Many traders are now betting on just two cuts this year, according to data from CME Group.
, which you include when you file your return, walks you through the relevant steps for calculating your casualty write-off.Victims of disasters may deduct their losses in either the year they suffered the loss or in the previous year — in that case, by filing an amended return.
In the wake of a disaster, it’s normal to feel vulnerable and to listen to voices that promise relief. But scammers often target disaster victims for exactly this reason.“Taxpayers should be cautious of unsolicited phone calls, emails or texts claiming to be from the IRS or relief agencies,” said Erickson. “The IRS never initiates contact via email, text, or social media to request sensitive information. When in doubt, taxpayers should verify correspondence by calling official numbers directly.”According to the IRS, you should watch out for:
— Big paydays: The promise of more money than you think sounds reasonable. Bad advisers may make outlandish statements about available credits.— Threats and demands: Any pressure to pay for tax help “now or else,” mentions of arrest or deportation, or refusals to let you question or appeal the taxes they say you owe.
— Suspicious or misspelled website links that aren’t IRS.gov.
Scammers may say that they want to “help” you file casualty loss claims or to get big refunds. Always rely on official IRS government websites and beware fishy offers of help with high price-tags or sensational promises.All told, the S&P 500 rose 5.22 points to 5,963.60. The Dow Jones Industrial Average added 137.33 to 42,792.07, and the Nasdaq composite rose 4.36 to 19,215.46.
In stock markets abroad, indexes were mixed amid mostly modest movements across Europe and Asia.Indexes were close to flat in both Shanghai and Hong Kong after the Chinese government said
rose less in April than expected. Growth in industrial output slowed to 6.1% year-on-year from 7.7% in March.In the foreign currency markets, the value of the U.S. dollar fell against everything from the euro to the Australian dollar.