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Forbes - Taxes

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Copyright: Copyright 2017 Forbes LLC

How To Withdraw Income In Retirement

Sun, 23 Apr 2017 08:45:00 -0400

If you have pre-tax, Roth, and taxable accounts, how much should you withdraw from each one? Here are some things to consider:

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11 Quick Facts About A Potential Government Shutdown

Fri, 21 Apr 2017 16:10:00 -0400

Are we really headed towards a government shutdown? As Congress and the White House grapple with the next steps, here's what you need to know.

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15 Impacts Of A Federal ShutdownUncle Sam Has Rules For Everything—Even ShutdownsSocial Security Payments Will Be MadeThe Washington Monument Will CloseThe Pandas Will Still Eat (In Private)Mail Delivery Won’t Be InterruptedFederal Workers Will Have Pay DelayedNational Defense Will ContinueThe IRS Will Be Mostly ClosedMortgage Approvals Could Be DelayedKey Economic Indicators Won’t Be IssuedConsumer Confidence Could SlideContractors’ Employees Will Hurt The MostLaw Enforcement Will ContinueSome Medical Trials And Treatments Will Be DelayedTrade Will Be HitSome Food Inspections Could Be Reduced

Fri, 21 Apr 2017 16:10:00 -0400

The 16 day partial federal government shutdown in 2013 provides a road map to what will happen if Congress and the White House can’t reach a deal to keep the government operating at the start of the new fiscal year on October 1, 2015, or if they reach a short-term deal, and a shutdown happens later.What’s open or closed is largely determined by the 1884 Antideficiency Act, as interpreted by the Reagan Administration and its successors. Bottom line: national defense and services needed to protect against imminent threats to human life or to property continue, as do certain services paid for by fees or appropriations outside the annual budget. But other services cease or slow and some economic losses can never be made up. Read the full story here.

No, the checks won’t be in the mail, but that’s because Social Security benefits are now only paid by electronic deposit. Social Security spending is authorized by a statute apart from the annual budget so the 65 million Americans receiving Social Security retirement, disability or survivors’ benefits will get their money on time. Military retiree and disability payments will also continue. Read the full story here.

The National Park Service estimates it receives an average of 800,000 visitors a day at the hundreds of parks, monuments, seashores and preserves it manages. While all parks were initially closed in 2013, as the shutdown dragged on, 13 sites, including the Grand Canyon and Statue of Liberty, were reopened using state funds. Total tourism losses were estimated at $500 million nationwide. Read the full story here.

“The zookeepers can come in to keep the animals alive,’’ says Washington lawyer John Cooney, who helped write the shutdown rules as Deputy General Counsel at the Office of Management & Budget under President Ronald Reagan. That’s because not feeding the animals would pose an imminent threat to property. While the pandas will get their bamboo, you won’t be able to watch them eat it on the zoo’s Giant Panda Cam. As a nonessential service, it was turned off in 2013. Of course the zoo, like other parks, will be closed to tourists.

The U.S. Postal Service, while it has its own chronic budget problems, is funded by stamps and other sales---not annual Congressional appropriations. That means it isn't directly affected by a federal shutdown. Post offices will also continue to accept passport applications, which the State Department can continue to process, since that's funded by user fees. Read the full story here.

During the 2013 shutdown, about 850,000 federal civilian workers were told to stay home. But even the 1.2 million who were deened essential and continued to report to work couldn’t legally be paid until Congress appropriated the money. Ultimately, all fed[...]

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Retirement And Educational Savings Tax Planning Tips To Lower Taxes In 2017

Fri, 21 Apr 2017 14:51:00 -0400

Planning and saving for retirement does not have to be painful. A few simple retirement planning moves can help make the difference when April 17, 2018 rolls around.

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Ask Larry: Is A Restricted Application The Same As Filing And Suspending?

Fri, 21 Apr 2017 12:21:00 -0400

Today’s column examines the differences between filing & suspending and restricted applications, divorced spousal benefits, divorced widow's benefits, the sequencing of spousal and retirement benefits and the calculation of spousal benefits.

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If The Government Shuts Down, Your Tax Refund May Be Shut Down As Well

Fri, 21 Apr 2017 10:22:00 -0400

If the government shuts down, IRS employees will likely be furloughed, which by one estimate could freeze roughly $8 billion in refunds owed to 2.5 million families, some of whom may be depending on the money to pay bills or fund big purchases.

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Tax Credits For Going Green, Grab Them Before It's Too Late

Fri, 21 Apr 2017 08:45:00 -0400

If you’re thinking of investing in solar, geothermal or wind to power your house, here’s the latest on state and federal tax incentives.

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Fintech Gets Serious About Personal Finance

Fri, 21 Apr 2017 07:00:00 -0400

Most people struggle with ballooning debt burdens, whether mortgage payments or students loans. However, thanks to fintech, the personal finance space is witnessing interesting developments that might provide some relief to the debt-ridden.

