Personal Finance Daily: Get ready now for taxing money moves at year-end

Personal Finance Daily FEBRUARY 24, 2012 Friday's Personal Finance Stories By MarketWatch Don't miss these top stories: Money moves to make in light of Obama's budget Tax changes to watch for More households spend half of pay on housing Why Russia could be a gusher for daring investors Daytona 500, Danica Patrick fuel Nascar's new year President Obama's proposed budget for fiscal year 2013 contains plenty of taxing changes, particularly for high-income Americans, and MarketWatch's Robert Powell today offers a number of money moves to consider — should Obama's proposals get adopted. That's the big question, of course: Will Congress allow the Bush-era tax breaks to expire, hiking tax rates for all; or, as Obama suggests, let those tax breaks end just for the wealthy? Or will lawmakers extend tax breaks for everyone? Nobody knows, and it's unlikely any answers will be forthcoming until after the November election. That means taxpayers will need to pay attention in the waning months of the year, and be prepared to make those money moves at almost the last minute. Read Powell's column today for more, plus find out why a growing number of families are spending more than half of their pay on housing costs, and see what changes to watch for on tax forms this year. — Andrea Coombes , Personal Finance editor Money moves to make in light of Obama's budget It's not as if you need to make immediate changes to your financial plan now that President Barack Obama has proposed a fiscal 2013 budget. But you should know the specifics of that proposal and plan now to make money moves should some or all of those proposals become law. Money moves to make in light of Obama's budget. TAXES Tax changes to watch for For decades, the IRS made only minor changes to tax forms. But this year, there are important changes to the way you report information — and additional information the IRS wants to see. Tax changes to watch for. SPORTS & LEISURE Daytona 500, Danica Patrick fuel Nascar's new year Stock-car racing season begins this weekend, as Nascar plans expansion with focused digital strategy, new cars and Danica Patrick. Daytona 500, Danica Patrick fuel Nascar's new year. REAL ESTATE Mortgage relief or scam? Lawyers sued for fraud The California Department of Justice is suing lawyers who it says defrauded thousands of naive homeowners nationwide who were led to believe they would receive relief on their mortgages, Lew Sichelman writes. Mortgage relief or scam? Lawyers sued for fraud. More households spend half of pay on housing With rent and other housing costs rising and incomes falling, a growing share of working households are spending more than half of their income on housing, according to a new report from the Center for Housing Policy. More households spend half of pay on housing. Sale of new homes still on mild upswing Lured by low prices and warm weather, more Americans went shopping for new homes in January and December. New-home sales totaled 321,000 in January on an annualized basis, the Census Bureau reported Friday. Sale of new homes still on mild upswing. Street economists back action on housing A group of prominent economists backed government action to help get the housing sector back on its feet. In a paper, the economist backed Federal Reserve efforts to spark action. Street economists back action on housing. ECONOMY & POLITICS Consumer sentiment highest in a year Consumer sentiment rises in February to the highest level in a year on strong awareness of improving employment, according to a gauge released by the University of Michigan/Thomson Reuters. Consumer sentiment highest in a year. Consumers feeling much better, but not good enough U.S. consumers are finally beginning to believe in the economic recovery, but they remain very concerned about their own family finances. Consumers feeling much better, but not good enough. In Detroit, Romney to double down on economy Mitt Romney will double down on his economic policy on Friday in a speech in Detroit, seeking to fend off a potentially momentum-killing challenge from his chief Republican rival Rick Santorum ahead of primaries in Romney's home state of Michigan and in Arizona next week. In Detroit, Romney to double down on economy. INVESTING Why Russia could be a gusher for daring investors More than three years after being hit hard in the global financial crisis, Russia has recovered and foreign money appears to be returning to retail-equity funds. But as presidential elections approach and political uncertainty grips the nation, nerves are once again setting in. Why Russia could be a gusher for daring investors. This stock deserves its lumps of coal While it may be possible, technically, for coal to become diamonds, it doesn't work that way. Both diamonds and coal are made from carbon, but diamonds are created at depths far below where coal is found. This stock deserves its lumps of coal. In vitro a fertile niche for lenders At a time when many traditional lenders are struggling, companies that join forces with doctors to make loans for in vitro fertilization, egg harvesting and other fertility treatments say their business is thriving. In vitro a fertile niche for lenders. Are money-market funds doomed? The safety of money markets comes down to expectations. Should investors expect returns without risk? Should taxpayers expect investors to buy short-term debt? Are money-market funds doomed? Schapiro: Money fund capital rules coming Securities and Exchanged Commission Chairman Mary Schapiro said the agency will propose two serious options to address the "core structural weakness" in the $2.7 trillion money-market fund industry, including one approach that would impose capital restrictions. Schapiro: Money fund capital rules coming. Developing world needs access to thrive The developing world is resource rich but access poor, and there are plenty of companies focused on building that access. Developing world needs access to thrive. 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 2012 MarketWatch, Inc. All rights reserved. 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