IRS Announces No Changes to Withholding Tables, Information Return Forms for 2025
Information returns are documents that businesses must file with the IRS, reporting transactions such as wages paid to employees. IRS's withholding tables describe how much an employer must withhold from an employee's paycheck for taxes, social security, and Medicare.
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Yahoo
5 minutes ago
- Yahoo
Apple notches best week in years; Trump shakes Fed leadership: This Week in markets
After recent declines, triggered by a weaker-than-expected jobs report and a June inflation uptick, Wall Street rebounded with strong gains as earnings momentum remained robust. Palantir Technologies delivered better-than-expected Q2 results, sparking a 20% weekly rally — the best performance in the S&P 500 — that pushed its market capitalization above $500 billion. Apple Inc. announced an additional $100 billion in U.S. manufacturing investments, on top of the $500 billion pledged earlier this year. The move secured an exemption from Trump's tariffs and is expected to boost iPhone sales. Apple shares surged over 10% for the week, marking their strongest performance since 2020. While tech stocks soared, pharmaceuticals struggled. Despite strong quarterly earnings, Eli Lilly & Co. plunged 14% on Thursday — its worst single-day drop since August 2000 — after trial data for its weight-loss pill orforglipron fell short of expectations. On the tariffs front, President Donald Trump doubled duties on Indian imports to 50%, targeting New Delhi's purchase and resale of Russian crude. When will the IRS kick off tax season? IRS walks back its commissioner's dire prediction He also confirmed a 39% tariff on Swiss imports and imposed new duties on 1-kilogram gold bars, a move that could pressure Swiss gold refineries and disrupt the gold futures market. Trump nominated Stephen Miran, current chair of the Council of Economic Advisers, to fill the Federal Reserve Board seat vacated by Adriana Kugler. Miran, whose term runs until January 2026, has argued that tariffs won't fuel inflation, a stance aligned with Trump's push for lower interest rates. Markets see him as a likely ally for the president in future monetary policy decisions. Trump's economic team is also reportedly considering current Fed Gov. Christopher Waller as Chair Jerome Powell's successor when Powell's term ends next year. Waller notably dissented in July's Fed meeting, voting for a rate cut while Powell and most policymakers favored holding rates steady. Benzinga is a financial news and data company headquartered in Detroit. This article originally appeared on Detroit Free Press: Apple notches best week in years; Trump shakes Fed leadership Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
2 hours ago
- Boston Globe
The latest in a ‘tsunami of bad things': Trump claws back funds for solar in low-income communities
'It made a hike more like a mountain climb,' said King, who is the president of the Advertisement Massachusetts had been one of the biggest intended recipients of the $7 billion federal A solar developer has plans to put solar panels on the roof of the Dorchester Food Co-op. Jonathan Wiggs/Globe Staff 'Solar has been the number one contributor to increased growth in electricity generation in the United States,' said Nick d'Arbeloff, president of the Advertisement In Solar for All was part of the $27 billion Greenhouse Gas Reduction Fund that was created by the Inflation Reduction Act, a landmark piece of climate and clean energy legislation passed by the Biden administration in 2022. With the One Big Beautiful Bill Act, Trump eliminated the fund, taking the Solar for All program with it. Since taking office for his second term, President Trump has taken aim at the funds that were authorized by the IRA — hundreds of billions of dollars intended to speed up the clean energy transition while creating jobs. After an But, like many grant programs, the Solar for All funds are distributed as reimbursements — which means they don't land until a project is up and running. Because the program was not expected to be completed in Massachusetts until early this fall, that means even though those funds have been available, they have not yet been accessed. On Thursday, Governor Maura Healey decried the action by the Trump administration, while urging the administration to 'abandon any plans to terminate the Solar for All grants.' Advertisement Attorney General Andrea Campbell's office, meanwhile, is evaluating legal options. 'Canceling the Solar for All program will raise energy costs for tens of thousands of low-income and disadvantaged Massachusetts households that will no longer be able to access the benefits of solar, eliminate the creation of green jobs across our state, and push us further away from reaching our climate goals,' Campbell said. In Dorchester, King said the plans should be able to move ahead — the funds have already been secured, and they're just waiting on a few final steps before construction begins. It's just not clear whether he'll be able to develop more solar projects. King's model is a twist on traditional community solar, in which people buy into a solar development to get a discount on their electricity rates. In Dorchester, members buy in for $100, and are paid minimum wage to work about 4 hours a week to identify other potential sites. Once the solar array is up on the Food Co-op, members will receive a portion of the profits, and a second option will become available for those who wish to invest $1000 to participate without the work requirement. Some profits would also go toward establishing additional sites in environmental justice neighborhoods. 'Part of the reason we have a wealth income gap in Boston is that Black and brown people don't typically own much,' said King. 'We're trying to change that by essentially having people own this cash-generating asset.' But in order to make the numbers work, King was counting on the tax credits, Solar for All, and the pre-tariff costs for solar panels. Advertisement However, not all is lost. The state recently King said that should help. And he's hopeful he can find investors or other ways to access low-interest financing. 'What it means is projects are going to be less profitable,' King said. But it doesn't mean he's giving up. 'We put a lot of effort into this. And, new administration be damned, we're going to try to deliver on the things that we've been working towards.' Sabrina Shankman can be reached at
