News On Stimulus Payments, Child Tax Credit and Refunds

Business / Terry Savage /

The IRS has been the busiest agency of government for the past 18 months. To say the agency is multitasking is an understatement. Not only is it collecting taxes but it is also sending money out to millions of Americans!

The IRS is just about finished sending out refunds on 2019 tax returns filed last July. It sent out $600 stimulus payments in...Read more

Terry Savage: Identity theft and taxes

Business / Terry Savage /

Identity theft is always scary. But lately it has become more complicated and more difficult to resolve. And that’s especially true when it comes to income taxes.

Long gone are the days when you prevented identity theft by covering your PIN while you withdrew cash from the ATM or used your debit card at the gas station (although that’s ...Read more

Cryptocurrency Basics

Business / Terry Savage /

Have you heard of Bitcoin? Probably, you’ve at least seen new headlines about the soaring price of this cryptocurrency. Don’t feel left out because you aren’t already on the crypto bandwagon. More than half of Americans who own cryptocurrencies have purchased them in the past year, according to a survey by The Motley Fool. And about 10 ...Read more

As Mortgage Forbearance Ends, is Fraud Afoot?

Business / Terry Savage /

A new mortgage finance rip-off is now underway impacting homeowners who must deal with the end of mortgage forbearance. Some mortgage servicing companies are already trying to take illegal advantage of those who are unable to make the soon-to-be required payments.

Mary’s story below shows what could happen if you aren’t careful in dealing ...Read more

What to Know About the Child Tax Credit

Business / Terry Savage /

More money is on the way to millions of American families with children. Here is the basic information you should know about it.

The child tax credit is not new this year. It was introduced in 1998 to give families with children a payment of $400 for each child. Over the years that number grew, and by a year ago the amount had risen to $2,000, ...Read more

Student Loan Freedom

Business / Terry Savage /

The issue of student loans is bubbling away on the back burners of Congress. Forbearance authorized by the CARES Act is scheduled to end on September 30, at which point borrowers will have to start making regular payments again. Since the start of forbearance, nearly 42% of borrowers have not made any monthly payments.

Many are hoping that the ...Read more

Taxing Matters

Business / Terry Savage /

Did Bill and Melinda Gates decide to get divorced now because of potential changes in the tax law? That’s the speculation in the wealth management community, where many advisers are discussing proposed changes in the tax laws with their clients.

The Gates family fortune is primarily tied up in their foundation and will continue to be jointly ...Read more

Where’s Inflation?

Business / Terry Savage /

The latest economic numbers reflect strong growth but no headline inflation. The Fed can’t find enough inflation to worry about. The gold market, which traditionally rises as a hedge against inflation, can’t seem to find inflation either. So, why worry about inflation?

Well, maybe we’re not looking for inflation in the right places. We ...Read more

Terry Savage: The financial realities of caregiving

Business / Terry Savage /

The pandemic has revealed some uncomfortable truths about aging. Social realities have a new perspective. And financial costs are suddenly more apparent — both to those growing older and those who might become their caregivers.

The pandemic has awakened all generations to the perils of isolation for themselves as well as their parents or ...Read more

Terry Savage: Don’t cash that check

Business / Terry Savage /

The federal government is in the process of sending out nearly $300 billion in stimulus payments of $1,400 each to qualifying recipients. And soon it will start sending $250 per month — per child — to low-income families for the new $3,000 annual child care credit. Also, many people who do not pay taxes will be sent an earned income tax ...Read more

Terry Savage: Tuition tax deductions and credits

Business / Terry Savage /

When it comes to college and money, everyone is focused on getting money for college this year or wondering whether the new administration will forgive some student loans of the past. But with the tax return deadline now pushed to May 17, you might want to also focus on the tax implications of scholarships, loan payments and that pile of ...Read more

Credit Scores Improved During Pandemic. Let's Keep It Up

Business / Terry Savage /

Have you checked your credit score lately? It might have improved during the pandemic, and there are steps you can take to help that process along. In fact, many people are at a critical moment when they can either raise their scores or revert to their old spending habits.

While we know that many families are struggling, there’s evidence that...Read more



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