IRS Identity Protection PINs, or IP PINs, are a vital tool to protect taxpayers from identity thieves. The IRS encourages taxpayers to get an IP PIN and establish their IRS Online Account. These tools help guard against fraudsters trying to steal personal and financial information. Important things to know about an IP PIN • It’s a…
Read More...September is National Preparedness Month; taxpayers should prepare for natural disasters
WASHINGTON — With the peak of hurricane season arriving and an elevated wildfire risk across much of the West, the Internal Revenue Service reminds taxpayers to develop an emergency preparedness plan or, if they already have one, to update it for 2024. September is National Preparedness Month. Taxpayers can begin getting ready for a disaster…
Read More...IRS encourages people to do an end-of-summer tax checkup to avoid tax surprises next year
WASHINGTON – The Internal Revenue Service today encouraged taxpayers to consider using the end of the summer to make tax withholding or payment updates to avoid a potential surprise next year at tax time. While most taxpayers get a refund after filing their taxes, many also find they unexpectedly owe taxes. This can be due…
Read More...How Is Your Credit Score Calculated?
Credit scores range from 300 to 850. Here’s how your score is calculated, where to get a free score and tips on managing your credit. How is your credit score calculated? Think of it like a bonsai tree: It requires careful tending and thoughtful behavior over time to produce the best results. Take good care…
Read More...Energy efficient home improvements could help people reduce energy bills and taxes
Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. Who can claim the credits Taxpayers making improvements to their principal, or in some cases, secondary residence may be eligible for these credits. In some cases, renters may also be…
Read More...WHICH BUDGETING METHOD CAN HELP YOU BECOME DEBT FREE THE FASTEST?
If you’ve got debt, you’ll need an easy-to-use budget to help you pay it down. Here’s the quickest and easiest ways to become debt free. Money is a finite resource. It runs out. If you’re on a debt repayment journey, you’ve probably noticed that by the end of the month, you’re often left with less…
Read More...HOW TO BUILD AN EMERGENCY FUND WHEN YOU’RE LIVING PAYCHECK TO PAYCHECK
Need to break the paycheck to paycheck cycle? Try these tips to start and build your emergency fund. Living paycheck to paycheck often feels like walking on a financial tightrope. Every dollar has a purpose and unexpected costs can disrupt your balance. An emergency fund is a great way to respond to those unforeseen fees.…
Read More...Cutting Costs: Tips for Reducing Monthly Expenses
In the ever-evolving economic landscape, finding ways to minimize monthly expenses is more than a mere attempt at frugality; it’s a necessity for financial survival and comfort. This guide will explore unique and effective strategies for reducing your monthly outlay, striking a balance between maintaining a quality life and ensuring your bank account remains healthy. Refine Your Utility Usage Utilities…
Read More...IRS penalties on American taxpayers surged nearly 300% last year
The IRS hit Americans with $7 billion in tax penalties in 2023, a record-high level that marks a nearly 300% increase from the prior year. The majority of the fines were levied against those who underpaid their estimated quarterly income taxes, which is predominantly freelancers, gig workers and other self-employed individuals. In fiscal year 2023,…
Read More...Here’s What Happens When Your Tax Refund Is Delayed
KEY POINTS The IRS typically issues tax refunds within 21 days of receiving an electronically filed return. If the IRS takes longer than usual to process your refund, and it’s not due to an error on your part, then you may be entitled to interest on your overdue refund. There’s an easy way to check…
Read More...