Stocks are expected to rally today after a historic drop on Monday. Concerns over the price of oil (thanks to a price war between Russia and Saudi Arabia) and how the coronavirus will further affect the global economy sent shares tumbling by 2,013 points: the most significant point drop since Dow began recording stock averages…
Over lunch, the day after the election, my husband brought up the “f” word. You know, the one I’ve thus far been refusing to say (hint: it rhymes with “biscal piff”). He had been reading the news and was wondering how badly this would affect us. I could barely choke down my broccoli as he…
Since we have plenty of time to start complaining and debating early, Congress has decided to jump right in. On tap for this month: the payroll tax cut. The what, you say? Exactly. The payroll tax cut was supposed to be a “temporary” cut in your withholding to make up for the loss of the…
M is for Making Work Pay Credit. Doh! This is kind of a trick post. There is no Making Work Pay Credit for 2011. That also means no Schedule M. The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act which was signed into law on December 17, 2010, did not renew the Making Work…
Ooh, talk about efficiency. Here I was totally expecting the Senate to at least pretend to entertain extending the payroll tax cut until tomorrow. Instead, they rushed right into a “no” vote a day early. The charge was led by Senate Republicans despite statements by House Speaker (R-OH) in support of an extension. Boehner said…
It’s getting chilly in Pennsylvania… You can almost (almost) sense that Christmas is on the way. It’s no wonder then that President Obama would invoke the holiday spirit in his address from the Keystone State. Speaking from Scranton, Obama encouraged Congress to extend the existing payroll tax holiday. Originally, the extension looked dead in the…
Taxpayer asks: I read that the Making Work Pay Credit was back for 2011 (I saw this post) but I can’t find anything about it even on the IRS web site. Can you help? taxgirl says: Easy answer first: the Making Work Pay Credit was not extended into 2011. The Tax Relief, Unemployment Insurance Reauthorization…
President Obama will send his new jobs creation plan to Congress later today. He’s going to pitch it first in the Rose Garden surrounded by the kinds of folks that make for good press (vets and teachers, for example) and then send it to Congress for consideration. It’s not going to be an easy road….
Prepare to keep waiting. A flurry of dismal news including a somber May jobs report and a less than encouraging report from Federal Reserve Chairman Ben Bernanke sent stocks and spirits lower midweek. Traditionally, that combination of factors leads to talk of a federal stimulus to give the economy a bit of a shot in…
Taxpayer asks: I am very confused. Your blog says that we will be getting back more money this year because of the payroll tax holiday. My withholding must be screwy because I am making less money. What is going on? taxgirl says: Okay, this is where tax laws can get really confusing. Yes, there is…