As the end of the tax year approaches, there are still strategies you can employ to reduce your 2023 tax bill. One option is to fund your retirement accounts, such as a 401(k) or IRA, to defer taxable income and grow your nest egg. Additionally, making charitable contributions can lower your taxable income while allowing you to support causes you care about. Another tactic is to harvest losses by selling losing stocks to offset gains. Going green can also provide tax benefits, such as clean vehicle tax credits for purchasing electric vehicles or fuel cell vehicles, and energy-efficient home improvement credits. Lastly, consider borrowing from family members to reduce interest rates and preserve tax breaks.
Beyoncé is disputing a $2.7 million tax bill from the IRS, which she believes includes errors, including the disallowance of millions of dollars in charitable contributions over the tax years 2018 and 2019. The IRS claims that Beyoncé owes additional taxes and penalties for those years, but the singer's legal team is confident that errors have been made and is requesting that the penalties be waived. Beyoncé's net worth is $450 million, and her successful Renaissance tour is expected to bring in $275 million or more.
Ethiopian nun and pianist Emahoy Tsegué-Maryam Guèbrou has died at the age of 99. Guèbrou was known for her unique piano compositions that blended classical and liturgical canons with blues and ragtime. She released albums to raise money for charitable causes, focusing on aid to Ethiopian children orphaned by war. Her music gained international recognition in recent years, and a new collection of her work, Jerusalem, is set to be released in April. Guèbrou's family established the Emahoy Tsege Mariam Music Foundation in 2007 to administer the rights to her music and develop cultural programming.
