The Motley Fool

FEBRUARY 29, 2024

Image source: Getty Images There are only two good things about filing your taxes: staying out of jail and getting a refund check. Read more: we researched free tax software and put together a list of the best options here How long does it take to get your tax refund? How do you know the status of your tax refund?

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The Motley Fool

JULY 10, 2024

However, if you can set aside some money in a retirement plan this year, the government will reward you with a tax credit if your income falls below a certain threshold. It's important to note that the Saver's Credit is nonrefundable, so you won't receive a tax refund if your credit is worth more than you owe.

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The Motley Fool

JUNE 28, 2024

Many savers are familiar with the basic perks, such as tax-free growth and withdrawal benefits. You can open the account on your own at a financial institution, manage your investments, and contribute up to the annual limit , which is $7,000 if you are under 50 and $8,000 if you are 50 or older in 2024.

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The Motley Fool

JULY 24, 2024

Open an individual retirement account For many, Roth IRAs are the best thing since sliced bread because you can contribute after-tax dollars now in exchange for tax-free income later. This can be particularly rewarding if you expect to be in a higher tax bracket in the future and want to eliminate the worry of future taxes.

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Exchange-Traded Funds Taxes Financial Institutions Accounting 246

The Motley Fool

AUGUST 16, 2023

financial institution no matter where you live, though you still need to notify Social Security whenever you change addresses. You can also receive your checks through a financial institution in the country where you're living, as long as the country has an international direct deposit agreement with the U.S.

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Financial Institutions Taxes Returns 246

The Motley Fool

DECEMBER 7, 2023

Roth IRAs are among the best retirement accounts available because of their unique tax break. Instead of contributions being deductible like a 401(k) or traditional IRA, contributions are made after tax with the chance for tax-free withdrawals in retirement. In this case, you could owe income taxes on a portion of the $6,500.

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The Motley Fool

DECEMBER 15, 2023

Fund an HSA if your health insurance is compatible Health savings accounts ( HSAs ) are one the best long-term savings plans out there because they're triple tax-advantaged. If one isn't available, you can open an HSA independently at any financial institution that offers these plans.

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The Motley Fool

OCTOBER 10, 2024

The Bank Secrecy Act requires financial institutions to report certain transactions totaling $10,000 or more. The goal is to prevent money laundering and tax evasion by collecting these details. The bank isn't just being nosy if they inquire about these things. The answer is pretty simple.

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Banks Accounting Financial Institutions Taxes 246

The Motley Fool

FEBRUARY 11, 2024

Like other interest-bearing accounts, CD interest totaling $10 or more is taxable and must be reported on your tax return. The rate from your tax bracket is the same rate used to tax your CD earnings (in 2023, they range from 10% to 37%). So, if you earned $2,000 in CD interest and your tax rate was 22%, you'd pay $440 in taxes.

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The Motley Fool

MARCH 16, 2024

Image source: Getty Images As of early March, the average tax refund issued by the IRS was $3,182. That number could easily change as more people file their taxes ahead of the April 15 deadline. But no matter what refund you're entitled to, you probably want that money to show up as quickly as possible.

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The Motley Fool

SEPTEMBER 21, 2023

And if you're going to do that, you might as well save in an account that offers some type of tax benefit, which isn't a feature of a regular brokerage account. A traditional 401(k) plan , however, gives you a tax break on your contributions. And like 401(k)s, traditional IRA contributions go in tax-free. And that's okay.

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Taxes Financial Institutions Accounting Funds 261

The Motley Fool

JULY 31, 2024

Better known as the Bank Secrecy Act, this law requires that all financial institutions report transactions that exceed $10,000. The bank will send the form off to the Financial Crimes Enforcement Network (FinCEN), which is a division of the U.S. This includes both deposit and withdrawals.

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Banks Accounting Financial Institutions Taxes 49

The Motley Fool

JANUARY 6, 2024

The IRS uses Social Security numbers for most taxpayers in tracking tax returns and reporting. Financial institutions gather it when you open bank accounts or want a loan. Your unique number isn't just important for receiving Social Security benefits. Randomization allowed the SSA to make better use of available numbers.

