Category: personal finance

IRS Flip-Flopping: Ineligible Americans Receiving Form 1099-K

March 8, 2023
BrightBusiness & MarketsForm 1099-Kfreelance taxIRS - U.S. Internal Revenue Servicepersonal financePolicies & ImpactstaxUSWealth Management
0 Comment

Some American taxpayers are reportedly receiving 1099-K tax forms from the Internal Revenue Service (IRS) even though they may not be legally obligated to file it, which comes amid the tax agency flip-flopping on the income threshold applicable regarding the form. The form 1099-K is a document sent by third-party networks like PayPal, Venmo, Amazon,…

Read More

Financial Expectations of Americans Lowest Since 2010

March 8, 2023
Business & Marketseconomic optimismeconomic outlookeconomic recessioneconomyFinancial Expectationsfinancial situationhousehold incomepersonal financerecessionUSUS News
0 Comment

Americans are becoming more pessimistic about their personal financial situation as well as the direction of the U.S. economy, with financial expectations at their lowest in over a decade. The share of respondents who expect their personal financial situation to “get better” over the next 12 months dropped to 31 percent in February from 33…

Read More

How to Save for Health Care in Retirement

March 8, 2023
Brighthealth careHSApersonal financeretirementtaxtax-freeWealth Management
0 Comment

By Sandra Block From Kiplinger’s Personal Finance A health savings account provides one of the most-effective strategies to save for health care in retirement. Contributions are pretax (or tax-deductible, if your HSA isn’t employer-sponsored), the funds grow tax-deferred, and withdrawals are tax-free for qualified medical expenses. There are no income limits on HSAs, but you…

Read More

Disability Benefits for Senior Citizens

March 8, 2023
BrightFixed Incomepersonal financeretirementretirement benefitsSocial Security
0 Comment

Many older folks are asking me about getting disability benefits from Social Security. I’ll offer some tips on how to go about doing that in a minute. But first, here are some ground rules that vary depending on your age. If you are over your full retirement age, forget about it. Once you reach that…

Read More

Labor Should Steer Clear of Negative Gearing in Its Quest to Raise Taxes

March 7, 2023
AustraliaBusiness & Marketseconomyhousing inventoryInternationalnegative gearingOpinionpersonal financeViewpointsWorld
0 Comment

Commentary Australia has an acute housing crisis. Mortgage repayments are at record levels of unaffordability, measured by the ability to pay, and the national rental vacancy factor is only 0.8 percent. Government moves to increase taxes on superannuation and uncertainty over whether they will or will not apply capital gains tax to the family home…

Read More

Closing Prices for Crude Oil, Gold and Other Commodities (Mar. 7)

March 7, 2023
Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
0 Comment

Benchmark U.S. crude oil for April delivery fell $2.88 to $77.58 a barrel Tuesday. Brent crude for May delivery fell $2.89 to $83.29 a barrel. Wholesale gasoline for April delivery fell 10 cents to $2.70 a gallon. April heating oil fell 9 cents to $2.80 a gallon. April natural gas rose 12 cents to $2.69…

Read More

Labor’s Super Tax Will Capture 1 in 10 Australians in 30 Years, Treasure’s New Estimate Shows

March 7, 2023
AustraliaBusiness & MarketsJim ChalmersKaty Gallagherpersonal financeSuperannuationtreasuryWorld
0 Comment

Labor’s superannuation tax change would hit one in 10 Australians who are retiring in 30 years and will be calculated based on unrealised capital gain, the Finance Minister has revealed. The centre-left government previously described its decision to double the tax on super accounts over $3 million, from 15 percent to 30 percent, as a “modest”…

Read More

I Wouldn’t Do It That Way

March 7, 2023
Brightmoneypersonal finance
0 Comment

Dear Dave, I have an uncle who wants to gift some property to one of his sons, myself, and my sister. The property is about 2 1/2 acres, and it’s probably worth around $125,000. My wife and I are trying to pay off debt in Baby Step 2 of your plan, and we’re not sure…

Read More

Retirements of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections

March 7, 2023
Business & Marketseconomic policiesenergyERISAESG investingExecutive BranchinflationInvestmentpension planspersonal financePoliticsUS
0 Comment

News Analysis The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ retirement savings should be used to finance a climate and social-justice agenda. This conflict goes well beyond obscure investment rules and administrative procedures and will likely affect the financial security of many…

Read More

Retirement Funds of Millions of Americans in ‘Jeopardy’ as ESG Rule Weakens Protections

March 7, 2023
Business & Marketseconomic policiesenergyERISAESG investingExecutive BranchinflationInvestmentpension planspersonal financePoliticsUS
0 Comment

News Analysis The Biden administration and Congress are currently caught up in a tug-of-war over a new Labor Department rule regarding whether Americans’ retirement savings should be used to finance a climate and social-justice agenda. This conflict goes well beyond obscure investment rules and administrative procedures and will likely affect the financial security of many…

Read More