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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why more Americans could benefit from new U.S. electric vehicle rules.

More Americans could be eligible for EV tax credits

⏲ 2:5 👁 7.3M

LYFE Accounting

Small Business Taxes for Beginners & New LLC Owners

⏲ 16 minutes 6 seconds 👁 86.5K

SCDOR

How to File a Sales and Use Tax Return

⏲ 4 minutes 57 seconds 👁 11.3K

The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.

IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed

⏲ 1:29 👁 7.3M

SCDOR

SCDOR's MyDORWAY

⏲ 1 minute 42 seconds 👁 5K

SCDOR

Registering a New Business on MyDORWAY

⏲ 5 minutes 27 seconds 👁 1.8K

Carvana shares soared over 30% in after-hours trading after reporting first-quarter revenue of more than a billion, beating analyst estimates. The company forecast a sequential rise in adjusted core profit and retail unit sales growth, surprising analysts who expected a sales decline. Adjusted earnings before interest, tax, depreciation, and amortization were more than $200 million, exceeding estimates. Carvana's inventory of unsold used vehicles on dealer lots rose 9% from a year ago. High interest rates have pushed some consumers to the used car market for better deals than new vehicles.

Carvana Reports Stellar Q1 Results, as High Interest Rates Push Buyers to the Used Car Market. Shares Soar 30%.

⏲ 0:35 👁 5.1M

LYFE Accounting

How to File Your Taxes as a LLC Owner in 2024 [Step-by-Step]

⏲ 9 minutes 49 seconds 👁 112.3K

Living in Greenville, SC

The SHOCKING Truth About South Carolina Taxes

⏲ 7 minutes 34 seconds 👁 936

There’s an easy and effective way savers can minimize the damage of a retirement tax bomb. It all starts with making one simple shift in your retirement savings contributions.

Ways Retirees Can Defuse A Retirement Savings Tax Bomb

⏲ 3:0 👁 3.2M

Navi Maraj, CPA

Tax Differences EXPLAINED: LLC, S Corp, Partnership, Sole Prop

⏲ 28 minutes 6 seconds 👁 147K

Queen City News

Tampon Tax coming to an end in SC?

⏲ 27 seconds 👁 35

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