Money Today That Matters Tomorrow
Congressional leaders and the President have now approved a $900 billion stimulus plan that includes funding for extending federal pandemic programs (PUA, PEUC) and providing another supplementary unemployment benefit (FPUC) of $300 per week for millions of unemployed or underemployed Americans. This new $300 payment will be made to eligible recipients between December 27th, …
On my post around the Coronavirus outbreak delaying tax refunds I recieved the following comment from Andrea: My husband is a barber and self-employed and due to him being self-employed we can’t get unemployment to do all together we’re pretty much screwed all barber shops in all beauty salons got …
[Latest Update] In addition to the FFCRA act, Congress has now passed a much larger fiscal stimulus bill (the third one) aimed at addressing the rapidly deteriorating jobs and economic situation as the Coronavirus related shutdown continues. The new stimulus package is nearly $2 Trillion (that’s right, 12 zeros!) and …
(This is a live article that is updated regularly) As the Coronavirus impact widens we are already seeing major hits to the real economy that will take the US into a recession in 2020 and into 2021. While stock markets are falling rapidly (don’t panic and sell!) people should start …
The title of this article sums up a theme from irate tax payers who complain that people should be annoyed when they receive a tax refund, not happy! The premise behind this is that a refund is basically the IRS giving you back your money that you “loaned” the IRS …
Get the latest information on IRS refund processing and direct deposit schedules in this updated article. You can also see these articles for determining your IRS Cycle/Batch code and estimated deposit date via your official IRS tax transcript. The IRS expects more than 70% of taxpayers to get tax refunds …
As part of the GOP tax reform bill to support President Trump’s tax reform agenda there has a near doubling of the standard deductions that can be taken in 2018 and beyond. The offsets the elimination of the $4,050 personal exemption in 2018 (until 2025, unless extended by Congress then). The standard deduction from …
As part of the GOP tax reform bill to support President Trump’s tax reform agenda the Personal exemption is being fully eliminated in 2018. This will be reflected when you file your taxes in 2019. The $4,050 personal exemption in 2018 (which was unchanged from 2017) can be taken for yourself, your spouse, …
The IRS has released its latest cost of living adjusted retirement plan contribution limits and qualifying income thresholds for 2021. The table below shows the recent year over year changes. I have also listed expected 2022 changes based on my research and recent inflation figures (which also resulted in a …
The title of this article is from a reader (Barry P.) who had this comment on Trump’s proposed tax reforms: I live in Massachusetts and make $61,000.00 annually. I own a home and pay mortgage interest of around $12,000 dollars. My state income taxes and property taxes amount to another …
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that can help filers with tax problems they can’t resolve on their own, or if they have exhausted all standard IRS channels and not getting an adequate response. Every state has at least one local TAS center that …
Despite ongoing processing delays the IRS is continuing to process and pay tax refunds. However there are still a lot of folks seeing delays in getting their refund payment despite the Where is My Refund (WMR) IRS tool showing that the return has been approved (2 bars) and/or refund sent (3 …
This time of year taxes are on the forefront of most Americans personal finances. Which leads to searching online for questions like, “When can I file?“, “How do I file?“, “How much of a refund will I get back?“, and “Why is the IRS taking so long to deposit by …
Many tax payers may find themselves owing taxes to the IRS or to their state tax agencies after preparing their tax return. Cash flow may be a bit tight, so they may opt to pay via their debit or even credit cards. But before doing so, it pays to be …