Markets News 

7 investments to make with your tax refund

“The average federal tax refund is about $2,800, although some taxpayers may receive slightly less this year under the new tax law” writes Aol Staff for aol.com. Here are seven stocks or ETFs to invest your tax refund in for the long term.This fund’s top holdings include Microsoft Corp. (MSFT), Apple (AAPL), Amazon.com (AMZN) and Berkshire Hathaway Class B (BRK/B), to name a few.This fund’s top holdings include tech behemoths Apple and Microsoft as well as consumer discretionary companies like Amazon and Home Depot (HD). Source: aol.com

Read More
News 

The right way to attack the budget deficit is to cut spending, not to raise taxes

“Some Democrats want to substantially raise income taxes on the rich, both to reduce income inequality and to cut the federal deficit” writes Alberto Alesina for marketwatch.com. The evidence shows that if the focus is on tackling the deficit, fiscal conservatives are right.This doesn’t mean that Democrats shouldn’t consider substantially raising income taxes on the rich if they are concerned about inequality.In addition, basic principles of public finance show that a smarter way to tax the rich more is by reducing tax loopholes and deductions rather than raising tax rates.Continuously…

Read More
News 

New York’s political machine gives Amazon buyer’s remorse

“This Amazon debacle must be an inflection point for our society where we rein in corporate welfare and the billionaire class.”” reports washingtonexaminer.com. The behavior is part of a pattern for Amazon, he added, citing the Seattle homeless tax.”Expansion in New York encountered opposition in no small part because of growing frustration with corporate America,” de Blasio wrote. Source: washingtonexaminer.com

Read More
News 

Tax cuts helped propel banks to $236.7 billion in profits in 2018

“Annual bank profits rose $72.4 billion to $236.7 billion, the regulatory agency said” reports washingtonexaminer.com. CORRECTION: A previous version of this article incorrectly stated bank profits rose to $140.2 billion, instead of $236.7 billion.Lower taxes and substantially increased loan profits drove much of the growth, as banks benefited from both the 2017 tax reform law and rising interest rates.But loan losses, as measured against total revenue banks generated, decreased slightly. Source: washingtonexaminer.com

Read More
News 

Zuckerberg to meet UK culture secretary amid ‘digital gangster’ report

“Zuckerberg has declined a number of invitations to appear before the media committee, which has sparked protests outside parliament” writes Head Of Finance for yahoo.com. In October last year, Britain’s chancellor Philip Hammond announced a new “digital services tax” that is expected to target tech giants such as Facebook, Google, and Amazon (AMZN).The committee also called out Zuckerberg’s reluctance to meet with lawmakers. Source: yahoo.com

Read More
News Stocks 

Intuit stock rises after tax software company beats profit forecasts

“Adjusted for one-time items, the company earned $1 a share, compared with 84 cents a year ago” writes Claudia Assis for marketwatch.com. For the fiscal third quarter, the company said it expects revenue growth between 10% and 12% and non-GAAP EPS between $5.35 and $5.40.INTU, -0.40% rose more than 2% in the extended session Thursday after the company, which offers tax-preparation software and related services, beat Wall Street profit expectations for its fiscal second quarter, its second largest in terms of sales after its fiscal third quarter. Source: marketwatch.com

Read More
News 

State lawmakers place their bets on sports gambling

“Tapping another source of state revenue has been a key motivator for many lawmakers and governors who are supporting legalization” reports foxsports.com. Kentucky is one of at least 22 states where lawmakers this year are considering legislation to legalize sports gambling.Chris Sununu, made similar calls for sports betting legalization in their recent budget addresses.Adam Koenig, a Republican whose sports gambling bill passed a key committee earlier this week. “I think there’s a lot of folks, particularly Democrats, who campaigned on finding revenue,” he said.Now some lawmakers think they’ve found at…

Read More
News 

Philip Hammond bailed out as bumper self-assessment haul hands taxman record £15bn surplus

“A bumper tax haul for January gave Philip Hammond the biggest budget surplus ever recorded last month, rescuing his plans to trim borrowing over this financial year and handing him a boost just in time for the spring statement” writes Tim Wallace for telegraph.co.uk. The Chancellor was £14.9bn in the black for the month, according to official statistics, smashing the £10bn surplus predicted by economists as the healthy jobs market brought in extra income tax revenue.The strong numbers, boosted largely by income tax receipts, defied fears that by the end…

Read More
News 

When it makes financial sense for married couples to file their taxes separately

“Married borrowers who file separately will lose access to certain other tax benefits related to higher education and student loans, notes Mark Kantrowitz, the publisher of Savingforcollege.com” writes Jacob Passy for marketwatch.com. That’s not surprising, given how complicated filing separate tax returns can be, said Robert Westley, an accountant and a member of the American Institute of CPAs’ Personal Financial Specialist Credential Committee. “The married filing separately tax status comes with a lot of quirks,” he said. Source: marketwatch.com

Read More
News 

Scottish council leaders urged to rule out workplace parking tax ahead of Budget vote

“Scotland’s council leaders have been urged to rule out introducing a workplace parking tax ahead of a vote on an SNP Budget deal that includes the new levy” writes Michael Fabricant for telegraph.co.uk. The Unite trade union wrote to the heads of all 32 local authorities yesterday demanding they formally reject using the tax, which they said would wipe out many council workers’ pay rises. Pat Rafferty, its Scottish secretary, said only the Greens had been consulted over the “regressive” levy and it would lead to the “ludicrous” situation of…

Read More