Mistakes are part of life, but try not to make them part of your tax return. One misstep could hold up your tax return – maybe even your refund – for weeks or months, and you might even end up on the hook for interest and penalties.
Category: Social Security
Treasury calls on Congress to raise debt limit, begins steps to delay default
Treasury Secretary Steven Mnuchin on Thursday began taking “extraordinary measures” to delay the U.S. government from defaulting on its obligations, as he called on House Speaker Paul Ryan to lift the debt ceiling “at its first opportunity.” Mnuchin, in a letter to Ryan , said Treasury was now suspending the sale of certain state and local securities, a practice the federal government normally performs to assist with tax policies.
4 Trump plans piecemeal budget release, obscurring broader fiscal picture
The Trump administration’s first budget proposal this month will not include any specific changes to the tax code or big programs like Medicare and Social Security, an administration official said, A focusing instead on boosting A defense spending and cutting other programs that are annually authorized by Congress. This budget proposal is expected to be released around March 16. Other budget proposals will come at a later date, the Office of Management and Budget spokesperson official said.
To Reach Your Savings Goals, Take These Steps
Saving money is often easier said than done, but it doesn’t have to be difficult. Setting clear goals can motivate you to take action, focus on what’s important and steer clear of overspending.
Telecom giants can finally stop caring about protecting your data
For a brief moment, the personal data you gave to Verizon, AT&T and Comcast was protected from their corporate whims. But last week, new Republican Federal Communications Commission Chairman Ajit Pai suspended customer privacy protections put in place under the last FCC administration just last year.
How to determine whether ita s best to prepay the mortgage or build up cash reserves
In your columns, you often take the position that homeowners are best off prepaying their mortgage. I understand where you are coming from and admit that I used to counsel my clients the same way.
Trump Doubles Down on Controversial Pledge to Leave Social Security, Medicare Untouched
President Trump delivered his first speech Tuesday night to a joint session of Congress, discussing his budget blueprint for the coming fiscal year which includes a $54 billion increase in defense spending, a large cut in funding for the Environmental Protection Agency– and “no changes” to Social Security and Medicare. As of January, 66 million Americans were receiving Social Security, Supplemental Security Income payments, or both, according to the program’s website.
Are you saving enough for retirement?
Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events But equally troubling is the fact that many people don’t have a target amount in mind. They are blindly throwing money into a retirement account.
Trump wants to cut $54 billion in spending from domestic…
Trump wants to cut $54 billion in spending from domestic agencies – that’s enough to wipe several of them out On Monday, administration officials told various news outlets that President Trump’s forthcoming budget proposal will include a $54 billion increase in defense spending. To pay for it, the Trump administration plans to cut the budgets of domestic agencies including the Environmental Protection Agency, the State Department, and various foreign aid programs.
Trump wants to cut $54 billion in spending from domestic…
Trump wants to cut $54 billion in spending from domestic agencies – that’s enough to wipe several of them out On Monday, administration officials told various news outlets that President Trump’s forthcoming budget proposal will include a $54 billion increase in defense spending. To pay for it, the Trump administration plans to cut the budgets of domestic agencies including the Environmental Protection Agency, the State Department, and various foreign aid programs.
Walmarta s plan to get you in and out of stores faster
The big-box chain is creating express lanes in its pharmacy and money services areas, in which customers will be able to use new functions in the Walmart app as part of the transaction process. By allowing shoppers to do some things in the app instead of at the counter, and by letting them bypass the main queue, the theory is that customers should get in and out of the store more quickly.
Get Started: IRS warns firms, beware of phishing email scam
The IRS is warning employers about a spreading phishing email scam whose targets include companies and that seeks to get employees’ Social Security numbers and other information. Cyberthieves send emails that appear to come from executives inside the targeted organizations.
Rules force Internet providers to protect the data they have on you;…
Federal regulators on Monday will move to stop certain privacy regulations from going into effect that were designed to safeguard consumers’ personal information from hackers and criminals, according to multiple people familiar with the matter. The stay by the Federal Communications Commission will release broadband companies such as Verizon, Comcast and AT&T from previously approved rules requiring them to adopt “reasonable” security measures protecting Social Security numbers, Web browsing history and other information belonging to their customers.
A Billion India Identities at Risk as Modi Widens Digital Reach
Shivam Shankar Singh woke last month to an e-mail from an Indian government department. It had a name, address, mobile phone number and bank account with a code for money transfers and investments made in a dairy farm.
China Expands Drug Insurance Coverage in Boost to Pharma Stocks
China expanded the list of medicines covered nationwide by government insurance for the first time since 2009, a move that sent the shares of Chinese drugmakers soaring. The central government decided to add 339 drugs to a list of medicines covered by the country’s basic medical insurance, the Ministry of Human Resources and Social Security said in a statement on Thursday.
The 15 most expensive states to live in when you retire
While low crime rates, proximity to healthcare, and amenities such as movie theaters and golf courses are important, affordability is crucial. As part of its recent ranking of the best and worst states to retire in , personal-finance site WalletHub also rated each state’s affordability.
Liz Weston: How to put more in working-class pockets
The American working class lost a shocking amount of wealth in recent decades as wages stagnated. Despite campaign promises, making up that lost ground will be no easy feat.
Will your pension be there when you need it?
Members of the International Brotherhood of Teamsters and supporters rally outside the Capitol in Washington. Millions, including these protesters, are at risk of losing their retirement savings if the Pension Benefit Guaranty Corporation becomes insolvent.