Miami Herald
3 hours ago
- Miami Herald
Dave Ramsey sends major message to Americans on 401(k)s, IRAs
As household budgets continue to feel squeezed, many Americans find it harder to juggle everyday expenses with long-term financial goals. Rising grocery store and gas pump costs are forcing tough choices, and for many, retirement savings are slipping down the priority list. Popular personal finance author and podcaster Dave Ramsey shares key ideas about how 401(k)s and Individual Retirement Accounts (IRAs) are useful tools workers can use to help relieve their sense of nervousness about the future. Don't miss the move: Subscribe to TheStreet's free daily newsletter This growing anxiety is compounded by uncertainty in the stock market that leaves investors questioning whether their portfolios are truly prepared to support them in their later years. In addition to that, there are looming concerns about Social Security. Projections suggest its trust funds may be depleted by 2034, potentially slashing benefits to only about 80% of what retirees currently expect. Health care costs are another major stressor. Even with Medicare, premiums and out-of-pocket expenses can add up quickly, making it difficult for retirees to feel financially secure. In light of these challenges, Ramsey offers his views on 401(k)s, IRAs and how they compare to Roth 401(k)s and Roth IRAs. Related: Dave Ramsey warns Americans on Social Security Ramsey emphasizes the fact that many workers are not saving or investing enough for retirement - and that this shortfall stems from entrenched habits. The only way to break these patterns is to take deliberate action and make meaningful changes to how one manages their money today, he says, and a great place to start is with 401(k) plans and IRAs. A 401(k) is a retirement savings program offered through an employer. It enables workers to automatically set aside a portion of their earnings for retirement, with contributions conveniently deducted from their paychecks. And many 401(k) plans feature matching contributions from the employer, essentially offering free money to invest in retirement savings. The amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024, according to the IRS. An IRA is a type of savings account designed to help workers prepare for retirement while offering valuable tax benefits. Depending on the type of IRA, a person can either reduce their taxable income now and let their investments grow tax-deferred, or enjoy tax-free growth and withdrawals later when they retire. The limit on annual contributions to an IRA remains $7,000. The catch-up contribution limit for employees aged 50 and over remains $7,500. Getty Images Ramsey explains that when one contributes to a traditional 401(k), they are getting a tax benefit up front. The money goes in before taxes, which lowers taxable income for the year and reduces what is owed to the IRS. It's a solid deal for now, Ramsey writes - but when one retires, they will pay taxes on everything: their contributions, the employer's match, and any investment gains. More on personal finance: Dave Ramsey has blunt words for Americans on Medicare, MedicaidJean Chatzky sends strong message on major 401(k) changesFinance expert has blunt words for car buyers A Roth 401(k) works differently. An individual contributes after-tax dollars, so there is no immediate tax break. But the payoff comes later - one's money grows tax-free, and they will not owe anything when they withdraw it in retirement. "Both types of tax advantages are great, but if your employer offers a Roth 401(k), we always recommend taking that option," Ramsey wrote. "Allowing your money to grow tax-free for decades and then not having to worry about taxes when you're living out your retirement dreams? Sign us up!" Related: Dave Ramsey has blunt words for Americans on Medicare, Medicaid Ramsey emphasizes the fact that traditional IRAs offer a tax break up front - an individual contributes with pretax dollars, which can lower taxable income and reduce their tax bill for the year. However, because they didn't pay taxes going in, they will owe taxes later when when they withdraw the money in retirement, including any growth. Traditional IRAs are open to anyone with taxable income, regardless of how much they earn, and they can contribute the full amount. But starting at age 73, people are required to begin taking withdrawals - called required minimum distributions - because the government wants its share eventually. Roth IRAs use a different plan. A person contributes after-tax dollars, meaning they have already paid taxes on the money. The benefit? Investments grow tax-free, and people can withdraw them tax-free in retirement. In 2025, one can contribute to a Roth IRA if their income is below $153,000 as a single filer, or $241,000 for married couples filing jointly. If one earns more than that, Ramsey suggests using a backdoor Roth IRA strategy to still take advantage of its long-term benefits. Related: Tony Robbins sends warning message to Americans on IRAs, 401(k)s The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
