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Don't lift Trump's contempt order yet, says New York attorney general

Former President Donald Trump's attempts to satisfy a state judge who has held him in contempt for failing to turn over subpoenaed documents "were undertaken in good faith," but were unsatisfactory, according to New York Attorney General Letitia James' office. A former assistant to Trump who worked for his company...
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CNBC

Borrowers are on edge as Biden decides how to act on student loan forgiveness

Millions of Americans who borrowed for their education are eagerly awaiting to hear President Joe Biden's announcement on student loan forgiveness. "Nobody likes the limbo," said Ryan Tucholski, 41, who owes over $24,000. At the pump, in the supermarket, with his landlord — all of Ryan Tucholski's bills are going...
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RELATED PEOPLE

Which States' Taxes Are Going Down

At a time when the cost of everything from gas to Netflix is rising, there’s a good chance that one of your expenses will decline: your state tax bill. Awash in budget surpluses, lawmakers are cutting taxes on everything from income to groceries, and the trend isn’t limited to red states. Several Democratic governors, including New York Gov. Kathy Hochul and Illinois Gov. J.B. Pritzker, have supported broad tax cuts for state residents. “If your state isn’t cutting taxes this year, it’s in the minority,” says Katherine Loughead, senior policy analyst for the Tax Foundation, a tax research organization.
INCOME TAX
Real Simple

How to Build Healthy Habits Around Credit Card Use

More than three-quarters of American adults have a credit card, creditcards.com reports. What's more, the average consumer has three credit cards with an average balance of $5,525, according to Experian. Credit cards serve a myriad of purposes—providing a way to consolidate expenses, establish or build credit, earn points or rewards,...
CREDITS & LOANS
RELATED CONTRIBUTORS
TechCrunch

The IRS’s crypto tax partner, ZenLedger, raises $15 million Series B

The IRS, for its part, turned to Seattle, Washington-based startup ZenLedger for help. Since its founding in 2017, ZenLedger has managed to secure four contracts with the U.S. government worth just over $500,000, none of which are expected to expire, The New York Times reported. While $500,000 seems like a paltry sum for a federal agency, the contracts are significant in the small, hypercompetitive world of crypto tax prep startups. Heading into this year’s tax filing period, ZenLedger had raised just $11.5 million in its latest funding round — significantly less than competitors such as CoinTracker and TaxBit had in their coffers at the time.
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ZDNet

What does pre-approved mean and is it different from pre-qualification?

It usually begins with a letter in the mail, an invitation of credit from a credit card or mortgage company. But what does that mean exactly? Is it a credit card offer? Are you approved for that home loan?. Pre-approval and pre-qualification are two completely different things, and knowing the...
ECONOMY
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ZDNet

Money order vs. cashier's check: What's the difference?

Money order or cashier's check helps when you need money in a flash and a traditional check just won't do. But what is the difference between the two?. Here we help break down the difference between a money order and a cashier's check so you can make the right decision for your finances, whether you are buying a new home or sending your kid sister birthday money.
ECONOMY
MSNBC

Ronny Jackson faces investigation over alleged misuse of funds

Rep. Ronny Jackson’s first term as a member of Congress has not been without controversy. The Texas Republican has, for example, faced awkward questions about why Oath Keepers members were texting about him during the Jan. 6 attack on the Capitol. Also during his first term, Jackson was accused...
TEXAS STATE
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Ask the Hammer: I Have After-Tax Dollars in My IRA and Want to Start Doing Roth IRA Conversions. How Do I Avoid Paying Taxes Twice?

In this episode of Ask the Hammer, a Retirement Daily reader has a question about how to avoid paying taxes twice on after-tax dollars that were put into an IRA:. Some years ago, like in the 1980s or 1990s, I contributed to a non-deductible IRA, but after consolidating some of my IRAs and various institutions, I’ve lost track of those nondeductible contributions. I’d like to start doing Roth IRA conversions. I know there’s something called a pro-rata rule. What do you suggest?
ECONOMY

Record U.S. reverse repos highlight problem of investing excess cash

NEW YORK, May 24 (Reuters) - Demand for the Federal Reserve's reverse repurchase (RRP) facility has surged in the last few weeks, as the U.S. Treasury Department's reduced supply of short-term bills left investors few options to park excess cash. Reverse repos are conducted by the New York Fed's Open...
ECONOMY
CNBC

'Tax us now': Millionaires call on the global elite to tax them more

"Tax us, the rich, and tax us now," an open letter by the "Patriotic Millionaires said. The letter, published Monday, included actor Mark Ruffalo and heiress Abigail Disney among its signatories. A group of over 150 millionaires are calling on the elite attendees of this year's World Economic Forum in...
ECONOMY

Do You Pay Taxes on Investments? What You Need to Know

Investing can be a great way to grow your assets, but what do you need to know when it comes time to file your taxes? Like most tax questions, the answer depends on your specific situation. TurboTax Premier makes it easy and fast to import, upload, and accurately report your...
INCOME TAX