Taxes

Hero Images | Hero Images | Getty ImagesWeigh Roth IRA conversionsWith the S&P 500 Index down more than 20% in 2022, many investors are eyeing Roth individual retirement account conversions, which transfer pre-tax IRA funds to a Roth IRA for future tax-free growth. The trade-off is paying an upfront tax bill. However, lower account balances may provide two opportunities: the chance to buy more shares for the same dollar amount and possible tax savings, depending on how much you transfer. And the tax savings may be…

Portra | E+ | Getty ImagesIf you're retired and haven't made the necessary quarterly estimated tax payments for 2022, there may still be time to avoid late penalties, experts say.Retirees must send tax payments four times per year if they don't withhold enough from Social Security, pensions, investments or other sources of income. However, for certain retirees, there's a chance to correct missed payments through required minimum distributions, or RMDs, paid annually at age 72. (Your RMDs may have already started if you…

Kadhim Shubber / Financial Times: Sources: Celsius founder Alex Mashinsky withdrew $10M from the crypto lender weeks before freezing customer accounts; one source says $8M was used to pay taxes — Scrutiny of Alex Mashinsky grows after crypto lender was left with hole in balance sheet — Celsius Network founder Alex … Kadhim Shubber / Financial Times: Sources: Celsius founder Alex Mashinsky withdrew $10M from the crypto lender weeks before freezing customer accounts; one…

Catherine Mcqueen | Moment | Getty ImagesIt's easy to transfer cash when a charity pulls at your heartstrings. But other giving strategies may provide a bigger tax break, financial experts say.Despite economic uncertainty, nearly 70% of Americans plan to donate a similar amount to charity in 2022 as last year, according to a recent study from Edward Jones.Most people give cash out of convenience, but it's generally not the most tax-efficient strategy, said certified financial planner David Foster, founder of Gateway…

Less than a week after it was seized by the city for non-payment of taxes, Mutiny Information Cafe appears poised for a comeback thanks to a last-minute campaign that netted the Denver business $58,000. However, the timing of the comeback is still unclear, said co-owner Jim Norris, who is optimistic he can reopen the beloved comics-and-coffee shop later this week. He was quick to take responsibility for last week’s surprise closure by the Department of Finance, praising Mutiny’s latest, successful GoFundMe campaign as one…

The British pound crashed to a record low against the United States’ dollar on Monday amid uncertainties over the finances of the British government. In early Asia and Australian trading on Monday morning, the pound fell close to $1.03 before regaining some ground to stand at about $1.07. The record low for the pound against the U.S. dollar was 37 years ago in February 1985 when one pound was worth $1.05, according to a CNN report. Analysts said that the crash on Monday was triggered by the markets’ reaction to…

In gigatons of carbon dioxide equivalent. OECD analysis of embodied carbon only runs through 2018. Credit: Chart: CC-BY-ND Source: Author calculations based on bp Statistical Review of World Energy 2021; OECD Stat The European Union is embarking on an experiment that will expand its climate policies to imports for the first time. It's called a carbon border adjustment, and it aims to level the playing field for the EU's…

Gov. Jared Polis said Coloradans can pay their taxes using cryptocurrency, making good on a plan he announced earlier this year. “As of right now, the state of Colorado is officially accepting cryptocurrency as a payment option for all taxes,” Polis said. “We’ve been talking about this for a while. We said we would deliver by the end of summer and we have.” Polis made the announcement Monday during a news conference that kicked off the 11th annual Denver Startup Week. He said the payment program, which began Sept. 1, is…

Cecilie Arcurs | Getty ImagesThere's about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns.An estimated all-time high of 19 million American taxpayers filed an extension for their 2021 returns, according to the IRS.Kevin Brady, a certified financial planner and vice president of Wealthspire Advisors in New York, said tax professionals have faced many challenges, including deadline changes and new Covid-19-related legislation."When you…

If you haven't been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty.The deadline for third-quarter estimated taxes is Sept. 15, applying to income from self-employment, small businesses, investments, gig economy work and more, according to the agency."It's a pay-as-you-go system," said certified financial planner John Loyd, owner at The Wealth Planner in Fort Worth, Texas. "A lot of folks don't find out until they file their tax return and they get a very nasty…