The Mega Millions jackpot grew to more than $1.6 billion on Aug. 9, 2023. Justin Sullivan | Getty Images State taxes can be hefty “None of these winners think about taxes until they have a third of it going right to Uncle Sam and the state government,” said Andrew Stoltmann, a Chicago-based lawyer who has … Read more
A person plays lottery at a 7-eleven store as Mega Millions jackpot reaches $ 1 billion 580 million, in Redwood City, California, United States on August 8, 2023. Tayfun Coskun | Anadolu Agency | Getty Images ‘Keep your mouth shut’ Hundreds of millions of dollars can be life-changing for a lottery winner, their family and … Read more
Jessie Casson | Digitalvision | Getty Images It’s hard to lose a spouse, and a costly surprise makes it even more difficult, especially for older women — higher taxes. But financial experts say there are several ways to prepare. In 2022, there was a 5.4-year life expectancy gap between U.S. sexes, according to data from … Read more
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
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
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
Drazen_ | E+ | Getty Images The IRS on Wednesday unveiled plans for “dozens of new audits” of corporate jet usage as part of its increased scrutiny of large corporations, complex partnerships and top earners. More than 10,000 corporate jets operate in the U.S., and the agency believes some companies overstate deductions while using aircraft … Read more
 Klaus Vedfelt | Digitalvision | Getty Images ‘The Roth IRA is an incredible savings vehicle’ Roth individual retirement accounts require investors to pay taxes on the contributions they make now, rather than when they take withdrawals in their retirement years. That trade-off means after-tax dollars grow tax-free for decades. A Roth can be a … Read more
IRS Commissioner Danny Werfel speaks at a Senate Finance Committee hearing in Washington, D.C., on April 19, 2023. Al Drago | Bloomberg | Getty Images After vowing in September to “substantially” reduce audits on a low-income tax credit, the IRS confirmed it’s taking steps to address the inequity. “We’ve announced a significant and dramatic reduction … Read more
Violetastoimenova | E+ | Getty Images House lawmakers are weighing relief for a “marriage penalty” that impacts the federal deduction limit on state and local taxes, known as SALT. While the bill doesn’t have broad support, it could help shape future tax policy discussions, experts say. Enacted via the Republicans’ 2017 tax overhaul, there’s currently … Read more