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Former Stock Market Darling Ocwen Financial Plunges On New Allegations Of Improper Conduct

Thu, 20 Apr 2017 18:50:00 -0400

On Thursday, the Consumer Financial Protection Bureau sued Ocwen, currently the largest servicer of subprime home mortgages in the United States, for "failing borrowers at every stage of the mortgage servicing process."

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Forbes 'Under 30' Tech Prodigy In Cryptosale For Ethereum-Built Management Platform

Thu, 20 Apr 2017 15:54:00 -0400

The tech prodigies and founders behind fintech start-up Aragon, a decentralized management platform for companies globally built on the Ethereum blockchain, have set the date for a crowdfund sale to pave the way for further development in its network and core technology.

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States Are High On Tax Revenues But Feds Still Say No To Marijuana

Thu, 20 Apr 2017 09:58:00 -0400

It's 4/20, sometimes called National Weed Day. The possession of marijuana is prohibited by federal law even though a number of states have laws to the contrary - and are making money off of the once-forbidden drug.

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When The President Paid No Taxes -- No, Not That President

Wed, 19 Apr 2017 14:55:00 -0400

Trump is not the first chief executive to wrestle with the optics of being a non-payer. In 1977 Jimmy Carter paid exactly nothing to the federal treasury.

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A VAT Is A Poor Substitute For A Corporate Tax

Wed, 19 Apr 2017 10:59:00 -0400

It probably shouldn't be shocking that a federal VAT is among the choices to potentially replace the corporate tax in any major tax reform effort.

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Morgan Stanley Earnings Surge 60% On Trading Boom And Wealth Management Strength

Wed, 19 Apr 2017 09:33:00 -0400

Morgan Stanley's rebounding shares continue to be supported by strengthening performance from the bank and its CEO James Gorman.

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Meet America's Top Wealth Managers In 2016Top Wealth AdvisorsTimothy GrimesElaine MeyersLaila PenceRebecca RothsteinGregg FisherLyon PolkMichael StolperCharles ZhangRon CarsonAndy BurishRod WestmorelandMark CurtisRob ClarfeldPatrick DwyerAndy ChaseChristopher ErricoBrian PfeiflerJeffrey Erdmann

Wed, 19 Apr 2017 09:33:00 -0400

The FORBES ranking of America’s Top Wealth Advisors rates thousands of wealth advisors on metrics like revenue trends, assets under management, compliance records and industry experience.

Meet some of the people who landedon the 2016 list.
Top Wealth Advisors Rank: 101

Grimes & Company
Westborough, MA

Typical Account Size:$3.5M

New Account Minimum:$1M
Total AUM:$2B

Read More:How Tim Grimes Turned Cold-Calling Doctors Into A $2 Billion Wealth Management Business

Top Wealth Advisors Rank: 86
J.P. Morgan Securities
San Francisco, CA

Typical Account Size:$35M

New Account Minimum:$10M
Total AUM:$2.6B

Read More:Why Tech Wealth Guru Elaine Meyers Demands Old Fashioned Meetings

Top Wealth Advisors Rank: 52
Pence Wealth Management

Ask Larry: ​​​​Can My Husband File And Suspend?

Wed, 19 Apr 2017 09:32:00 -0400

Today’s column addresses the continuing ability to file and suspend, the ability to file a restricted application, widow's benefits after remarriage, filing with a public pension and the availability of spousal benefits.

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The IRA Mistake You Can Fix After Tax Day

Wed, 19 Apr 2017 09:04:00 -0400

If you put too much in your IRA, you could owe a big penalty unless you fix the mistake on time.

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How Trump Could Kill Social Security

Wed, 19 Apr 2017 08:00:00 -0400

President Trump is eyeing a proposal to eliminate Social Security payroll taxes. Here's how it would kill the most popular retirement benefit.

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A Tax Day Note To Corporate America: Pay Your Fair Share

Tue, 18 Apr 2017 14:44:00 -0400

With tax reform looming large on the legislative agenda, how will corporations be held accountable?

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The Public Does Not Seem To Be Clamoring For A Tax Cut

Tue, 18 Apr 2017 14:38:00 -0400

New polls show that most Americans are relatively satisfied with their federal income taxes. What will that mean for a 2017 tax bill?

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Income Taxes For Pro Athletes Are Reminder Of How Complicated U.S. Tax Code Is

Tue, 18 Apr 2017 09:20:00 -0400

Athletes file taxes not only in their home state but also in every state—and some cities—in which they play. An NBA player visits 21 states during a season.

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Trump Tax Returns Are Still No Holy Grail

Tue, 18 Apr 2017 08:49:00 -0400

Tax Day Protests confirmed that many still care about Trump's tax returns. Yet even if they were disclosed, just what would they reveal?

