more than $1.1 million, will have to assess and implement tax reduction strategies before the end of the year. Complicating matters, the election results may be contested and delayed, making it even more important to be prepared to act swiftly.
(Tuesday, Sept. 22, 2020; 10:30 PM EST) Covid has suddenly imposed tax and financial obstacles that can make year-end tax planning more challenging in certain situations. Business owners, families with more than $1.1 million in assets in stocks, bonds and real estate, and retirees who take required minimum distributions (RMDs) from an IRA, 401(k), or other qualified retirement account are at risk of missing these major opportunities to reduce their taxes by acting before the end of the year.
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The myRa Is Cut Short, But Other Options Abound
Published Monday, September 18, 2017 at: 7:00 AM EDT
The myRA is going the way of the VCR. Citing unsustainable costs, the Treasury Department has announced it is closing down the program for this retirement savings vehicle. Participants will be notified about their options for moving funds into other investments.
The myRA was pitched as a way for moderate-income people to save for retirement and was designed to resemble the Roth IRA.
Just as in a Roth IRA, MyRA contributions were made with after-tax dollars, and withdrawals from the account during retirement were exempt from federal income tax. Unlike with a Roth, however, the MyRA had only one investment option: U.S. government savings bonds. So, you weren't risking principal, but yields were low.
Contributions were limited to $5,500 a year ($6,500 if you were 50 or older), but availability of this saving vehicle was phased out for upper-income taxpayers. And once your account balance reached $15,000, you had to roll over the funds to a Roth IRA, letting you choose from a wider array of investment options.
According to the Treasury Department, the myRA program has cost taxpayers $70 million, with projections that it would take $10 million a year to keep it going. It made the decision in mid-2017 to shut down the program. Yet most retirement savers still have numerous other options at their disposal.
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