Day: May 25, 2022

Here’s the best way to use a health savings account, which offers a triple-tax advantage

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The Good Brigade | Digitalvision | Getty Images Health savings accounts can be a powerful way to build wealth and prepare for medical costs in old age — if they’re used the right way. HSAs carry a three-pronged tax benefit. Contributions and investment growth are tax-free, as are withdrawals if used for qualified health expenses. Even if a withdrawal isn’t health-related, the account owner would only owe income tax on those funds — in effect turning the HSA into an account with tax benefits akin to a traditional 401(k) plan…

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SEC’s Hester Peirce says the U.S. has dropped the ball on crypto regulation

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WASHINGTON — The U.S. has dropped the ball on crypto regulation, according to Securities and Exchange Commissioner Hester Peirce, and she says the knock-on effects of that failure keep her up at night. “There’s a lot of fraud in this space, because it’s the hot area of the moment,” Peirce told CNBC on the sidelines of the DC Blockchain Summit this week. “The other piece that does concern me is the way that we’ve sort of dropped the regulatory ball.” She continued, “We’re not allowing innovation to develop and experimentation…

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Tom Cruise sets his sights on his first $100 million domestic opening with ‘Top Gun: Maverick’

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Tom Cruise in “Top Gun: Maverick” Source: Paramount This weekend Tom Cruise has a chance to do something he’s never done before — open a film to more than $100 million at the domestic box office. The prolific actor, who has made a name for himself as a fearless stuntman, has generated more than $4.2 billion at the domestic box office since 1981 but has never had a film open to more than $65 million. After several pandemic-related delays, Paramount’s “Top Gun: Maverick” arrives in theaters this weekend with a…

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Capital gains may have triggered hundreds of billions more in individual taxes for 2021, analysis shows. How to trim your tax bill

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The U.S. Department of the Treasury building Julia Schmalz | Bloomberg | Getty Images Some investors may be grappling with the sting of higher-than-expected capital gains for 2021 and losses in 2022. But experts say tax-planning opportunities may soften the blow. Individuals paid significantly more taxes this season, and the surge in capital gains in 2021 may be to blame, according to an analysis from the Penn Wharton Budget Model. Adjusted for inflation, filers paid more than $500 billion in April 2022, compared to north of $300 billion in the…

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