Converting a 401(k) to a Roth IRA can potentially provide valuable long-term benefits, but it also triggers a tax bill that you’ll need to plan for. While the taxes on a Roth conversion can’t be avoided, savers can reduce the burden through several strategies like gradual conversions and timing adjustments. Those nearing retirement can weigh […]
A reminder: New York State Thruway tolls will increase by 5% Jan. 1 as the first system-wide hikes in 14 years begin. And an identical increase will go into effect in 2027. For passenger cars with E-ZPass, that means a cost increase of nearly 5 cents per mile in 2027, up from the current 4.5 […]
For years, Donald Trump has been condemned for fiery rhetoric that critics say sounds authoritarian. Lately, his speeches have had even more overtly fascist themes, an expert on extremism told BI. Peter Simi, who testified against Trump, explained why people seem numb to his increasingly violent remarks. In recent weeks, Donald Trump has doubled and […]
How Much Can a Retired Person Earn Without Paying Taxes? Many retirees plan to earn extra income to supplement their retirement spending. But how much can a retired person earn without paying taxes? The answer to this question varies based on your situation. Understanding the tax rules surrounding retiree income can help avoid an expensive surprise […]
Hybrid or battery electric vehicles? That debate has been heating up within the auto industry for the past few years. Tesla CEO Elon Musk thinks hybrid vehicles are just a phase, while Toyota’s chairman and former CEO, Akio Toyoda, has long been skeptical of going all in on fully electric vehicles. And so far, it […]
Ask an Advisor: If I Have a Tax-Deferred 401(K). Can I Convert It to a Roth IRA Without Paying the Deferred Taxes When I Roll It Over? If I have a tax-deferred 401(k). Can I convert it to a Roth IRA without paying the deferred taxes when I roll it over? -Tommy Generally, the answer […]
Entrepreneur and real estate mogul Grant Cardone has developed a unique approach to managing his finances and investments. In a recent TikTok video, Cardone revealed his strategy of “going broke” twice a year to reduce taxable income. “Two times a year I go broke because you don’t want a bunch of this sitting around (showing […]
‘They’re not super forthcoming’: This dentist says don’t ask if your oral health provider takes your insurance – you could end up paying $1,200 for a root canal. Do this instead Have you ever wondered why trips to the dentist can be so expensive, even if you have insurance? It’s not because of inflation — […]
As much as investors love regular dividend payments, it’s even more “special” when one of their stocks pays a special dividend, most often at the end of the calendar year. Because real estate investment trusts (REITs) are required to pay shareholders 90% or more of taxable income each year, special dividend distributions are often required […]
Dec. 20 (UPI) — A pair of former Georgia election workers may immediately seek the nearly $150 million owed to them by Rudy Giuliani in defamatory recompense, a federal judge ruled Wednesday, as the former New York City mayor has ignored previous court orders and may hide assets so as not to pay them. Giuliani, […]
how to avoid tax on savings account If you keep money in a regular savings account you will generally owe federal income taxes on the interest that is earned. You’ll pay taxes at your regular rate the year interest is earned, whether or not you withdraw from the account. You can avoid paying taxes on […]
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Key Takeaways With it appearing likely the Federal Reserve is finished raising interest rates, CD yields have begun to come down from their historic November peak. But three large U.S. banks—Wells Fargo, Marcus by Goldman Sachs, and Ally—have moved the other way with at least one CD each. Their increased rate offers range from terms […]