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Financial Institutions Taxes Banks Accounting 246

The Motley Fool

NOVEMBER 19, 2024

Fidelity and Bank of America are two major national financial institutions that offer HSAs. And that money is all tax deductible! But HSAs let you plan ahead and the money you save is tax-advantaged. Decide how much money to contribute to your HSA. Here are a few reasons why HSAs can be an especially good deal for women.

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Accounting Taxes Financial Institutions Banks 246

The Motley Fool

JANUARY 21, 2024

Worst case: You may end up paying the full out-of-pocket maximum without getting any of the tax benefits offered by HSAs. For example, it's triple tax-advantaged: You wouldn't pay taxes on the cash you put away, it can earn tax-free interest, and you don't pay taxes when you use it on qualifying medical costs.

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The Motley Fool

NOVEMBER 28, 2023

As 2023 comes to a close, now could be a good time to assess your retirement savings strategy and ensure you're maximizing your potential tax advantages and savings options. While you may consistently contribute to a 401(k), other retirement accounts like IRAs can offer additional tax benefits and fit well into your retirement plan.

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Accounting Taxes Financial Institutions Funds 211

The Motley Fool

JUNE 23, 2023

Upstart Upstart (NASDAQ: UPST) is a consumer loan company that leverages big data and AI algorithms to help financial institutions, banks, and credit unions assess the creditworthiness of loan applicants. The company expects $135 million in revenue in the second quarter, which is up by 31% on a sequential basis.

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The Motley Fool

JULY 6, 2023

Image source: Getty Images We're nearly a quarter of the way through the 21st century, and yet some people still climb into their cars and drive to their local brick-and-mortar bank when they have financial business to take care of. Here are six advantages of using the online banking services offered by your financial institution.

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Banks Financial Institutions Accounting Taxes 246

The Motley Fool

FEBRUARY 13, 2024

Meanwhile, capital markets technology consists of Calypso (the other half of the Adenza deal) and market technology, which provide real-time risk management and decision-making, along with connectivity to Nasdaq's exchanges and data centers for financial institutions. Market services (22% of sales): Trading services for U.S.

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The Motley Fool

SEPTEMBER 3, 2023

The bank or financial institution has the responsibility of filing the report, and as long as the deposit is above board and you aren't trying to evade taxes or launder money, you shouldn't have any issues. And if you do have a large deposit of $10,000 or more to make, you shouldn't really have a problem making it.

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Banks Accounting Legal Financial Institutions 246

The Motley Fool

APRIL 29, 2024

This allows it to function without taking on the financial risk of issuing credit. If someone doesn't pay their credit card payment, it affects the issuing financial institution , not Visa. Being an asset-light business also contributes to Visa's lofty margins.

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The Motley Fool

JUNE 23, 2024

The subscription plans are the clients signing up for Bill's services, and the members are the financial institutions that are connected to the network so clients can manage and move money. That's positive result comes from some tax benefits, but operating income is still negative.

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Financial Institutions Public Companies Taxes Assets 246

The Motley Fool

NOVEMBER 30, 2024

That meant I had the solid financial foundation I needed to start investing. I decided to open a traditional IRA with a financial institution where I already have a checking and high-yield savings account. Many of them offer tax-advantaged retirement accounts along with taxable options. Here's how to get started.

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The Motley Fool

OCTOBER 4, 2024

While the days of high APYs may be behind us (for now), it's essential to plan for the taxes you'll owe on any money you've earned on CDs thus far this year. Figuring out how much you'll owe in taxes is a straightforward process. To figure out how much you'll owe, you first need to know your tax bracket.

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Financial Institutions Taxes Banks Accounting 130

The Motley Fool

FEBRUARY 12, 2024

In 1970, Richard Nixon was in the White House, and Congress sought a way to fight crimes like tax evasion and money laundering. The BSA was amended after the attacks of 9/11, but the goal remains the same: Make it tougher for people to finance terrorist activities, launder money, or hide money from the IRS.

