The Internal Revenue Service (IRS) said Tuesday that taxpayers in nearly two dozen states should consider filing amended tax returns because they may have needlessly reported income from relief payments and so stand to get bigger refunds. The IRS said in a press release that taxpayers who reported certain state payments related to general welfare…
IRS Says Taxpayers in Some States May Be Eligible for Bigger Refunds
April 12, 2023
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Common Social Security Questions
Well, it’s been a strange week. My inbox is normally crammed with emails from readers. But this week, there has been just a sprinkling of questions. I’d like to think it’s because all of you have been reading my column for years, and maybe also have read my two books about Social Security, and so…
How to Afford the Big Stuff
One day the market is crashing, inflation is climbing. The next day it seems like everything’s coming up roses. No matter how the economy’s swinging, your mortgage and car payments are still lurking in the shadows, waiting to pounce. And then there are the big-ticket items. A busted water heater often comes without warning and…
How to Use a Tax Refund to Fight Inflation
If inflation has eaten away at your budget the way waves erode a beach, then your tax refund might just provide a much-needed protective barrier. As of March, prices are up 6 percent over the past 12 months, according to the most recent consumer price index. At the same time, just over half of filers…
The Best Money Advice You’ll Ever Get
What we all really need is the money-saving know-how that will stand strong throughout life and help us build a nest egg. So I asked some prominent experts how they save. What could we all be doing better? Their answers may surprise you. They’re not complicated at all—just simple, commonsense wisdom that will have you…
Do Interest Rates Go Down in a Recession?
If you’re living in a time of rising inflation, you may hear about the Federal Reserve (or the Fed, for short) increasing interest rates. Inflation is essentially the devaluing of currency over time. If inflation happens too rapidly, people’s purchasing power decreases, and less money circulates into the economy. Key Takeaways A recession is when…
Online Grocery Prices up 10.3 Percent in March as Inflation Continues to Bite
April 11, 2023
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Online grocery prices continued to rise by double-digits in March, as inflation continues to bite. Although online grocery prices have eased over the past six months, costs were up 10.3 percent in March from the previous year, according to the Adobe Digital Price Index on April 10. Adobe analyzed 1 trillion visits to retail sites and…
IRS Grants Tax Relief to Tennessee Storm Victims
April 11, 2023
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Victims of recent storms in Tennessee have been granted tax relief by the Internal Revenue Service (IRS) and now have until July 31 to file their returns. In an April 10 news release, the IRS said the extended relief is being granted to individuals living in any area designated by the Federal Emergency Management Agency (FEMA) in the wake…
Bank Bonuses, Interest May Boost Tax Bill
With tax season in full swing, you may be consolidating the various charitable donation receipts, deductions, and W-2 forms that you’ll submit to the Internal Revenue Service (IRS). But if you received any bank sign-up bonuses or earned interest on your bank balance, you may owe additional taxes you might not have planned for. Interest…
Market Betting on Fed Rate Cuts: Investment Strategist
April 10, 2023
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Investors are closely watching the consumer price index report this Wednesday for signs that inflation is slowing down. But Lance Roberts, chief investment strategist for RIA advisors, says recent core CPI data shows that inflation is still sticky. The federal reserve has been hiking interest rates to fight inflation. While it says it’s going to…
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