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Author: Susan Tompor, Detroit Free Press

Money

More than half of tax returns already filed, average refund amount up 12% from last year

April 1, 2022April 2, 2022 Susan Tompor, Detroit Free Press Comments Off on More than half of tax returns already filed, average refund amount up 12% from last year

Average refunds, at $3,263, continue to be up through March 25, according to IRS data. Tax professionals say boosts to some credits are helping.

Money

IRS says stimulus check mistakes are among reasons for tax refund delays

April 1, 2022April 3, 2022 Susan Tompor, Detroit Free Press Comments Off on IRS says stimulus check mistakes are among reasons for tax refund delays

The IRS backlog of tax returns, paper returns and stimulus-related mistakes from 2021 is slowing down processing this year.

Money

Sticker shock: Monthly payments on used cars jump to nearly $500. Yes, used cars.

March 5, 2022 Susan Tompor, Detroit Free Press Comments Off on Sticker shock: Monthly payments on used cars jump to nearly $500. Yes, used cars.

Paying top dollar for bigger, more expensive SUVs and trucks is forcing drivers to hand over more than ever each month to cover their car payments.

Money

New rules for 2021 taxes may mean bigger refund for young workers, retirees with side jobs

February 16, 2022February 16, 2022 Susan Tompor, Detroit Free Press Comments Off on New rules for 2021 taxes may mean bigger refund for young workers, retirees with side jobs

The earned income credit applies to some who might not realize it. Those with no qualifying children can get up to $1,502 – nearly triple from 2020.

Money

IRS: $9.5 billion in refunds issued so far, with an average payment of $2,201

February 14, 2022February 14, 2022 Susan Tompor, Detroit Free Press Comments Off on IRS: $9.5 billion in refunds issued so far, with an average payment of $2,201

IRS delivered refunds to more than 4 million people in the first two weeks. But some direct deposit refunds involve a backlog of 2020 returns.

Money

IRS is ‘buried’ in paper backlog, creating tax season anxiety so high that even tax pros want relief

February 10, 2022 Susan Tompor, Detroit Free Press Comments Off on IRS is ‘buried’ in paper backlog, creating tax season anxiety so high that even tax pros want relief

Tax professionals prepare for high stress levels after many individuals and small business owners faced lengthy refund delays in the past two years.

Money

The IRS backs down from facial recognition plan to verify identities

February 7, 2022 Susan Tompor, Detroit Free Press Comments Off on The IRS backs down from facial recognition plan to verify identities

The uproar over requiring a photo to verify an identity involved ID.me accounts at IRS.gov — not electronically filing a tax return.

Money

These issues could delay your tax refund in 2022: What to know before you file

February 6, 2022February 7, 2022 Susan Tompor, Detroit Free Press Comments Off on These issues could delay your tax refund in 2022: What to know before you file

Many people plan to cover bills – or buy items now – because they expect a big tax refund soon. Here’s why some refunds will face delays in 2022.

Money

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

February 5, 2022February 8, 2022 Susan Tompor, Detroit Free Press Comments 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, 2022 Susan Tompor, Detroit Free Press Comments 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.

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