Word: taxed
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...action comes in response to a crackdown on swag by the IRS that began several months ago. In March, just before the Academy Awards, the tax agency released a memo cautioning recipients that gift baskets are income and that ?movie stars face the same tax obligations as ordinary Americans.? The crackdown may have something to do with the fact that the Academy Award gift bags this year were valued at more than $100,000 each, and included such goodies as a four-night $25,000 Hawaiian vacation and $7,000 worth of Victoria Secret undies. In total, unreported gift bags...
...prosper, says Ma: "In Shenzhen, we really have to move faster than before, and take the right direction." His vision?and his sense of urgency?is shared by city officials, who have launched an effort to move the local economy to a higher plane. The government is promising tax breaks and land concessions to tech firms, and has said it expects to invest $1.25 billion over the next five years to support high-tech start-ups and research projects. "Shenzhen is at an important strategic turning point," the city government said in a policy statement issued earlier this year...
...immediate-fixed annuity? Traditional pensions are disappearing, and Social Security is on wobbly ground. Those two onetime pillars of retirement finance used to give many retirees enough secure monthly income to cover most of their critical living expenses. But now we have 401(k)s, IRAs and other tax-favored savings accounts, with nothing guaranteed. The onus is on you to manage distributions in a way that you will not run out of money...
That's a tall order for most folks. To make it easier, Congress is considering several bills that would cut the tax rate on annuity payments. The hope is that more people would then buy an immediate annuity to replace or supplement eroding income from traditional pensions and Social Security. "If you want the absolute assurance of income for life, there is no alternative," says John Olsen, principal at Olsen Financial Group in St. Louis...
Income annuities should not be confused with variable annuities. Variable annuities let you save tax deferred through standard mutual funds and may offer certain guarantees (like a minimum return). But they often have high expenses and commissions. Immediate-fixed annuities are simple, low-cost products that let you plunk down a pot of money and get a secure monthly income for life (or some other designated period...