Category: Taxes and Retirement

It's that time of year again: tax season has officially arrived, with the Internal Revenue Service (IRS) opening its electronic filing system for early filers on January 16th, 2024. This year, however, there's a twist – the IRS has kicked off its "hub testing" phase two weeks ahead of the…

For millions of Americans, credit scores play a crucial role in their financial lives, impacting everything from loan approvals to rental agreements. Accessing your credit report, the document compiling your financial history, is a crucial tool for understanding your score and ensuring its accuracy. In 2024, however, accessing this information…

Filing your taxes isn't exactly the highlight of anyone's year, but the potential for a sizable refund can sweeten the deal. Yet, predicting the average tax refund for is like gazing into a financial crystal ball – filled with uncertainties and shifting factors. Here's what we know so far, along…

The IRS has introduced a new online tool for various types of corporations to manage their taxes in 2024. This includes partnerships and S corporation businesses, which are now eligible for an online IRS business tax account. These online accounts allow certain types of business entities to download transcripts and…

Here is a recent scenario I was discussing with a young couple who are first-time homebuyers considering a $360,000 house. They are currently renting a smaller apartment for $1,400 p/month. Key stats and pertinent points: Income: $140,000 combined, $7,800 per month after taxes Pre-approved mortgage: $400,000 House price: $360,000 Down…

The 2026 tax season is officially in the books — the IRS began accepting 2025 returns on January 26, 2026, and the April 15 filing deadline has passed. If you filed on time (or on extension), you're done until next year. We now look ahead to the 2027 tax season…

The shift to remote work has been one of the most significant changes in the workforce accelerated by the COVID-19 pandemic. While remote work offers many benefits, including increased flexibility and improved work-life balance, it also poses several potential tax issues that employees (and employers) need to consider. In this…

This post started with my own Avis rental years ago, where the final bill came in noticeably higher than the quote — charges I only discovered after returning the car. The dollar amount wasn't huge; the way it was disclosed felt deliberately buried. Judging by the comments this post has…

Within 48 hours of submitting your electronic tax return, the IRS will notify your Electronic Return Originator (ERO) - which could be your accountant, tax preparer or tax software company - of its acceptance. In the event that your return is rejected, the IRS will inform your ERO of the…

Many tax filers claiming the Child Tax Credit (CTC) this year are surprised to see their refund payment much lower than expected. This is mainly due to the widely claimed tax credit resetting from a pandemic boosted maximum of $3,600 to $2,000 per child in 2022 and 2023. Another reason is that they are not…

Every filing season I hear from readers who call the IRS after weeks of waiting, only to learn their refund has been frozen because they never responded to a letter — a letter they never actually received. The IRS considers the clock started the day the notice was mailed, whether…

With the end of the pandemic food stamp program (SNAP) boost, many single and dual person households are now only getting a measly $23 in monthly benefits! This minimum food stamp amount did not change in the latest SNAP monthly allotment updates published by the USDA. It also looks like…

It's tax season and social media is abuzz with tax related information. This includes news related to refund payments, which millions of Americans are anxiously waiting to get. Unfortunately this also creates an environment of false information (fake news!), deceitful ideas, and outright scams around refund payments and getting them…