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Banks Financial Institutions Accounting Taxes 239

The Motley Fool

SEPTEMBER 7, 2024

Its adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) also improved from negative $94 million in 2022 to positive $536 million in 2023 as it executed two rounds of layoffs and other aggressive cost-cutting. million and became the fourth largest financial institution in Latin America.

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The Motley Fool

JANUARY 16, 2024

The largest cryptocurrency was in the middle of another crypto winter back then, hampered by hacking scandals and regulatory crackdowns with no support to speak of from large banks and other financial institutions. The $19,345 record price of the Bitcoin boom in 2017 felt like a distant memory, melted down to $3,644 per token.

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The Motley Fool

JUNE 14, 2024

Pagaya: A better credit evaluation model Pagaya operates an AI-driven credit evaluation platform that helps banks and financial institutions more accurately identify and minimize risk while opening up more opportunities for effective lending. billion in funding including from 18 new sources in its funnel.

Financial Institutions 246

Financial Institutions Banks Amortization Depreciation 246

The Motley Fool

FEBRUARY 5, 2025

Health savings accounts (HSAs) are investment accounts that allow you to set aside pre-tax dollars for " qualified medical expenses " to pay for outlays not covered by your health insurance plan. By setting aside money pre-tax, your contributions don't count toward your adjusted gross income at the end of the year.

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The Motley Fool

SEPTEMBER 3, 2023

Financial institutions have made it easy by allowing you to request a "split" each time your check is deposited. Stop loaning the government money The average tax refund for 2022 was $3,028. If you regularly receive a federal tax refund, ask yourself why.

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Financial Institutions Accounting Taxes Banks 246

The Motley Fool

JULY 1, 2023

The SBA will have your back If you've attempted to secure a loan through another financial institution but have been turned down, the SBA will act as your wingman by guaranteeing up to 50% of your loan amount. Fortunately, the SBA has people who will explain the process and offer insights into how to land the best loan.

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The Motley Fool

OCTOBER 22, 2024

This stark contrast happens because IRAs are offered by many financial institutions, each with their own lineup of investments. You can hedge against high retirement tax bills with a Roth IRA There are two primary types of IRAs that are available to most workers: traditional and Roth.

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The Motley Fool

JULY 16, 2024

With traditional 401(k) plans, your contributions are tax-deductible. However, when you take money out, you'll have to pay taxes on all contributions and gains accumulated. With Roth 401(k) plans, your contributions aren't tax-deductible. However, you won't have to pay any taxes at all when you withdraw funds for retirement.

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Taxes Financial Institutions Accounting Banks 130

The Motley Fool

MAY 19, 2024

It's a powerful retirement savings vehicle because it offers important tax advantages. You don't get an upfront tax break for contributions, but if you follow certain rules, all your withdrawals will be tax-free in retirement. If you're not taking advantage of the potential tax savings, consider opening one.

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The Motley Fool

JULY 21, 2024

The Bank Secrecy Act Originally called the Currency and Foreign Transactions Reporting Act of 1970, the BSA "authorizes the Department of the Treasury to impose reporting and other requirements on financial institutions and other businesses." It's meant to help detect and prevent crimes like money laundering and tax evasion.

Banks 130

Banks Financial Institutions Legal Accounting 130

The Motley Fool

NOVEMBER 12, 2024

Saving for retirement in a tax-deferred account -- such as a 401(k) or traditional IRA -- can be a smart way to minimize taxes while you're working. Your initial contributions are tax-deductible, and you'll only owe income taxes once you start making withdrawals. Image source: Getty Images.

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The Motley Fool

MAY 29, 2024

Image source: Getty Images Switching jobs can be an exciting step in your career, but it also comes with its share of financial tasks. Doing this correctly ensures that your savings continue to grow tax-deferred, avoiding unnecessary fees and penalties. Choose a financial institution. Cash out the account. Here's how.

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