Taxpayers sue TurboTax for allegedly tricking them into paying for ‘free’ tax prep

People with incomes under $66,000 are eligible for a program called Free File, but many ended up paying Lawyers who say TurboTax cheated low-income customers out of free tax-prep services have filed a class-action lawsuit on behalf of those consumers. The lawsuit is seeking monetary relief for consumers, as well as an injunction that would … Read more Taxpayers sue TurboTax for allegedly tricking them into paying for ‘free’ tax prep

Dow has worst day in 4 months amid China trade war escalation

The drop comes two days after President Trump threatened to escalate the trade war and one day after the administration confirmed higher tariffs on Chinese imports would take effect later this week. The S&P 500 is 2% below the all-time closing high seen last week. It’s 1.8% higher than where it was when the trade … Read more Dow has worst day in 4 months amid China trade war escalation

Amazon May Not Have To Pay Any Federal Income Taxes This Year

Amazon, the tech behemoth, nearly doubled its profits to $11.2 billion in 2018 from $5.6 billion the previous year and, once again, is unlikely to pay any federal income taxes. How could a company with record U.S. profits for the year avoid paying taxes? The answer is a combination of existing tax rules that have … Read more Amazon May Not Have To Pay Any Federal Income Taxes This Year

The 400 richest Americans now own more than the bottom 150 million

The richest 400 Americans as individuals have 50 percent more of the country’s wealth than those 160 million who make up the bottom 60 percent of the country in terms of wealth. That disparity, which sees the richest 0.1 percent of the country holding more wealth than the bottom 80 percent, has become a recurring … Read more The 400 richest Americans now own more than the bottom 150 million

Tax the Rich? Or May Be Just Close These Gaping Loopholes?

Should there be a wealth tax on the richest Americans? A top bracket of 70 percent? Or we could just close these gaping loopholes. Everyone, it seems, has ideas about new tax strategies, some more realistic than others. The list of tax revolutionaries is long. The short list includes Representative Alexandria Ocasio-Cortez, who wants a … Read more Tax the Rich? Or May Be Just Close These Gaping Loopholes?

Why millions of people are getting hit with a surprise tax bill this year

This year many Americans who are accustomed to receiving an income tax refund have found to their surprise that they actually owe money to the IRS. The truth is somewhat more complicated. The new tax law does result in some people paying higher taxes (especially over the long term), but the specific issue here is … Read more Why millions of people are getting hit with a surprise tax bill this year