Gold prices notched another fresh record this week as more investors piled into the metal amid economic uncertainty and rising bets for a Federal Reserve rate cut. So far this year, bullion has gained about 35% as of Friday’s close. Spot gold is now near $3,600 an ounce. “Without a doubt, gold has been trending higher, and it’s…
Roughly $198.3 million goes straight to the IRS The Powerball jackpot winner can expect a large upfront federal tax withholding. The IRS requires a mandatory 24% withholding for prizes that exceed $5,000. If you choose the $826.4 million cash option, the 24% federal tax withholding automatically reduces your winnings by $198.3 million. But the windfall…
President Donald Trump‘s “big beautiful bill” raised the state and local tax deduction, known as SALT, to $40,000 for 2025. The change comes less than a decade after a cap was placed on this tax break for the first time in its history. Taxpayers who itemize tax breaks can claim the SALT deduction, which includes state and…
Budrul Chukrut | SOPA Images | Lightrocket | Getty Images Powerball fever is spreading as the jackpot hits $1.8 billion — making it the second-largest prize in U.S. lottery history. The enthusiasm for the gargantuan pot is fueling business on Jackpocket, a lottery courier owned by DraftKings and available in 16 states. DraftKings said 15…
A Social Security Administration (SSA) office in Washington, DC, March 26, 2025. Saul Loeb | Afp | Getty Images President Donald Trump’s “big beautiful bill” provides relief to certain Social Security beneficiaries who pay taxes on their benefits. But it doesn’t eliminate those levies entirely. Now, Sen. Ruben Gallego, D-Arizona, introduced a bill on Thursday…
Jon Morgan, co-founder of business consulting firm, Venture Smarter, was mentoring a Gen Z entrepreneur when he noticed something strange about her life and the one she portrayed online. His 23-year-old mentee had spent 1½ years crafting a luxury travel persona — one that suggested she was living a $500,000-a-year lifestyle, he said. In reality,…
Sinology | Moment | Getty Images A federal tax break for consumers who buy or lease electric vehicles will disappear after Sept. 30. However, consumers may have a little bit of wiggle room on that time frame, according to a new document released by the Internal Revenue Service. The tax credits, worth up to $7,500,…
Retirement funding looks very different depending on where you live. While the United States leans heavily on voluntary 401(k)-style savings plans, other nations rely on mandatory contributions or more traditional pensions to ensure broad coverage and steady income. Mercer CFA Institute Global Pension Index takes these structural differences into consideration when ranking some of the…
dowell | Moment | Getty Images With the stock market hovering near record highs, you may have large profits sitting in a taxable brokerage account. Upon selling, you could owe capital gains taxes, levied at 0%, 15% or 20%, based on taxable income, if you own the assets for more than one year. There’s also a…
Damircudic | E+ | Getty Images Delayed loan relief may trigger a new ‘penalty’ The American Rescue Plan Act of 2021 made student loan forgiveness tax-free at the federal level through the end of 2025. Trump’s “big beautiful bill” did not extend or make permanent that broader provision. Without action from Congress, student loan borrowers who get their debt forgiven…
