2020, for all of its chaos and upheaval, ended up being a fantastic year for many investors, and particularly first-time investors. But now that we've entered tax season, a great many of them are finding that they have to pay taxes on the wild gains from their stocks.
If the first month of 2021 is any indication, the party for individual investors may be just beginning. Americans are spending more time at home due to virus restrictions, they have a little more cash than usual in their pockets due to stimulus checks, interest rates are effectively pegged at zero and alternatives are sparse. With those conditions in place, we're likely to see more new investors flocking to the market this year.
Quite a lot has been going on:
Study: D.C. is among the places with the highest taxes - The Washington Post
A recent analysis of state and local property, income and sales taxes in all 50 states and D.C. found D.C. residents pay the third highest in taxes as a percentage of their income.
The analysis, by HireAHelper, a site that provides reviews and booking services for local moving companies nationwide, was based on data from the Census Bureau and the Bureau of Economic Analysis. It found D.C. residents pay 11.63 percent of their income, or an average of $9,435, in combined taxes each year.
How to Possibly Pay 0% in Taxes on Your Taxable Investment Gains | Kiplinger
One opportunity that investors should never pass up is the ability to convert a taxable long-term capital gain into tax-free basis … without paying taxes to do so.
This is known as harvesting long-term capital gains. It's a process of intentionally selling an investment with a taxable long-term capital gain, in years whenever — due to your income — that gain will not be taxed. Then, if you want to keep the investment, you buy it back immediately.
Scott predicts no increase in property taxes
MONTPELIER, Vt. (WCAX) - Governor Phil Scott Tuesday said he's hopeful property taxes will not increase and that a flood of federal cash appears to be softening the blow.
The tax department in December forecast a 9% increase in education property taxes for next year as the state predicted dire revenue shortfalls. But a windfall in federal cash has picked up state revenues, meaning Vermonters won't see as big of a hike.
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VSU helping low income families file taxes for free
A group of Valdosta State University (VSU) students, led by an accounting professor, are helping low-income South Georgia families file their taxes for free.
"Just helping everybody from the community. Sometimes, it's people we know from here in the college. We do a lot of college student returns. Some people who can't afford to get their taxes done or don't have the online capabilities to do that so it's just kind of nice to get to give back," said Theodore Worms, president of Beta Alpha Psi.
Escondido Man Admits to Tax Evasion Scheme with Former Chabad of Poway Rabbi | USAO-SDCA |
Assistant U. S. Attorneys Michelle L. Wasserman (619) 546-8431 and Oleksandra Johnson (619) 546-9769
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According to Weinstock's plea agreement, between 2010 and 2018, Weinstock provided Rabbi Goldstein with at least approximately $872,815 in checks that fraudulently described the funds as "contributions," "donations," or "business expenses." Weinstock gave these "donations" to Rabbi Goldstein monthly. Rabbi Goldstein then secretly returned 75 percent of the money, or approximately $654,611, to Weinstock.
New York's soon-to-be legal pot stirs debate on taxes, social reform
Lawmakers, community groups, companies and special interests will have to hash out the terms of how New York will treat marijuana tax revenue in what’s become a years-long negotiation over legislation that dates back to 2013 called the Marijuana Regulation and Taxation Act, or MRTA. The MRTA advocates for more money to be sent to minority communities.
“New York can create a gold standard,” Moore said. “It’s the heart of the country’s financial system, and legalization in New York has a lot of implications for how the rest of the country’s financial system is engaged.”
Jackson County School District improvements could raise taxes through proposed bond
VANCLEAVE, Miss. (WLOX) - Students in the Jackson County School District could soon be seeing some upgrades across the district if a proposed bond is approved by the community.
The potential improvements could cost $50 million to $60 million and would upgrade facilities, from classrooms and athletics to fine arts, at schools throughout the entire Jackson County School District.
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Jami Gerrigan is the mother of four children who attend school in the Jackson County School District. Gerrigan is not in favor of increased taxes but feels schools such as Vancleave Upper Elementary need to be upgraded.
Happening on Twitter
Oh look, another billionaire is mad that he might have to pay more taxes while children in America go hungry and ve… https://t.co/jZW4nEyapi BernieSanders (from Vermont) Fri Jan 29 03:26:47 +0000 2021
Washington is one of the few states with no income tax. We have the most upside-down tax system in America: low-inc… https://t.co/rjjVqdcpgB DanPriceSeattle (from Seattle, WA) Wed Jan 27 17:36:14 +0000 2021
⚠️ "#Democrats will have to raise taxes on all Americans, including the middle and lower class, in order to pay for… https://t.co/lH1mDTZtc2 FreedomWorks (from Washington, DC) Thu Jan 28 22:04:01 +0000 2021
11/ Strategy No. 5: Sell your company to yourself. Sell off part of your business (to a secretive entity you happ… https://t.co/eRTYXDS2Yj MotherJones Fri Jan 29 18:41:32 +0000 2021
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