Personal Finance Daily: Tax advantages for the 99% and the 1%

Personal Finance Daily NOVEMBER 29, 2011 Tax advantages for the 99% and the 1% By MarketWatch Don't miss these top stories: Tax advantages for the 99% and the 1% American bankruptcy equals higher fares Corporate insiders are smiling Consumer confidence leaps in November Eva Rosenberg writes in today's TaxWatch column that we're all sitting here in November, once again, waiting for legislation that will or won't extend certain tax benefits, like the 2% reduction in Social Security withholding. Regardless of whether you are in the 1% or the 99%, whether you are fabulously wealthy or destitute — there are several tax moves you should know about now that you can still take advantage of, such as how to tap your retirement savings with minimal tax impact. Also in today's Personal Finance coverage on MarketWatch, Jennifer Waters lays out what the American Airlines bankruptcy filing means to you. AMR Corp., the parent of American, filed for Chapter 11 bankruptcy protection on Tuesday. The company says the reorganization won't affect service or frequent flyer rewards. But that's not the whole story. In fact, service on American could improve in the short term, but it's likely we'll see higher fares and fewer flight options after the first of the year. — Anne Stanley , Managing Editor, Personal Finance Tax breaks for the 99% and the 1% What can you do to keep your head above water, keep your taxes as low as possible, and take advantage of tax breaks that are still in effect? It doesn't matter if you're wealthy or destitute — here are tips you need now. Read more: Tax tips for the wealthy and the destitute. American bankruptcy equals higher fares American Airlines and American Eagle customers may be surprised at how smoothly operations of the bankrupt carrier are handled during the holidays but should brace themselves for cutbacks and higher fares after the first of the year. Read more: American bankruptcy equals higher fares. INVESTING AMR stakeholders lose millions in bankruptcy The Tuesday bankruptcy of American Airlines parent company AMR Corp. took large bites from institutional stakeholders. PRIMECAP Management Co., AMR's biggest shareholder, held about 12.3% of all of AMR's outstanding shares, a market value of about $66.8 million as of Sept. 30, though that just represented less than 1% of the fund's entire portfolio, according to data provided by FactSet Research. Read more: AMR stakeholders lose millions in bankruptcy. Corporate insiders are smiling The market's decline this month provides an ideal testing ground to see if corporate insiders are really bearish on their companies' prospects. And the results, reports Mark Hulbert, have some good news for stock bulls. Read more: Corporate insiders are smiling. 10 reasons the crisis isn't over Stock markets around the world soared yesterday. The Dow jumped more than 300 points. News out of Europe says they're working on a fix to resolve the crisis there. Reports here say the holiday season may be off to a strong start. Sales on "Black Friday" may have hit a record. So, is that it? Is the crisis over? Is it time to ramp up your equity exposure, take on more risk? Here are 10 reasons to be skeptical. Read more: 10 reasons the crisis isn't over. ECONOMY & POLITICS Cain reassessing presidential run Republican presidential hopeful Herman Cain, battered by allegations of sexual harassment and a longtime extramarital affair, is reportedly reassessing his campaign for the GOP nomination. Read more: Cain reassessing presidential run. U.S. home prices drop 0.6% in September U.S. home prices took a fall in September, according to a key index released Tuesday, ending a string of fifth up months as the housing market continues to struggle to generate momentum. Read more: U.S. home prices drop 0.6% in September. Consumer confidence leaps in November A gauge of consumer confidence jumps in November to the highest level since July, on improved expectations and views on the present economy, the Conference Board reports. Read more: Consumer confidence leaps in November. Get the latest news on our mobile site: http://www.marketwatch.com/m MarketWatch has sent you this newsletter because you signed up to receive it. To ensure you receive this newsletter in the future, please add marketwatchmail.com to your list of approved senders. Sent to: kumaresan.selva.blogger@gmail.com Unsubscribe | Subscribe Copyright 2011 MarketWatch, Inc. All rights reserved. MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc. By using this site, you agree to the Terms of Service and Privacy Policy (updated 6/26/07). MarketWatch - Attn: Customer Service, 201 California St., San Francisco, CA 94111