In Case You Missed It, Democrats Also Have a Bill to Completely Reform Social Security
More than 41.2 million retired workers receive Social Security checks each month, and for most that check represents at least half of their monthly income. Social Security is, and is expected to remain, a means by which a large percentage of seniors avoid living in poverty.
3 Social Security Misunderstandings That Could Cost You
Social Security helps millions of seniors stay afloat financially once they retire. But without a clear understanding of how the program works, you could be in for some unpleasant surprises once you come to rely on those benefits.
3 Ways You Can Lose Your Social Security Benefits
Tens of millions of Americans rely on their Social Security benefits, and many are in a position in which they can’t really afford to lose their monthly checks. Yet there are a few situations in which the Social Security Administration can and will take away benefits for certain recipients.
Apply early or delay: When is it wise to collect Social Security?
Q: I am 65 and ready to retire. Would it be wise to hold off drawing Social Security until 70, and just use my retirement account to live on until then? Singletary: The question of when to take Social Security has to be based on your situation – not what you’ve heard is the right thing to do.
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Financial literacy and money management are important life skills. Unfortunately, most people never study this in school, leaving many young adults ill-prepared to deal with their finances as they enter the work world, often in their early twenties.
3 Medicare Rules You Should Know by Heart
Medicare is big business. There are more than 57 millionAmericans enrolled in it, with more added to the program each month.
Think You’re Ready for Social Security? Not Until You Read This
Most Americans look forward to the financial support that Social Security provides in retirement. Yet if you want to make the most of your Social Security benefits, it pays to get to know the ins and outs of the program before you file.
The Smart Way to Get Your Credit Information
In this installment of Industry Focus: Financials , Motley Fool analyst Gaby Lapera talks with Dan Caplinger, The Fool’s director of investment planning, about the basics of getting credit information. From basic reports to proprietary scores, Gaby and Dan guide you through where you can get the information you need to make smart credit decisions.
Here’s How Much the Average Senior Gets From Social Security Each Year
Though there are numerous possible channels of income available to senior citizens once they retire, Social Security can arguably be described as the most vital. According to data from the Social Security Administration , 61% of all seniors currently receiving benefits, as well as 71% of unmarried elderly beneficiaries, count on their Social Security benefits to comprise at least half of their monthly income.
Ready to file your 2016 taxes? Herea s a guide to credits, deadlines and more
The 2016 tax filing season has begun, with W-2s arriving in the mail and some confusion arising from news of a refund delay. While most people will be minimally impacted by changes this year, one of the biggest additions is aimed at helping low-income families.
Retirement Planning? Couples, Mind the Age Gap
As you approach retirement together, that age gap becomes a factor in decisions about when you retire and when you take Social Security, and in planning how much money you need to save and how it should be invested. Especially if the younger partner is a woman, an age difference can mean you need your money to last longer.
Why You Can’t Rely on Social Security Disability Insurance
Most people would agree on the importance of life insurance, but few of us have even considered buying disability insurance — though you’re more likely to be disabled than to die before your retirement age. It’s true that Social Security offers some disability coverage, but that coverage is pretty limited.
4 Smart Retirement Moves You Can Make Today
Whether retirement is a few years or a few decades down the road, it’s never too early to put some thought into what lies ahead. Here are four things you can do right now to take control of your retirement.
Why it’s a good idea to file your taxes early
Tax season is here, and while you have until April 18 to file your return, you may want to think about doing so sooner rather than later. Here are a few expert tips on why: Identity theft is a growing problem and one often tied to tax refund fraud, said Mark Steber, chief tax officer at Jackson Hewitt Tax Service.
Here’s the Average American’s Annual Medicare Bill
The short answer is that the average American with “original Medicare” can expect to pay a total of $7,620 out of pocket for healthcare expenses this year. However, that number doesn’t tell the whole story.
Retirement in 2017: 5 Stats Everyone Should Know
If you read the financial news often, you may have heard about the “retirement crisis” many Americans are facing. While it’s true that the average American doesn’t save nearly enough for retirement, the good news is that this is a fixable problem.
New documents show Trump retains direct tie to businesses
New documents confirm that President Donald Trump retains a direct tie to his business interests through a revocable trust now being overseen by one of his adult sons and a longtime executive of the Trump Organization. Trump is the sole beneficiary of the Donald J. Trump Revocable Trust, which is tied to his Social Security number as the taxpayer identification number, according to documents published online by the investigative nonprofit ProPublica.
Up to 1.87M Michigan workers’ info may have been compromised
Social Security numbers and other personal information of up to 1.87 million Michigan workers may have been compromised, the state said Friday. The problem stemmed from a software update to Michigan’s troubled unemployment computer system, state officials said.
Americans’ Average Social Security Check at Age 70
If you’re deciding when it’s best for you to claim Social Security, and you’re struggling to figure out the best age, you’re not alone. Millions of baby boomers are fast approaching retirement, and most of them are in the same boat as you.
‘Can you hear me’ – scam or not?
Late this month, January 2017, news outlets across the United States have reported on a “can you hear me?” telephone scam. According to reports, the scam begins with an unsolicited phone call to potential victims.
Social Security Spousal Benefits in 2017: What You Need to Know
Social Security retirement benefits aren’t just for retired workers. In many cases — almost 2.4 million, as of the latest data — spouses of retired workers get a larger benefit than they otherwise would.
How Writing Personal Checks Can Expose You to Fraud
As an economic-crimes detective, I’ve had many of my discussions with friends turn to the risks associated with modern payment methods. It’s not unusual for someone to proudly proclaim, “That’s why I only use checks and cash!” But they’re shocked when I tell them there are probably more dangers associated with using checks, especially when they’re written to a business or unfamiliar person, than with most digital wallets or other payment apps.