Category: Taxes and Retirement

When it comes to dealing with taxes, one of the common stressors is the idea of reaching out to the IRS to get a live agent. The long wait times, endless phone menus, and the anticipation of talking to a representative can be daunting. This has been widely covered in…

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…

[Feb 2024 update] The House has voted on a bill based on the Senate proposal (discussed in update below), known as the Tax Relief for American Families and Workers Act of 2024, which expands the Child Tax Credit (CTC) for many lower income families, It was approved with bipartisan support…

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…

For many seniors, the rising cost of living feels like a runaway roller coaster, leaving their budgets hanging on by a thread. While the idea of additional stimulus payments in 2024 offers a glimmer of hope, the question remains: will seniors be waltzing towards another financial windfall, or is this…

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…

When it comes to taxes the main income number that matters is your Adjusted Gross Income (AGI). For the IRS your AGI and Modified AGI are the two key income numbers they care most about - more important than your taxable or gross income! As the name suggests, adjusted gross…

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 IRS has confirmed it will start processing 2025 tax filings and refunds from January 26th, 2026. Other important tax deadlines and dates are shown in the chart below. Although the IRS will not start accepting and processing tax returns until late January, people don't need to wait until then…

There are several IRS (IRS) tax thresholds that will be changing in 2024. These changes are made to adjust for inflation (where mandated) and to ensure that taxpayers are paying the correct amount of taxes. The following are some of the likely changes that will take place in 2024 to…

Like many tax payers I continue to check the status of my IRS refund payment and face the rather unhelpful status message below that my return is still being processed! After several weeks of checking daily this message gets old, fast. I wrote about the earlier delays with getting my…

Despite the IRS saying they had a much smoother and more efficient tax season (see stats below), like millions of others I am still waiting for my tax return to be processed and see my refund banked. Initially my refund was delayed beyond the standard 21 day processing timeline due…