The Motley Fool

MARCH 23, 2024

Image source: The Motley Fool/Upsplash New York is known for being a high-tax state because it charges state income tax. The top New York state tax bracket for 2023 is 10.9% -- but you won't have to pay that rate unless your income is over $25 million. This can be a big advantage!

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The Motley Fool

MARCH 13, 2024

Many new and used EVs (and some plug-in hybrids) qualify for EV tax credits that can give you a significant discount at the dealership. Let's look at a few ways to maximize your EV tax credits and get a better price on buying a car in 2024. But many new EVs don't qualify for the full $7,500 EV tax credit.

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The Motley Fool

MARCH 8, 2024

The federal government is offering EV tax credits of up to $7,500 for qualifying new EVs, or up to $4,000 for used EVs. There are a lot of misconceptions about EV tax credits. The EV tax credits have gotten a bit confusing and limited for new cars in 2024. Let's look at a few of the big ones. In fact, many EVs do not.

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The Motley Fool

OCTOBER 28, 2024

The wage base limit doesn't get nearly as much attention as the COLA, but it has tax and potential benefit implications that make it worth paying attention to. workers pay Social Security payroll taxes all through their careers. The current tax is 12.4%, typically split in half between workers and employers at 6.2% 2018 52,145.80

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The Motley Fool

JULY 17, 2023

However, that was out of more than 134 million tax returns filed for tax year 2022. According to the tax agency, it identified over $31 billion in tax and financial crimes. Read more: we researched free tax software and put together a list of the best options here But what about you? If so, this article is for you.

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The Motley Fool

APRIL 16, 2024

If you're worried about home battery charging and suffer from range anxiety, there are ways to get a good deal on a car in 2024 -- and even qualify for EV tax credits -- without committing to a fully electric vehicle. Used Toyotas of this model will qualify for used EV tax credits of up to $4,000.

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The Motley Fool

OCTOBER 4, 2024

Although Buffett values the respective competitive advantages these two core holdings bring to the table, he opined during Berkshire Hathaway's annual shareholder meeting in May that tax implications may be playing a role in this selling activity -- at least when it comes to Apple. This favorite stock in question is none other than.

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The Motley Fool

SEPTEMBER 25, 2024

Earlier this year, Buffett was asked that question at Berkshire's annual meeting, and he attributed the decision to a probable increase in the corporate tax rate in the future. federal government has run a historic deficit in recent years, and Buffett believes higher taxes will be used to remedy the situation at some point.

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The Motley Fool

NOVEMBER 3, 2024

2018 2% 2017 0.3% The 2025 wage base limit is higher The annual wage base limit is the maximum amount of your income subject to Social Security payroll taxes. This means any dollar over that amount is exempt from Social Security payroll taxes, which are either 6.2% The could-be-better news is that the 2.5% 2016 0% 2015 1.7%

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The Motley Fool

AUGUST 10, 2024

He views the current tax code for corporations as very favorable, and he's willing to pay taxes now, so he can avoid higher taxes later. That said, it's one thing to strategically take capital gains to lock in a low tax rate. That's the smallest amount since the change in the repurchase authorization in 2018.

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The Motley Fool

SEPTEMBER 30, 2024

Buffett has said that the decision to sell portions of Berkshire's investments in stocks like Apple or Bank of America is based on the idea that corporate tax rates will rise when the current tax law expires at the end of next year. But last quarter's repurchases slowed to a snail's pace, totaling just $345 million.

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The Motley Fool

OCTOBER 7, 2024

The investor first accumulated shares of the largest hotelier in the world in 2016, but it wasn't until 2018 that he had an opportunity to establish a significant position in the stock during the market downturn. Its loyalty program has grown from 80 million, when Ackman invested in 2018, to over 195 million today.

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The Motley Fool

NOVEMBER 4, 2024

The Oracle of Omaha noted that he expects the corporate tax rate to eventually rise. Prior to the midpoint of July 2018, Berkshire's chief was only allowed to buy back his company's stock if shares fell to or below 120% of book value (based on the most recent quarter). Things changed in a big way on July 17, 2018.

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The Motley Fool

DECEMBER 31, 2023

Image source: Getty Images Itemizing tax deductions lost its luster for most taxpayers with the passage of the Tax Cuts and Jobs Act of 2017. The law nearly doubled the standard deduction, which is the amount any taxpayer can subtract from their tax bill, regardless of their actual expenses. Rising interest rates.

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The Motley Fool

FEBRUARY 18, 2024

By the end of 2018, Berkshire had racked up just shy of 1 billion shares. Apple has become Berkshire's largest holding because the buying spree between 2016 and 2018 proved to be a genius move. between the end of 2018 and Feb. Since it is a relatively small amount, my guess is that this may have been tax-related.

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The Motley Fool

NOVEMBER 17, 2024

That's because the Social Security Administration (SSA) puts a cap on the amount of earnings it taxes. Earnings that it doesn't tax don't count toward the calculation. There are also potential tax benefits by delaying for someone with a lot of retirement assets.

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The Motley Fool

DECEMBER 26, 2023

Image source: Getty Images Itemizing deductions can be a good strategy to reduce your tax bill -- but only if your itemized deductions add up to a bigger number than your standard deduction. Most taxpayers end up being better off taking the standard deduction, and about 90% of tax returns do this, according to IRS data.

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The Motley Fool

DECEMBER 22, 2023

Not only do the holidays inspire goodwill and cheer, but many people are interested in writing off their donations as we close out the tax year. But there's also a lot of confusion about charitable donations and when you can write them off for tax purposes. To write off a charitable deduction, you'll need to itemize your tax return.

