Whether you’re a longtime crypto investor or recently purchased digital assets, here are some key things to know from crypto tax experts. How to answer Form 1040 ‘digital assets’ question Cryptocurrency has become a priority area for the IRS, and the agency shared guidance in January about reporting digital currency this tax season. Since tax … Read more
Calls for a wealth tax on the world’s super-rich are once again gaining attention after U.S. President Joe Biden said he would impose a new “billionaire tax” on the country’s wealthiest if re-elected in November. Outlining his 2025 budget proposals on Monday, Biden took aim at the uber affluent and reiterated plans for a 25% … Read more
This combination of pictures created on February 17, 2024, shows U.S. President Joe Biden waving from the South Lawn of the White House in Washington, D.C., on June 1, 2023, and former President Donald Trump waving to the media outside the White House on Jan. 12, 2021. Jim Watson | Brendan Smialowski | AFP | … Read more
Former U.S. President Donald Trump speaks as he arrives at a Manhattan courthouse, for the trial of himself, his adult sons, the Trump Organization and others in a civil fraud case brought by state Attorney General Letitia James, in New York City, U.S., October 2, 2023. Brendan Mcdermid | Reuters Former President Donald Trump has … Read more
U.S. President Joe Biden delivers his third State of the Union address in the House Chamber of the U.S. Capitol in Washington, D.C., on March 7, 2024. Shawn Thew | Via Reuters President Joe Biden urged lawmakers to “stand up for seniors” in his annual State of the Union address on Thursday, while pledging to … Read more
Cavan Images | Cavan | Getty Images President Joe Biden has floated plans to address the country’s affordable housing issues, including new tax breaks for first-time homebuyers and “starter home” sellers. However, experts have mixed opinions on the proposals. “I know the cost of housing is so important to you,” Biden said during his State … Read more
California is home to some of the highest gas prices in the United States, according to AAA. The national average for a gallon of regular unleaded was $3.40 as of Thursday, according to the organization’s data. In California, the average was $4.87, more than any other state. Several factors go into what drivers pay for … Read more
Republican presidential candidate, former U.S. President Donald Trump speaks during a Fox News town hall at the Greenville Convention Center on February 20, 2024 in Greenville, South Carolina. Justin Sullivan | Getty Images Donald Trump is racing to stave off a pair of civil penalties totaling nearly $540 million — without having to first put … Read more
Shannonstent | E+ | Getty Images As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency. Digital assets are one of the agency’s “priority areas,” according to a press release sent last week. The IRS announced it hired two former crypto executives to beef up its digital currency … Read more
Ezra Bailey | Getty Images Most Americans can expect to pay Social Security payroll taxes throughout 2024. But for top earners with gross annual wage income of $1 million, March 2 marks the date at which they will stop paying into the program, according to the Center for Economic and Policy Research. The reason why … Read more
