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Author: Elisabeth Buchwald, USA TODAY

Money

How far back can the IRS audit you? What to know about IRS audit triggers, letters and more

March 2, 2023March 3, 2023Elisabeth Buchwald, USA TODAYComments Off on How far back can the IRS audit you? What to know about IRS audit triggers, letters and more

If you receive an audit letter from the IRS don’t ignore it. Respond in a timely manner to avoid paying fees.

News

IRS audit: What triggers it and what are red flags that increase the chance of being audited

March 2, 2023March 17, 2023Elisabeth Buchwald, USA TODAYComments Off on IRS audit: What triggers it and what are red flags that increase the chance of being audited

What triggers an IRS tax audit? Make sure to correctly report your income from a W-2 or similar tax form. If you don’t it may trigger an audit.

Money

US consumer confidence declined in February, reflecting fears of a recession

February 28, 2023February 28, 2023Elisabeth Buchwald, USA TODAYComments Off on US consumer confidence declined in February, reflecting fears of a recession

The Conference Board’s consumer confidence index fell in February. Inflation is causing consumers to pull back on spending raising odds of a recession

Money

Walmart earnings call foreshadows challenges ahead for retailer

February 21, 2023Elisabeth Buchwald, USA TODAYComments Off on Walmart earnings call foreshadows challenges ahead for retailer

Walmart’s fourth quarter was better than analysts expected, by some measures. But inflation continues to weigh on consumers which is hurting the retailer.

Money

Is the stock market open today for Presidents’ Day?

February 17, 2023February 20, 2023Elisabeth Buchwald, USA TODAYComments Off on Is the stock market open today for Presidents’ Day?

Is the Dow open on Presidents’ Day? The stock market and bond market will be closed on Monday. But markets reopen at their usual times on Tuesday.

Money

You should have received an important tax document this week

February 17, 2023Elisabeth Buchwald, USA TODAYComments Off on You should have received an important tax document this week

Your 1099 tax form is crucial to filing your taxes. This week, Robinhood and other brokerage firms released the tax documents you’ll need.

Money

US credit card debt hit a record high as inflation leaves consumers financially stressed

February 16, 2023February 16, 2023Elisabeth Buchwald, USA TODAYComments Off on US credit card debt hit a record high as inflation leaves consumers financially stressed

New York Fed report founds credit card debt is growing after a rapid decline during the pandemic. Credit scores could start to decline.

Money

How do you calculate taxes on gig work? If you took on a side hustle, here’s how to file

February 16, 2023Elisabeth Buchwald, USA TODAYComments Off on How do you calculate taxes on gig work? If you took on a side hustle, here’s how to file

Do you have to pay taxes on side hustles? What to know about 1099 forms and tax deductions you can qualify for.

Money

January CPI inflation rate slows to 6.4% but monthly inflation rose by 0.5%

February 14, 2023February 14, 2023Elisabeth Buchwald, USA TODAYComments Off on January CPI inflation rate slows to 6.4% but monthly inflation rose by 0.5%

January’s inflation report showed a continued decline from prior months. Investors are hopeful it will prompt the Fed to pause rate hikes.

Money

IRS free file options: Your 2023 guide to free tax prep services

February 9, 2023February 10, 2023Elisabeth Buchwald, USA TODAYComments Off on IRS free file options: Your 2023 guide to free tax prep services

There are plenty of free tax prep services for seniors and low-income taxpayers. These programs include IRS Free File, VITA and TCE.

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U.S. Embassy urges Americans to leave Haiti ‘as soon as possible’

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Kia recalls nearly 320,000 cars because the trunk may not open from the inside

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PCE inflation report: Key measure ticks higher in July. What will the Fed do?

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