Tax Day in the United States is a stressful time for many Americans, as they scramble to file their taxes and figure out how to pay what they owe or receive their refund. According to a report by the National Taxpayers Union Foundation, taxpayers are estimated to spend $104 billion on out-of-pocket expenses and 6.55 billion collective hours preparing and submitting their tax forms. The complexity of the tax code, especially for investors who have to report earnings and losses, adds to the burden.
Former Turbotax CEO Bill Harris believes that a massive reform of the tax code is needed to simplify the process for taxpayers. In the absence of such reforms, he shared three tax tips for investors. He suggests maximizing contributions to a 401(k) up to the employer match and choosing tax-advantaged accounts for income-generating assets to reduce tax burdens. Harris also recommends harvesting losses to offset taxes on gains and utilizing strategies such as charitable giving and creating tax-free trust funds for children to minimize tax liabilities.
Geopolitical tensions in the Middle East, specifically Iran’s attack on Israel, have impacted global markets. Oil prices have fluctuated, with Brent crude dipping below $90 a barrel and gold prices rising as investors seek safe haven investments. European stock markets have displayed mixed performances, with Stoxx 600 index and German DAX and France’s CAC 40 index seeing gains while London’s FTSE 100 falling. In Asia, Hong Kong Hang Seng, Japan’s Nikkei 225, and China’s Shanghai Composite Index also showed mixed results.
Google announced the removal of links to California news websites in response to proposed legislation requiring big tech companies to pay news outlets for their content. The move is seen as a test to assess the impact of the legislation on Google’s product experience. The California Journalism Preservation Act, which aims to ensure fair compensation for news outlets, has faced criticism from lawmakers and proponents who argue that tech giants benefit financially from news content without adequately compensating publishers.
The International Energy Agency has warned about the increased risk of volatility in oil markets following Iran’s air attacks on Israeli military facilities. Analysts predict concerns about potential disruptions to global oil supply depending on Israel’s response. The attack has prompted Israel’s war cabinet to meet and discuss its reaction, emphasizing the importance of oil security. This event underscores the geopolitical influences on energy markets and the need for strategic responses to maintain stability.