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What Are Taxpayers Willing To Do To Avoid Paying Taxes?

Tue, 18 Apr 2017 08:47:00 -0400

What would you do to avoid paying taxes? Here are the results from a recent GOBankingRates survey.

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Lois Lerner, Former IRS Official, Remains Relevant On Tax Day

Tue, 18 Apr 2017 08:28:00 -0400

IRS scandals are destructive to the tax system and undermine taxpayer confidence. And political targeting is particularly worrisome.

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This Harvard Alum Wants To Disrupt The College Savings Industry

Tue, 18 Apr 2017 08:02:00 -0400

80% of parents don’t know what a 529 plan is, and 60% of those saving for college don’t use one. This Miami startup is trying to change that.

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What America's Biggest Companies Pay In Taxes

Tue, 18 Apr 2017 01:40:00 -0400

If Trump and the GOP can get it together on tax reform, shareholders could get to hold onto tens of billions a year in additional profits -- and gain the opportunity to repatriate $2 trillion in offshored capital.

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What The 30 Biggest U.S. Companies Pay In TaxesBerkshire Hathaway - $9.2 billionWal-Mart - $6.2 billionApple - $15.8 billionExxonMobil - ($400) millionMcKesson - $774 millionUnitedHealth Group - $4.9 billionCVS Health - $3.3 billionGeneral Motors - $2.4 billionAT&T - $6.5 billionFord Motor - $2.2 billionAmerisourceBergen - $620 millionAmazon - $1.4 billionCardinal Health - $800 millionVerizon - $7.4 billionCostco - $1.3 billionGeneral Electric - ($400 million)Walgreens - $1 billionKroger - $1 billionChevron - ($1.7 billion)JPMorgan Chase - $9.8 billionExpress Scripts - $1 billionWells Fargo - $10 billionHome Depot - $4.5 billionBoeing - $700 millionBank of America - $6.4 billionAlphabet - $4.7 billionMicrosoft - $3.3 billionAnthem - $2 billionCitigroup - $6.4 billionComcast - $5.3 billion

Tue, 18 Apr 2017 01:40:00 -0400

2016 sales: $223 billion

EBIT: $36 billion

Income taxes: $9.2 billion

Effective tax rate: 27.4%

CEO Warren Buffett reportedly paid $1.9 million in federal income taxes in 2015.

2016 sales: $485 billion

EBIT: $22 billion

Income taxes: $6.2 billion

Effective tax rate: 30.3%

Doug McMillon, CEO, 2016.

2016 sales: $217 billion

EBIT: $59 billion

Income taxes: $15.8 billion

Effective tax rate: 25.8%

Tim Cook, chief executive officer of Apple Inc., left, and Paul Sagan, chief executive officer of Akamai Technologies Inc., attend the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Wednesday, July 11, 2012.

2016 sales: $198 billion

EBIT: $4.2 billion

Income taxes (inc stmt): -$400 million

Income taxes paid (cash flow stmt): $4.2 billion

Effective tax rate: -5.1%

Darren Woods, chief executive officer of Exxon Mobil at the 2017 CERAWeek conference in Houston, March 2017.

2016 sales: $196 billion

EBIT: $3.6 billion

Income taxes: $774 million

Effective tax rate: 26.8%

John Hammergren, CEO of McKesson.

2016 sales: $185 billion

Net income: $7.2 billion

Income taxes: $4.9 billion

Effective tax rate: 40.3%

Stephen Hemsley, ceo of UnitedHealth Group, speaks at the Milken Institute Global Conference in Beverly Hills, California, May 1, 2012.

2016 sales: $180 billion

EBIT: $10.7 billion

Income taxes: $3.3 billion

Effective tax rate:38.4%

Larry Merlo, CEO of CVS Health, 2011.

2016 sales: $166 billion

EBIT: $10.5 billion

Income taxes: $2.4 billion

Effective tax rate:10.6%

CEO Mary T. Barra, March 2017.

2016 sales: $164 billion

EBIT: $25.5 billion

Income taxes: $6.5 billion

Effective tax rate:32.7%

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2017 Tax Day Specials, Freebies & Deals

Mon, 17 Apr 2017 21:25:00 -0400

Tax Day is April 18, 2017. To help ease that IRS-related stress, consider taking advantage of one of these Tax Day freebies, specials and deals.

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How Do You Measure Up To Other Taxpayers?

Mon, 17 Apr 2017 19:57:00 -0400

Wonder how you measure up to other taxpayers? Acxiom Corporation took a dive into taxpayer data. Here's what they found.

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Ask Larry: Can I Delay My Retirement Benefit After An Early Spousal Benefit?

Mon, 17 Apr 2017 10:11:00 -0400

Today’s addresses how benefits can and can't be sequenced, filing with a disabled child, divorced spousal benefits, filing in a financial crunch and widow's benefits.

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