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Want More Money in Your Savings Account? Congress Will Help Out

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tax reform 2.0

As part of the Tax Reform 2.0, the House passed the Family Savings Act of 2018, a proposal meant to help people:

“save more and earlier throughout their lives by expanding access to new and existing savings vehicles.”

Great idea! But the sad reality is that this law is still woefully far from representing where most Americans are right now.

The House and the Senate need to find a way to accommodate the Family Savings Act with the RESA (Retirement Enhancement and Savings Act) by the end of this year.

Contributions up to $2,500 a Year

The Family Savings Act encourages savings, at a time when most Americans are struggling to preserve wealth. In fact, the numbers are alarming: 57% of Americans have less than $1,000 in their savings accounts. Moreover, 40% of all citizens have no savings at all.

As a component of the new bill, taxpayers have more disposable income. They can create a universal savings account and contribute up to $2,500 every year.

The good news is that once you have this account, you can withdraw the funds tax-free for any use. And you won’t pay any penalty, regardless of when you decide to take the money out of your account.

The Tax Reform 2.0 bill changes the section 529 Education Savings Plans as well. You can use tax-exempt distributions to pay for higher education expenses, which can include books, supplies, participation in an apprenticeship program, and even homeschooling expenses, (no, sadly, luxury travel and fine dining don’t count).

An Improvement to Retirement Plan Rules

The Family Savings Act in 2018 also looks to expand and preserve retirement savings accounts. If you have less than $50,000 in your eligible retirement plans, Title I of the bill releases you from the required minimum distribution rules.

The new bill also allows employees to transfer their 401(k) annuity (or similar plan) to an IRA without paying taxes. However, taxpayers should know that this change is permanent from this year on, so they can’t then go back and change the characteristics of their IRAs.

Another crucial change involves penalty-free withdrawals from retirement plans to cover new child-related expenses. If you adopt or give birth to a child, you can use the money in the 403(b), 457(b) or IRA to pay your expenses, with the chance of reintegrating the funds in the future.

The short-hand? The Tax Reform 2.0 isn’t going to make any drastic changes to your life. But it might encourage you to save for a rainy day or get back into higher education. Just think of all those “educational” expenses you can write-off now.

Featured image from Shutterstock.

Christina is a B2B writer, MBA, fintech and crypto reporter with a fascination for technology and a passion for starting interesting conversations. When not at her computer you can find her surfing a wave or sipping on wine. Sometimes, at the same time.

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Money Makes The World Go Round

Britney Spears Becomes Highest Paid Entertainer in Las Vegas

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Britney Spears

Do you want a piece of Britney? You’re not the only one. The world-famous pop songstress Britney Spears has become the highest paid entertainer in Las Vegas as details of her new residency at the MGM’s Park Theater emerge.

Oops, she’s only gone and done it again!

At $500,000 per show, Britney has now overtaken Celine Dion as the highest paid entertainer in Sin City. Whether it’s bare-headed, bare-crotched or even barely sober, any version of Britney is always worth a look.

Britney Spears Las Vegas Residency

Britney made an appearance in Las Vegas on Thursday to announce her “Britney: Domination” residency at the Park Theater of the MGM’s new Park MGM resort. The residency starts in the New Year and will see a total of 32 shows over the course of February to August.

Britney’s Domination show will be 90-minutes in length, and at $500,000 per show, that breaks down to a staggering $93 per second. Not a bad night’s work. And just goes to show the music industry can still generate big bucks with the right product.

Britney Spears stated in a press release in regards to Domination that:

“I am so happy to be returning to my second home — Las Vegas! I’m working on a brand-new show and I’m so excited for my fans to see it! It’s going to be so much fun being back on stage and I can’t wait to perform at Park Theater.”

Traveling Without Moving

The 36-year old singer also talked about how this show has more dancing than any other she has performed. She also talked about how grueling it can be on tour and how staying put in one venue in Las Vegas has made this the perfect deal for her.

This is not the first time the ‘Toxic’ singer has taken a residency. She finished a four-year ‘Piece of Me’ residency at Planet Hollywood on New Year’s Eve in 2017 and then took the tour nationwide and across Europe from July 12 to August 24, 2018.

Britney now enjoys the mantle of the highest paid entertainer in Las Vegas, knocking middle-of-road rival Celine Dion off top spot. Tickets go on sale from Friday, October 29 onwards.

Britney Spears joins an illustrious list of people who can also claim to be the highest paid performers in Sin City throughout history, such as Elvis Presley, Sammy Davis Junior, and ‘old blue eyes’ Frank Sinatra.

Featured image from Facebook.

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