Category: Taxes and Retirement

Reviewing their IRS account tax transcript is a technique a lot of folks attempt to use to get an update on their tax return processing and refund status; particularly if they are not getting information (or see no bars) from the standard WMR tool or IRS2Go refund status tracker app.…

Many tax filers are anxiously waiting for the IRS to provide updates on their refund release and payment date. Particularly now that the PATH act refund freeze has lifted. These are mainly folks with a processing dates out 1 to 3 weeks with daily or weekly cycle codes, per their…

Transaction codes are used on IRS tax transcripts to show filers what has happened with their return processing, reasons for potential delays, when a refund will be paid, or why it's delayed. Given ongoing challenges getting through to a live IRS agent, many taxpayers turn to their free IRS transcript…

Under various state administered food stamp or SNAP programs, there is a sub-program called the Commodity Supplemental Food Program (CSFP) which benefits over 600,000 seniors annually. This program seeks to further help seniors and children with supplementing access to healthy foods via local USDA approved food banks and grocery distribution centers.…

Your refund finally hits "Refund Sent" on WMR or IRS2Go, code 846 shows up on your transcript with a payment date — and then the deposit lands smaller than the refund you filed for. No warning, no explanation on the payment itself. This surprises thousands of filers every season. Here's…

An Offer in Compromise (OIC) is a program offered by the Treasury and IRS that allows taxpayers to settle their federal tax debt or liability for less than the full amount owed. The OIC program can provide taxpayers, be it individuals or businesses, who are facing financial hardship a road…

This graphic I saw on a reddit board busts the common myth that the more you earn the more you pay in taxes, because you get bumped up into a higher tax bracket. However thanks to America (and most countries) having a progressive taxation system, the more you earn does…

After threats by some members to cut spending on Social Security and Medicare benefits as part of debt-ceiling negotiations, Republicans as a group are now backing away from this threat. House Speaker Kevin McCarthy (R., Calif.) confirmed this when he publicly stated that he won't seek cuts to Social Security…

A lot of people are eager to file early in hopes of getting their tax refund sooner, but also find that after filing they may have missed some key data or gotten additional information late, like a Employer W2 or 1099-X form - that is required to be reported in…

A Schedule C tax form is used, along with your personal 1040 filing, to report income and expenses to the IRS from business related to self-employment which you own as a sole proprietor or single-member LLC. Think of side-hustles or gigs you do on the side, where you make a reasonable…

Inflation is clearly taking a toll on the cost of filing this year with many folks reporting that the cost of filing and preparing a tax return is going up. For example for standard W2 filings with two dependents (a common tax return) the fees are nearly double in some…

In each state, U.S. territory, and the District of Columbia (D.C.), there is a maximum amount of weekly workers' compensation that can be received if an injury occurs on or after a specific date. These amounts are adjusted annually and represent the highest rate that a worker is eligible to…

The USDA has officially announced that SNAP (Supplemental Nutrition Assistance Program) emergency allotments, which were implemented as a temporary increase to monthly SNAP benefits during the COVID-19 pandemic have officially ended. End of SNAP EA Benefits This means for remaining residents in states who received a USDA waiver to participate…