Money Today That Matters Tomorrow
[Updated January 2023 following Republican control of Congress] With Republicans now controlling the House of Representatives, they have proposed a measure to defund the $80 billion of IRS funding (over 10 years) that was included in the Inflation Reduction Act as discussed in earlier updates below. The house measure to …
This article provides updates on the Cost-of-Living Adjustment (COLA) over the last few years and predictions for the coming year. You can see more on the final 2025 COLA (2.5%) below. COLA is particularly significant for over 71 million Americans, especially retirees, as it directly affects their Social Security and …
Over the last few years millions of people got used to stimulus checks and government relief programs to bail them out of tough financial situations. With rising inflation hitting the pocketbooks of nearly every individual and business, governments are back to handing out free money to those who qualify – …
There is little doubt we are well into an extended interest rate tightening cycle to fight rampant inflation with the Federal Reserve Open Market Committee (FOMC) aggressively raising short-term federal fund rates. This is in turn affects many other short and longer term product rates (e.g Mortgages) which directly impact …
While the IRS sends lots of notices/letters during the year, common ones related to IRS adjustments made to your tax return are in the CP11 to CP14 range. These notices are mainly related to calculation errors found in your tax return that the IRS was able to adjust. As a …
Texas has been one of the hottest housing markets over the last decade. Thanks to booming cities like Austin, Dallas, Houston and San Antonio; coupled with no state taxes many Americans have flocked to the Lonestar state and driven up property prices. But the question being asked my many buyers, …
Many Americans have been waiting several months for their tax refund, missing stimulus checks, unemployment benefits or some other government payment. They have tried calling the paying agency, responding to letters, posting on social media and almost all other avenues they can think off. Yet have not seen much movement …
The stock market has weathered moments of fear, falls and panic over the past decade. But each time, the market came roaring back and set new records, leaving investors to ask why they sold in the first place! I keep reminding myself of this logic, which is reinforced by many market …
So after seeing a lot of buzz around the amazing yields being paid on Treasury Series I Savings Bonds (I-Bonds), I decided to take the plunge and buy some for my wife and I as a place to park some cash while the stock market gyrates and inflation remains stubbornly …
Call yourself a freelancer, part-time Uber driver, online advertiser, Airbnb host, full-stack and backend remote blah blah; Congrats and either way you are now a business owner and are responsible (among many other things) for paying taxes when you earn income from one or more of your gigs. [2023 Tax …
While the IRS promises to have regular season tax returns and associated refunds processed within 21 days for the vast majority of filers, it does take them quite a bit longer to process amended tax returns and associated refund payments. The IRS has reported that they still have thousands of …
I have received a few comments from readers asking me if it is to late to file a return after the regular tax season deadline (April 15th this year for most people); and what happens if they forget to file for an extension. I also get asked what happens if …
The transcript excerpt below shows how the IRS deals with refunds that are issued, but cancelled for some reason or unable to be paid due to incorrect bank account details. I’ll review the key codes and associated dates in this article. Seeing transaction code 841 (refund cancelled) on their tax …
Ongoing tax return processing delays and additional reviews mean many tax filers are getting multiple letters from the IRS, including ones stating that their tax return (and refund payment) will be further delayed for up to an additional 60 days. In this article I’ll go through some reasons behind the …