During COVID, those at the top kept making money while those at the bottom struggled. That’s especially true among minority households, with the average white family having as much as eight times the wealth of people of color. That economic inequality hasn’t gone unnoticed, however, with many Americans agreeing it’s gone too far. But with…
We’ve made it through the first week of the tax filing season! With some tax returns are already on the way for processing, the Internal Revenue Service (IRS) is reminding taxpayers not to forget about the Earned Income Tax Credit (EITC). January 31 has been designated “EITC Awareness Day” – the 14th year of the awareness campaign…
It’s my annual “Taxes from A to Z” series! This time, it’s Tax Cuts and Jobs Act (TCJA) style. If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter. E is for Earned Income Tax Credit…
The Internal Revenue Service (IRS) has announced that tax refunds for taxpayers who claimed the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) should begin arriving in bank accounts or on debit cards this week.
Taxpayers are already making noise about delayed tax refunds in 2017 – and tax season just opened. However, not all of the information that is being shared about the delay is correct. Here’s what you need to know.
With tax season firmly behind us (er, for those of you who didn’t file for extension), now is a good time to take a look at your current financial picture and check to see how it squares against the 2015 tax rates, adjustments and other tax items. If you aren’t expecting any significant changes, you…
Warren Buffett was in the news again for suggesting that rather than raise the minimum wage, we should tackle the income gap through tax policy. Specifically, Buffett recommended modifying (likely expanding) the earned income tax credit (EITC). The EITC is a refundable federal income tax credit targeted to low to moderate income working individuals and…
Self-made billionaire Warren Buffett is the third wealthiest person in the world, according to Forbes. His net worth is $71.6 billion. He’s probably made a few million in the time that it took for me to write this. He’s super rich. And he’s clearly super smart. I don’t purport to know more about Buffett when…
It’s 2013. Do you know where your refund is? No, not your 2012 refund (arguably, no one knows where many of those are) but your 2009 refund. Nearly $1 billion in outstanding refunds remain unclaimed by an estimated 984,400 taxpayers who did not file a federal income tax return for 2009. How much is a…
“Love is much nicer to be in than an automobile accident, a tight girdle, a higher tax bracket or a holding pattern over Philadelphia.” – Judith Viorst, children’s author and tax activist