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Author: Susan Tompor, Detroit Free Press

Money

Now scammers are impersonating utility companies with caller ID

May 6, 2022May 9, 2022 Susan Tompor, Detroit Free Press Comments Off on Now scammers are impersonating utility companies with caller ID

Consumers who lost $375 to $700 on utility shut-off scams were told by con artists to pay via the money transfer app Zelle, which is like giving cash.

Money

Taxpayers waiting for refunds find little help from IRS’s ‘Where’s My Refund’ tool

May 1, 2022 Susan Tompor, Detroit Free Press Comments Off on Taxpayers waiting for refunds find little help from IRS’s ‘Where’s My Refund’ tool

Taxpayers who file by paper could face longer delays than expected. Critics say the “Where’s My Refund?” tool at IRS sometimes has few answers.

Money

IRS backlog and drama won’t end at midnight April 18

April 16, 2022 Susan Tompor, Detroit Free Press Comments Off on IRS backlog and drama won’t end at midnight April 18

IRS needs to clear up backlogs to get ready for next tax season. Why some say paper tax returns need a new look to keep things running next year.

Money

I Bond hacks on tax returns and more as inflation hits 8.5%

April 13, 2022April 13, 2022 Susan Tompor, Detroit Free Press Comments Off on I Bond hacks on tax returns and more as inflation hits 8.5%

I Bond sales – which hit $3.5 billion in January – keep going strong as inflation rises. Here are some I Bond hacks, including one for tax refunds.

Money

IRS reject your e-file return? Zero might be the magic number.

April 13, 2022April 14, 2022 Susan Tompor, Detroit Free Press Comments Off on IRS reject your e-file return? Zero might be the magic number.

An IRS logjam is hurting some taxpayers who want to file a their 2021 income tax return but their 2020 tax return has not been processed yet.

Money

Not ready for the April 18 tax deadline? Here’s how to file an extension.

April 13, 2022 Susan Tompor, Detroit Free Press Comments Off on Not ready for the April 18 tax deadline? Here’s how to file an extension.

Regardless of your income, you can go to IRS.gov to use “Free File” to electronically request an automatic six-month extension. No fee is charged.

Money

Not ready for the April 18 tax deadline? Here’s how to file an extension.

April 13, 2022April 13, 2022 Susan Tompor, Detroit Free Press Comments Off on Not ready for the April 18 tax deadline? Here’s how to file an extension.

Regardless of your income, you can go to IRS.gov to use “Free File” to electronically request an automatic six-month extension. No fee is charged.

Money

Tax deduction for charitable donations: Did you donate last year? Here’s what is deductible on taxes.

April 10, 2022 Susan Tompor, Detroit Free Press Comments Off on Tax deduction for charitable donations: Did you donate last year? Here’s what is deductible on taxes.

Did you make a charitable contribution in 2021? Learn about the special tax break for donations made last year on your taxes.

Money

Boom in cryptocurrency, stock market triggers explosion in taxable gains

April 7, 2022April 8, 2022 Susan Tompor, Detroit Free Press Comments Off on Boom in cryptocurrency, stock market triggers explosion in taxable gains

Tax professionals say clients are shocked by tax bills, after big gains in virtual currency and mutual funds.

Money

New parents, college grads get extra refund cash when they claim recovery rebate credit

April 6, 2022April 6, 2022 Susan Tompor, Detroit Free Press Comments Off on New parents, college grads get extra refund cash when they claim recovery rebate credit

Many taxpayers can legitimately claim the recovery rebate credit on their 2021 federal income tax returns. But many remain confused on who qualifies.

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