Financial News
Provided by Forbes.com
Be Prepared to Prove the Time You Spend on Losing Side Activities
If you have a lucrative day job and lose money on a different business activity, be warned. The IRS will not believe what you say about how you spend your time and the Tax Court will be skeptical. That is the main lesson in these two cases.
What Hyundai Didn't Include In Its Super Bowl Ad
In my dream I explained why 2011 was not a financial mulligan
Recently I was asked to review the asset allocation for a retirement account. The return for the year 2011 was minimal and they had written "Mulligan" on the statement.
Top Tax Tips From Zuckerberg's Facebook Bonanza
The revelation that Facebook?s Mark Zuckerberg plans to exercise $5 billion worth of stock options before his IPO suggests his 2012 tax bill could be close to $2 billion! See Zuckerberg's 2012 personal income tax bill: $1.5 billion. If size matters, that will make Zuckerberg The Incredible Hulk of Taxpayers. After all, the 400 wealthiest filers only averaged $48 million in federal income taxes in 2009.
Video: Marotta on Money
David John Marotta explains that the purpose of Marotta On Money is a weekly financial column and daily financial blog about the comprehensive wealth management small changes that have a large effect over time.
GE Catches Renewed Investor Attention As U.S. Economy Picks Up More Steam
Almost suddenly, General Electric (GE) has caught renewed investor attention as the latest stream of fresh government data emitted signals that the economy is finally turning the corner towards a strong recovery.
With Indictments, IRS Will Get More Data From Swiss
The indictment of the Wegelin, the oldest Swiss private bank, moves the global banking transparency battle from bows and arrows to nuclear weapons. Do Swiss bankers' nerves fray after Wegelin indictment? Yes, no question.
When A Housemate Is A Dependent (And A Tax Break)
Could Liz Lemon (Tina Fey) snag a tax break for supporting her slacker boyfriend who?s moved in with her on NBC?s 30 Rock? Maybe. If your boyfriend, grandma or unemployed brother is crashing on your pull-out couch, you might be able to claim them as a dependent on your federal income tax return. Yes, it?s not just children, or even relatives, that can count as dependents, but unrelated friends whom you support and who live with you. The idea is these folks aren?t filing tax returns and taking a personal exemption for themselves. So you add them to your return as a dependent, taking a dependent exemption, and share the wealth.
NY Times Is Wrong About Maximizing College Aid Chances
Today's article on the New York Times website, "Expert Advice on the Best Ways to Secure Financial Aid," is a glaring example of more bad college advice. To say that parents should, "Embrace the fact that there is no 'secret,' no magic way to increase your aid chances," is misleading at best.
Daily Wrap: 2/3/2012
A big rally is underway after a surprisingly good jobs report. According to the government unemployment fell to 8.3% last month, the lowest in 3 years. That news sent the Dow to it's highest level since 2008. At around 1 this afternoon the Dow was up almost 1.2%, the Nasdaq was up 1.6% and the S&P 500 is up nearly 1.4%.
Weekly Market Wrap: 2/3/2012
This fifth trading week of 2012 comes to a close with investors sending stocks higher on strong employment data.
Qatar Buys World's Most Expensive Painting
Cezanne's The Card Players has been sold to Qatar's royal family for more than $250 million, the highest price ever paid for a work of art.
New: Taxation of Frequent Flier Miles
Citibank wants you to pay income tax on frequent flier miles. Eeek!
IRS Tackles Giants Safety Antrel Rolle--Hard
In Sunday's Super Bowl XLVI, star New York Giants defensive safety Antrel Rolle hopes to make some big plays against the New England Patriots. If he matches what the Internal Revenue Service did to him, he'll be a standout.
Raymond James CEO Reilly Justifies Billion-Dollar Deal (VIDEO)
A year ago, in a meeting at Raymond James Financial?s St. Petersburg, Fla. headquarters, Chief Executive Paul Reilly told me the firm was content to grow organically and make small acquisitions to fill out product lines or geographic gaps. In further conversations he used the term ?bite-size? to describe the kinds of deals he would consider.
My Dad's Guide to Watching the Super Bowl
Analyst Moves: RIMM, ANF
Research in Motion (RIMM) was downgraded today by Jefferies (JEF) to underperform from hold with a price target of $15 price target, ad the company may delay or abandon plans to license its OS.
