Tax Day in the United States can be a stressful time for many Americans as they scramble to file their taxes in time. This year, it’s estimated that taxpayers will spend $104 billion on out-of-pocket expenses associated with preparing and submitting tax forms, along with 6.55 billion collective hours preparing the documents to comply with tax laws. The complexity of the tax code, especially for investors who need to report their earnings and losses from the market, adds to the frustration. Bill Harris, the former CEO of Turbotax, suggests simplifying the tax code to make filing easier.
Harris also shares three tax tips for investors. Firstly, he recommends maxing out your 401(k) to take advantage of the employer match, but also suggests holding income generating assets in tax-advantaged accounts and capital gain assets in taxable accounts to reduce taxes. He advises deferring selling investments for as long as possible and harvesting losses to offset taxes due on gains. Additionally, he recommends giving securities with high appreciation to charity for tax benefits and starting a tax-free trust fund for children to accumulate tax-free money.
Geopolitical tensions in the Middle East, specifically Iran’s attack on Israel, have led to a rise in oil prices and an increase in demand for safe haven investments. Oil prices have surged following the attack, with Europe’s benchmark index rising while Asian markets showed mixed results. Gold prices have also increased due to fears of further conflict. The International Energy Agency warned about increased volatility in oil markets as a result of the attack, and analysts are monitoring potential disruptions to global oil supply.
Google is reacting to proposed state legislation in California that would require big tech companies to pay news outlets for their content by removing links to California news websites. The California Journalism Preservation Act, which is still awaiting a hearing, aims to ensure that news publishers receive financial benefits when their content is used by digital platforms. Lawmakers and proponents of the bill argue that tech giants profit from sharing content from small and local news publishers without compensating them. Google’s move has been criticized as an abuse of power and a breach of public trust by state officials.