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The Motley Fool

NOVEMBER 8, 2024

Buffett told shareholders he's taking advantage of the current tax law to realize capital gains at a lower tax rate. The current corporate tax rate is set to revert from 21% to 35% after 2025. It doesn't make sense to sell an asset well below intrinsic value just to save on taxes.

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The Motley Fool

NOVEMBER 3, 2024

This is the maximum amount of your income subject to Social Security payroll taxes each year. Since you don't pay Social Security payroll taxes on any income above the wage base limit, those earnings are also not considered when calculating your monthly benefit.

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The Motley Fool

SEPTEMBER 25, 2024

2018 2% 2017 0.3% The wage cap is rising for 2025 You may not realize it, but not all earnings are taxed for Social Security. There's a cap beyond which earnings aren't taxed. This means that someone earning $168,600 and someone earning, say, $33,168,600, will pay the same amount in taxes to Social Security.

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The Motley Fool

NOVEMBER 6, 2024

Here's the salary you need to get the maximum benefit Most people pay Social Security taxes on their entire paycheck during their career. But high earners might not pay the tax on every penny they earn. Any amount earned above that cap won't incur taxes, but it also won't count toward your earnings history.

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The Motley Fool

SEPTEMBER 28, 2024

Between 2018 and 2020, for instance, it steadily decreased from $4,647 per month to $4,561 per month, and there was also a slight dip from 2022 to 2023. This limit is the highest income subject to Social Security taxes, and for 2024, it's $168,600 per year.

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The Motley Fool

JULY 23, 2024

A premium to book value of around 30% has also marked a top for BofA's stock on numerous occasions since the start of 2018. Since the start of 2018, a steady stream of share repurchases has allowed BofA to reduce its outstanding share count by 24.42%, including a 2.16% reduction over the trailing year. million shares.

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The Motley Fool

OCTOBER 12, 2024

Each year, the Social Security Administration collects taxes on your wages. That's because Social Security caps the amount of wages you pay taxes on in any given year. If you don't pay taxes on the wages, they don't count toward your earnings history. For 2025, the earnings limit will be $176,100.

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The Motley Fool

JANUARY 6, 2024

Since 2018, though, they can also be used to pay for up to $10,000 in private elementary and high school tuition. The best thing about 529 plans is that they're tax-advantaged. You can't deduct contributions to a 529 plan from your federal income taxes. Many states also offer tax deductions or credits for contributions.

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The Motley Fool

JUNE 5, 2024

From 2018 to 2023, Altria's annual cigarette shipments declined from 109.8 in 2018 to 42.1% To maintain a favorable tax rate, they need to pay out at least 90% of their taxable earnings as dividends. But despite those strengths, I wouldn't touch Altria with a 10-foot pole because its core market is stuck in a secular decline.

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The Motley Fool

JULY 11, 2024

Bolstering their worries is the threat of higher tax rates on gambling revenue in at least one key market. While its roots are in the fantasy sports business, 2018's reversal of the federal ban on sports wagering has led to the legalization of sports betting in nearly 40 states. That's huge. More likely than not, however, they aren't.

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The Motley Fool

SEPTEMBER 16, 2024

For example, he put a lot of money into Apple (NASDAQ: AAPL) between 2016 and 2018, spending around $36 billion on that stock over the period. Buffett's stated reasoning for that move was that he wanted to take advantage of the current corporate tax rate. It wouldn't make sense to sell an asset well below its value to save on taxes.

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The Motley Fool

MARCH 22, 2024

billion sticks in 2018 to 76.3 in 2018 to 42.1% in 2018 to 46.9% It's running out of ways to boost its EPS Altria's total revenue (excluding excise taxes) still grew from $19.6 billion in 2018 to $20.5 in 2018 to $4.95 However, many states are still hiking their excise taxes on tobacco products.

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The Motley Fool

APRIL 27, 2024

You can't get electric vehicle tax credits" There's been a lot of media headlines about electric vehicle tax credits of up to $7,500 for the purchase of a new EV. But did you know: some hybrid cars can also qualify for EV tax credits? Here are a few, according to the U.S.

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The Motley Fool

FEBRUARY 5, 2024

smoking rates had declined sharply since the 1960s, it was being sued by government regulators, and rising excise taxes were driving up its prices. As a stand-alone company, PMI expanded into higher-growth overseas markets with more lenient government regulations and lower excise taxes. in 2018 to 42.1% Altria stayed in the U.S.

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The Motley Fool

NOVEMBER 6, 2024

Sure, most people pay Social Security taxes for decades to fund their eventual payout, but there's something about knowing you have somewhat of a financial safety net in retirement that's a little comforting. Social Security retirement benefits are something millions of Americans look forward to as they go through their careers.

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The Motley Fool

OCTOBER 7, 2024

We're still early in the sports betting world It wasn't until May 2018 that the U.S. It expects its fiscal 2025 adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) to be between $900 million and $1 billion, and that profitability should continue. Since then, the number of U.S. Image source: Statista.

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The Motley Fool

MAY 17, 2024

Based on admissions by Buffett during his company's latest annual shareholder meeting, he and his top investment aides (Todd Combs and Ted Weschler) sold about 13% of their company's leading position in tech stock Apple (NASDAQ: AAPL) for tax purposes in the March-ended quarter. billion , as of the closing bell on May 10. That's right.

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The Motley Fool

OCTOBER 9, 2024

workers pay Social Security payroll taxes throughout their careers. in taxes, totaling 12.4%. The good news is that not all income is eligible for Social Security payroll taxes. Add that to the tax implications of the wage base limit, and it's worth ensuring you know the number heading into 2025.

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The Motley Fool

NOVEMBER 2, 2024

The company says it expects Jackpocket's integration to contribute positive earnings before interest, taxes, depreciation, and amortization ( EBITDA ) in 2025. Since June 2018, states have collected over $6.3 billion in taxes from sports betting.

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