Money, Wealth & Power—A Daily Look at the Financial World
Independent contractors enjoy flexibility that traditional employees rarely see, but the tradeoff is a more complicated tax life. Instead of automatic paycheck withholding, you are responsible for calculating what you owe, tracking multiple forms, and hitting a series of quarterly and annual deadlines. Understanding those rules is the difference between smooth filing and surprise penalties….
The Jan. 31 information‑return deadline has come and gone, and if you did not get your 1099s out on time, the clock is already ticking on IRS penalties. The good news is that the system is tiered, so a brief delay costs far less than ignoring the problem altogether, but the bad news is that…
The new $600 IRS reporting rule was sold as a way to catch tax cheats at the top, but its sharpest edge cuts into the lives of people stringing together side gigs, online sales, and tips to stay afloat. Instead of targeting complex tax shelters, the lower threshold pulls casual earners and very small businesses…
For families with significant assets, 2026 is shaping up as a rare window to move wealth to the next generation with relatively little friction from the tax code. The federal estate and gift framework now combines a high lifetime exemption with stable annual limits, and that mix creates planning opportunities that can sharply reduce what…
California is scrambling to keep its electric vehicle market from stalling after the loss of federal tax breaks, racing to stand up new state rebates before buyers walk away from showrooms. The state is betting that a fresh wave of incentives can keep EV sales growing even as the federal government steps back. I see…
For self-employed workers and small business owners, the home office tax break can turn a spare room or corner desk into real savings at filing time. The rules are strict, but when you meet them, you can write off part of your housing costs and other expenses tied to working where you live. I will…
The new federal tax break for older Americans was billed as a simple way to help retirees keep more of their income. Instead, the $6,000 senior deduction has landed in the middle of a fierce debate over fairness, fiscal risk, and who really benefits. As the 2026 filing season approaches, many retirees are discovering that…
Side hustles have shifted from fringe gigs to a core income source for millions of Americans, and the tax system is racing to catch up. The Internal Revenue Service is zeroing in on this booming stream of earnings, using new data tools and reporting rules to match what platforms and payment apps show against what…
President Donald Trump is leaning hard on tax policy to bolster household finances, and his Treasury chief is promising that the payoff is about to show up in Americans’ bank accounts. Treasury Secretary Scott Bessent is touting what he calls record tax refunds for working families, framing the coming filing season as proof that the…
Tesla has confirmed that it paid no federal income tax on $5.7 billion in United States profits in 2025, despite reporting billions in domestic earnings and enjoying strong demand for its electric vehicles. The result is not an accounting error but the product of a corporate tax system that allows highly profitable companies to drive…