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Author: Susan Tompor, Detroit Free Press

Money

Don’t forget: Jobless benefits are taxable on 2021 tax returns

February 5, 2022February 7, 2022Susan Tompor, Detroit Free PressComments Off on Don’t forget: Jobless benefits are taxable on 2021 tax returns

People may be confused because the rules changed temporarily for many people last year, thanks to some pandemic-related relief efforts.

Money

How IRS Letter 6475 can help you claim stimulus cash through the Recovery Rebate Credit

February 1, 2022Susan Tompor, Detroit Free PressComments Off on How IRS Letter 6475 can help you claim stimulus cash through the Recovery Rebate Credit

You’ll need IRS Letter 6475 to avoid making tax mistakes regarding the Recovery Rebate Credit. And plenty of people made mistakes last year.

Money

Outraged by credit card, mortgage, bank fees? Here’s who wants to hear from you

January 30, 2022Susan Tompor, Detroit Free PressComments Off on Outraged by credit card, mortgage, bank fees? Here’s who wants to hear from you

How much do financial fees obscure the true cost? Some big banks cut overdraft fees, but the Consumer Financial Protection Bureau wants more progress.

Money

IRS cashed the check but asked these taxpayers to re-send returns

January 28, 2022Susan Tompor, Detroit Free PressComments Off on IRS cashed the check but asked these taxpayers to re-send returns

On Thursday, the IRS said it would suspend some notices but taxpayers were already confused by why they were asked to send in copies of 2020 returns.

Money

Your credit card will cost you even more money if interest rates go up. Here’s what to do.

January 26, 2022January 26, 2022Susan Tompor, Detroit Free PressComments Off on Your credit card will cost you even more money if interest rates go up. Here’s what to do.

As the Fed fights a spike in inflation, consumers will pay more to borrow on their credit cards in 2022. Here’s a look at some strategies ahead.

Money

Mistakes with child tax credit, stimulus can trigger refund tax delays, IRS warns

January 25, 2022Susan Tompor, Detroit Free PressComments Off on Mistakes with child tax credit, stimulus can trigger refund tax delays, IRS warns

The IRS urged extra caution for those who received money through the advance child tax credit and the third stimulus payment in 2021.

Money

First glitch of the tax season is here: That IRS child tax credit letter may be inaccurate

January 24, 2022Susan Tompor, Detroit Free PressComments Off on First glitch of the tax season is here: That IRS child tax credit letter may be inaccurate

Parents may want to take an extra close look at IRS Letter 6419 before they file their taxes. Early reports indicate some errors possible.

News

IRS letter ✉️

January 23, 2022January 24, 2022Susan Tompor, Detroit Free PressComments Off on IRS letter ✉️

Key to tax refund

Money

Rapid rise in mortgage rates startles homebuyers, who blame inflation fears

January 22, 2022Susan Tompor, Detroit Free PressComments Off on Rapid rise in mortgage rates startles homebuyers, who blame inflation fears

The average 30-year rate was 3.08% in November but shot up to 3.54% by mid-January. The speed is a bit startling, but so was the spike in inflation.

Money

2022 tax advice: How to get child tax credit cash, charitable deductions and free help

January 22, 2022January 23, 2022Susan Tompor, Detroit Free PressComments Off on 2022 tax advice: How to get child tax credit cash, charitable deductions and free help

The IRS will begin accepting tax returns on Jan. 24, 2022. Here’s what to know about filing taxes, unemployment claims and child tax credit payments.

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