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IRS investigating erroneous tax documents sent to 100s naming Skokie car dealer

“Another taxpayer, Majidah Saleem of Chicago, worked at Sherman Dodge for about one week toward the end of 2017 before quitting” writes Stephanie Zimmermann for suntimes.com. Anyone who got one should dispute it and file their taxes without including the 1099 income, Buchmiller says. “The IRS will recognize it and not collect on it,” he says.But a spokeswoman for Sherman Dodge and a tax attorney representing the Fritzes and Saleem say the IRS has told them it has opened an investigation.Saleem initially worried the IRS might come after her for…

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‘Operation Clean Money’, Launched After Demonetisation, Has Made No Progress, Shows RTI

“More than 9.27 lakh responses were received giving information on 13.33 lakh accounts involving cash deposits of around Rs.2.89 lakh crore” writes Prasenjit Bose for huffingtonpost.com. Scrutiny of about 18 lakh accounts, prima facie, did not appear to be in line with their tax profile.This author had submitted queries under the RTI Act, regarding the recovery of unaccounted wealth/black money, to the Directorate of Income Tax.Not just that, over the past two years, the finance ministry has made repeated claims regarding the progress made in retrieving black money through ‘Operation…

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The Modi’s govt’s demonetisation gambit has only caused pain, not profit, shows a close reading of the RTI response and other information.

“More than 9.27 lakh responses were received giving information on 13.33 lakh accounts involving cash deposits of around Rs.2.89 lakh crore” writes Prasenjit Bose for huffingtonpost.com. Scrutiny of about 18 lakh accounts, prima facie, did not appear to be in line with their tax profile.This author had submitted queries under the RTI Act, regarding the recovery of unaccounted wealth/black money, to the Directorate of Income Tax.Not just that, over the past two years, the finance ministry has made repeated claims regarding the progress made in retrieving black money through ‘Operation…

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What it means when 21% of Americans aren’t saving any money at all

“Among those who do manage to put some money away, a majority are putting away less than 10% of their income” reports fastcompany.com. Millennials and gen-Xers, though, are more likely to say they’re not saving any money at all, or that they’re not saving more than 10% of their income.A new survey from Bankrate, which interviewed 1,003 respondents via telephone, found that about one-fifth of working Americans–21%–aren’t saving any money at all.It also means that many people have no money saved for their retirement–and even mentioning that reality probably stressed out…

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If you usually do your own taxes, this might be the year to hire a pro

“But for many taxpayers used to doing their own taxes, this could be the year to pull the plug on software and hire a human tax preparer” writes Tina Orem for marketwatch.com. One reason some may abandon their tax pro this year is that the standard deduction has increased to $12,000 for single filers, $18,000 for heads of household and $24,000 for joint filers.DIYers who are heavy itemizers might think about calling a tax pro this year, too.See: You need to pay your taxes quarterly if… “This is where it…

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Alicia Munnell: People need to use their home equity in retirement

“The one potential bright spot is housing equity, which is the major non-pension asset for most families in the U.S. and can be tapped to provide retirement income” writes Alicia H for marketwatch.com. Getting rid of the step-up in basis would improve the tax code, raise revenues, and eliminate the tax penalty for downsizing.The final income tax payment collects the tax on the long-deferred capital gains, and the estate tax limits how much money can be passed down to the next generation.The tax code works against the first option: downsizing.They…

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Here’s how many working Americans aren’t saving any money for retirement or emergencies at all

“Working Americans are still struggling when it comes to saving money for both their short-term and long-term goals: More than one in five (21 percent) don’t save any of their annual income” writes Kathleen Elkins for cnbc.com. That’s according to a new survey from Bankrate.com, which asked 1,000 working American adults how much of their annual income they set aside for retirement, emergencies and other financial goals.”Millennials and Gen Xers, on the other hand, are more likely to say they’re not saving any money at all.”. And that’s if you…

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People need to use their home equity in retirement

“The one potential bright spot is housing equity, which is the major non-pension asset for most families in the U.S. and can be tapped to provide retirement income” writes Alicia H for marketwatch.com. Getting rid of the step-up in basis would improve the tax code, raise revenues, and eliminate the tax penalty for downsizing.The final income tax payment collects the tax on the long-deferred capital gains, and the estate tax limits how much money can be passed down to the next generation.The tax code works against the first option: downsizing.They…

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These 20 questions can help tell you how close you are to becoming financially independent

“Saw this on Twitter and couldn’t pass it up: In a nutshell: After you answer 20 super easy questions, it’ll spit out your rank and roughly where you stand in your journey towards financial freedom right now” writes J Money for businessinsider.com. Checkpoints 7 and up are basically dependent on how you answer all the passive income questions in that second half of the list there. Source: businessinsider.com

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E.ON earnings and sales fall after charges

“E.ON SE EOAN said Wednesday that earnings and sales fell in 2018 as the company booked restructuring charges in the U.K. and Germany” writes Nathan Allen for marketwatch.com. For 2019 E.ON said it expects to generate adjusted net income between EUR2.9 billion and EUR3.1 billion, compared with EUR3 billion in 2018.The German utility said net income fell to 3.22 billion euros ($3.63 billion) from EUR3.93 billion a year earlier.Adjusted earnings before interest and taxes should be between EUR1.4 billion and EUR1.6 billion, compared with EUR1.5 billion in 2018, the company…

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