Semi-retired and looking to buy a new house. The big question is whether or not to take out a mortgage or pay cash? That’s the gist of our call this week as we chat with Ryan from Seattle.
The rest of hour one was trying to clean out the inbox. Haha, yeah right. We’ve got thousands of emails, and all I can say folks is that we’re doing the best we can.
What could be more basic than preparing your taxes? After a tumultuous 2020, tax season is officially open, a few weeks later than years in the past. The deadline to file and pay any tax owed reverts to April 15th, after last year’s COVID-19 related extension.
By now, you should have received most of your tax preparation documents (W-2s, 1099s, as well as bank, investment, mutual fund and mortgage company documents).
If you didn’t learn the lesson of electronic filing last year, this is the year to dump the paper. After all, those who had electronic files with the IRS got those stimulus checks faster than those who had to wait weeks and sometimes months for their money.
Additionally, be sure to choose direct deposit, which is “the safest, most accurate and fastest way to get a refund,” according to the IRS.
Because of all the various changes that went into effect last year as the pandemic unfolded, this tax season could be a tricky one.
To help us break it down, we're joined by the one and only Ed Slott, the ultimate tax guru and founder of IRA Help.
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
And that’s a wrap on what was by far the most bizarre first half of a year that I’ve ever experienced. And unless you’re way up there in age, and were around in 1940, I’m guessing the same applies to you!
In keeping with the Groundhog Day pattern, we’re beginning the second half the same way we ended the first half, answering your coronavirus related money questions.
Happy Independence Day weekend!
Yes, we're officially in the summer months, and for millions of Americans, thanks to the coronavirus, the early summer weeks will include preparing and paying taxes.
Because of the pandemic’s timing and impact, the IRS delayed the tax-filing and payment deadlines from April 15th to July 15th. The agency also moved back Q2 quarterly estimates, which would have been due on June 15th, to July 15th.
To help us break down all the ins and outs of this "new" tax season, we're joined in hour two by Ed Slott, the ultimate tax guru and founder of IRA Help.
If you’ve been impacted by the pandemic, here’s a bunch of helpful links:
NYT F.A.Q. on Coronavirus Bill
Coronavirus State Unemployment Benefits Filing Info
Coronavirus Student Loan Information
Coronavirus Guide for Small Businesses
Coronavirus NYT Small Business Program Q&A
Have a money question? Email me here.
"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.