Andy | Saving to Invest

End of Expanded Earned Income And Child Tax Credit Means Smaller Refunds For Many Families

With no further federal funding, several popular family and dependent tax credits that were expanded during the pandemic (see details in earlier updated below) have returned to pre-pandemic levels. This means many families and individuals will see a smaller refund, all else being equal, in the year ahead when filing…

Is Crypto a Good Investment in 2022? 5 Factors To Consider Before Investing in Bitcoin, Ethereum or other Digital Currencies

Unless you have been living under an "investing" rock, it is clear that all things Cryptocurrency (Crypto) are in vogue. And despite trying to be a long term "smart" investor it is hard to ignore the buzz and massive gains - sometimes daily - being seen with various Cryptocurrencies like…

$250 to $300 Monthly Child Stimulus Checks – IRS Now Making Advance Child Tax Credit (CTC) Payments in 2021?

Under the American Rescue Plan Act (ARPA) funding has been provided to expand the current Child Tax Credit (CTC) to $3,000 annually per child (or $250 monthly) between the ages of 6 and 17, while increasing it to $3,600 for children under the age of 6 (infants), equivalent to $300 monthly. The IRS will…

What Happens When $300 Weekly FPUC, PUA and PEUC Pandemic Unemployment Benefits End? Early Termination in Several States Prior to September 2021 Extension Providing Clues – Latest News and Updates

"When are my unemployment benefits actually ending?" This is a question several readers have been asking following the extension of federally funded enhancement benefit programs (PUA, PEUC and $300 FPUC) under the Biden ARPA stimulus bill to September 6th, 2021. However many states, per the table below have already announced…

What Happens When My Unemployment Benefit Year Ends? Do I File a New Claim or Automatically Get Extra Weeks

Millions of American's have been relying on unemployment benefits over the last few years. This has also meant a growing number of jobless or underemployed folks on unemployment have or are about to reach the end of their benefit year. While pandemic enhanced unemployment benefits (PUA and PEUC programs) have…

Final 2021 Plus-Up Extra Payments – File and Claim Your Missing Stimulus Checks and Other Tax Breaks

The IRS has been making millions of “catch-up” or “plus-up” payments to those who have filed recent tax returns or updated payment/dependent information. These Plus-Up Payments are set to be distributed up until December 31, 2021. Actual payment or deposit of these funds could go into early 2022. These “plus-up” payments…

Tax Refund vs. Stimulus Check – Which One is Being Paid Faster or Delayed Longer by the IRS?

With one of the busiest tax seasons on record the IRS is caught between paying out the latest round of stimulus payments - $1400 per adult and $1400 per qualifying dependent (and this time adult dependents are included) - and processing 2020 tax refunds for millions of tax filers. The clear answer to the…

Quarterly Estimated Tax Payments and IRS Installment Due Dates

Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, vendor payments or other income is insufficient. Estimated taxes are generally paid by small business', self-employed or gig workers with variable sources…

Worried about your tax refund? Get the latest updates on processing times, filing dates, and tips to avoid delays

The IRS says that most refunds will be paid within 21 days, but many tax filers are finding out (yet again) that it could take much longer, despite filing early and getting their return accepted by the IRS. Waiting weeks, months or even a whole tax season for IRS updates…

How Many Extra Weeks of PUA and PEUC Benefits in the Latest Unemployment Extension Stimulus – 29 or 25?

[Updated following DOL Guidelines] We finally have an official answer to the question in this article and earlier discussion around how many weeks are actually in the ARP bill that funded the second extension of enhanced unemployment benefits. The Department of Labor (DOL) has acknowledged in program guidelines for state…

Meaning of IRS Codes on WMR Or Tax Transcript For Your Refund Processing and Payment Status

I've been receiving numerous concerns from readers about the IRS messages and codes appearing when they check their refund status using the Where’s My Refund (WMR) tracker, the IRS2Go mobile app, or their free IRS transcript. Many filers feel stressed and anxious when they see these codes, wondering what they…

IRS Could Take Several Months to Process Expanded Child Tax Credit (CTC) and Unemployment Tax Break Payments With Focus on Third Stimulus Checks

While many have hailed the new unemployment tax breaks and expanded child tax credit in the Biden Stimulus Plan (ARP) as a boon to lower and middle income households, there is a concern that the IRS will have a tough time implementing and making payments (where applicable) for these new…

Health Insurance Tax Credit Extended Through 2021 Under Biden Stimulus Package covering COBRA Subsidy and Obamacare (ACA) Recipients

Under the now approved Biden administration’s nearly $2 trillion stimulus package, also known as the American Rescue Plan (ARP), provisions have been added to provide relief for lower income and middle class Americans to save on Health Insurance if they are out of a job, and on COBRA benefit from their…

$10,200 Unemployment Income Tax Exclusion – IRS Paying Additional $1,200 Refunds in 2023 For AGI Adjustment

Updated for $15 billion in IRS Refund Adjustments Payments Made in 2023 The IRS announced they have finally completed final corrections for 2020 tax filings for taxpayers who inadvertently overpaid their taxes on unemployment compensation they received in 2020. The additional pandemic unemployment insurance income increased taxpayers taxable income (AGI…