Analyst Moves: APA, NOV
Apache (APA) was assigned a new outperform rating today by Credit Suisse (CS) with a $120 price target, as recent acquisition moves should lead to accelerated growth.
Daily Dividend Report: SPG, PEP, ADM, WYNN, PRE
Simon Property Group (SPG) announced its quarterly dividend of 95 cents per share, an increase of about 6% over its prior dividend in November of 90 cents. The company also reported that it earned $363.8 million, or $1.24 a share, last quarter, compared with a profit of $218.8 million, or 74 cents a share, in the same period last year, beating analyst estimates of 90 cents.
6 Things We Can Learn From The Facebook Graffiti Artist
David Choe, 36, is an accomplished painter in Los Angeles who has exhibited his work in galleries and museums. But he achieved worldwide fame this week when tweeters and headline writers dubbed him "The Facebook graffiti artist." The accompanying story was less about his success as an artist, than about his success as an investor.
What You Should Know Before Buying a Home
When I moved out of my parents' house and into my freshman dorm room, I had no idea that my existing concept of ?home? would change so dramatically. Throughout college and my first few years in the real world, I found a reason to move every single year. Yes, really?nine times in nine years, always during the summer, and never without a flight of stairs on at least one end. It?s a small wonder no one was ever seriously hurt on account of my furniture.
Best New-Car Deals For February
February may be the shortest month of the year, but it?s big on new-car bargains as automakers fine-tune their sales incentives to help keep their factories humming and dealers? inventories from becoming overloaded.
Best New-Car Deals For February
February may be the shortest month of the year, but it?s big on new-car bargains as automakers continue to fine-tune their sales incentives ? here?s the best deals from the new-car brands reported to be offering the deepest discounts in the industry.
Friday Sector Laggards: Precious Metals, Agriculture & Farm Products
In trading on Friday, precious metals shares were relative laggards, down on the day by about 0.8%. Helping drag down the group were shares of Lake Shore Gold (LSG), off about 4.6% and shares of Vista Gold (VGZ) off about 3.3% on the day.
Friday Sector Leaders: General Contractors & Builders, Home Furnishings & Improvement Stocks
In trading on Friday, general contractors & builders shares were relative leaders, up on the day by about 4%. Leading the group were shares of M D C Holdings (MDC), up about 6.2% and shares of Lennar (LEN) up about 6% on the day.
Earnings Wrap: EL, AON
Estee Lauder (EL) announced that quarterly profit increased to $396.7 million, or $1.00 per share, up from $343.9 million, or 86 cents per share, in the same period last year. Sales increased by ten percent to $2.74 billion. The company said that demand was strong for makeup and skin-care products globaly during the quarter.
George Lopez - The Celebrity 100
Photos of the Celebrity 100
Are Prepaid Cards Turning into the George Lopez Show?
Comedian George Lopez has had a long and storied career. Not only was he the fourth Latino to ever head a sitcom, according to IMDb, but he?s also been called one of the ?Greatest TV Dads of All Time? by TV Guide, been nominated for a Grammy, and earned a star on the historic Hollywood Walk of Fame, among countless other accomplishments. After the Feb. 1 announcement of a multi-year marketing partnership with Mango Financial, Lopez is able to add yet another line to his resume: prepaid card endorser.
Very Bad Trip in Paris?
You might know the script of the popular movie Very Bad Trip. A bunch of pals go out to celebrate before one of them's wedding. They wake up the next morning with a hangover, without remembering what happened as it all went wrong.
Tax News
Provided by Bankrate.com
June 15 filing deadline for some
Don't panic. This month's IRS due date only affects folks who must pay estimated taxes. But if you are required to submit a 1040ES, don't miss your payment or it could cost you more later.
Find the tax professional who's right for you
You can protect yourself from tax scams by hiring a reputable tax preparer. Here are some tips to help you find a good tax professional.
Time's up! It's tax deadline day
No more excuses. You must send something to the IRS by the deadline or face the consequences.
Coming up with tax cash
If tax day is pay day and you can't pay the IRS, don't panic. Here are some options.
10-point tax checklist
Don't send your return until you complete this simple last-minute review.