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Archive for taxes

Where is My Stimulus Check?

Posted by Emily Beatmann 
· Tuesday, May 5th, 2020 

COVID-19 Financial Relief - Are you being negatively impacted by COVID-19 financially? Reach out to Section 705 to learn about the below specials: COVID-19 Relief Loan and the COVID-19 Skip-A-Payment.

Q: Everyone I talk to seems to have already gotten their stimulus money, but I’m still waiting for mine to arrive. Where is my stimulus check?

A: More than half of eligible Americans have already received their Economic Impact Payment, but tens of millions more are still waiting. We’ll let you in on when you can expect yours, how to help it come quicker and why you may not even be receiving a stimulus payment.

The schedule for issuing payments

The IRS is trying to get the stimulus payments out to Americans as quickly as possible, but with approximately 150 million checks that need to be issued, it will take some time.

First, the IRS is working on getting the funds to Americans via direct deposit. Most of the payments being issued to people whose account details are known by the IRS have already been distributed and the rest is scheduled to be deposited as the information is obtained.

Next, the IRS will send payments for individuals currently receiving federal benefits, such as Social Security checks, retirement or disability benefits, Railroad Retirement benefits, Supplemental Security Income (SSI) or Veterans Affairs (VA) benefits. The stimulus payments will be issued the same way these individuals receive their regular federal benefits, whether by direct deposit, Direct Express or paper check. The Treasury has promised that all Social Security and Railroad Retirement beneficiaries will receive their benefits by early May. SSI and VA beneficiaries should get their payments by mid-May.

On April 24, the IRS began issuing paper checks to Americans who have not provided their banking details. Low-income Americans are prioritized, and individuals earning an adjusted gross income (AGI) of $10,000 or less should have already received their checks. The IRS will then send out approximately 5 million paper checks each week, scheduling the mailings according to incomes in increasing $10,000 increments. For example, checks for individuals with an AGI that falls between $20,000 and $30,000 were mailed out on May 1. On May 8, the checks for people with incomes between $30,000 and $40,000 will be mailed out. This schedule will continue through Sept. 4.

How can I make my stimulus money get here quicker?

As mentioned, funds being distributed via direct deposit are issued first. The IRS will use your most recently filed taxes to determine where to send your stimulus money and the amount you are eligible to receive. If your most recently filed returns have not yet been processed, or you’ve received your refund by paper check, the government does not have your checking account information, so your payment may be delayed.

You can update this information on the recently updated track your payment portal on the IRS website. You will need your Social Security number, the gross income of your most recent tax returns, your Section 705’s routing number ([XXXXXXXXX]) and your checking account information. Once you’ve shared your account information, your stimulus payment should be scheduled for deposit within the week.

If the IRS already has your account information and you still have not received the stimulus money, or you would prefer to receive your payment by paper check, you can track your payment on the same link. The site is updated once a day.

What if my information has changed since I filed my last tax return? 

If the checking account used for your most recently filed taxes has since been closed, the payment will bounce back to the IRS, which will then send a paper check to the home address it has on file from your tax returns.

To update a checking account, use the IRS payment portal to enter your current information.
If you’ve moved since filing taxes, you can choose to share your checking account information with the IRS, or to use another method which may include informing the U.S. Postal Service of a change of address.

What if I don’t file taxes?

If you are not required to file taxes and you are eligible for an Economic Impact Payment, you can still receive your check. Just enter your information here.

Why you may not qualify for a check 

The CARES Act does not promise payments for every American. Dependents older than 16, individuals who do not have a Social Security number and those with an AGI above $99,000, will not be getting a stimulus payment. The threshold is higher for individuals filing as a head of household, at $136,500, and up to $198,000 for joint filers.

Watch out for stimulus scams

While the IRS urges people to update their information on the payment portal, it’s important to note that they are not reaching out to individuals. If you receive a phone call, social media post, email or text message asking for your banking information, it is likely a scam. There is also no application fee or processing fee for the Economic Impact Payments. If you’re asked to pay one, it’s also a scam.

Categories : Finances
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6 COMMON TAX MISTAKES TO AVOID

Posted by Emily Beatmann 
· Monday, February 26th, 2018 

Image of Uncle SamIt’s Tax Time!

It’s that time of year again! Get ready to break out the calculator and pencils; dig out the enormous pile of receipts, tax forms, and pay stubs, and get to work. Whether you choose to go it alone, use a tax-prep computer program or hand it all over to an accountant, start with checking out our handy list of common mistakes people make on their tax returns.

1.) Faulty math

One of the most common errors on filed taxes is math mistakes. A small miscalculation can throw off all your numbers and get you into trouble with the IRS. However you choose to prepare your taxes, be sure to triple-check the math before filing.

2.) Name changes and misspellings

When preparing your taxes, you’re thinking about numbers, but don’t forget to pay attention to everything else on your form! If you use a name that’s different than the one the IRS has on file for your Social Security number, or even if you spell it wrong, that can mean trouble for you and your taxes. If you’ve recently changed your legal name, be sure to let the Social Security Administration know.

3.) Omitting extra income

Many people neglect to include secondary sources of income on their tax forms. This may include freelance work and any other side work they may have done throughout the year. If you’ve taken any side jobs in 2017, fill out a 1099-MISC and file it along with your taxes.

4.) Deducting funds donated to charity

Charity laws are complicated! First, only donations given to an organization with a tax-exempt status can be deducted from your taxes. Second, if you’ve donated food items or used clothing, they had to have been in decent shape to be eligible for a write-off. Finally, calculate the value of your non-monetary donations according to what they would be worth if you’d sell them now. Don’t forget to include those charity tax receipts when you file!

5.) Using the most recent tax laws

The current administration has made some major changes to the tax code. While most of these changes won’t take effect until you file your first taxes for 2018, there are some changes that are effective for this year, including the following:
  • The standard deduction increased to $6,350 for single, $9,350 for head of household, and $12,700 for married filing jointly.
  • The maximum earned income tax credit increased to $6,318.
  • The maximum income limit for the EITC increased to $53,930.
  • The foreign earned income deduction increased to $102,100.
  • Annual deductible amounts for Health Savings Accounts increased for individuals only, to $3,400.

6.) Signing your forms

If you’re filing through the USPS, be sure to put your signature wherever necessary, and get a mailing receipt. If filing online, you can use a PIN instead. Most places that require a signature will need to be dated as well.
 
Check your forms for errors before submitting and file with confidence.

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Categories : Credit Union, Finances, Financial Self Defense, Savings Hacks
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The ‘Pink Tax’

Posted by Emily Beatmann 
· Monday, June 13th, 2016 

Pink Tax: Does Shopping Like a Girl Cost You Money?

What’s the ‘Pink Tax’ Anyway? 

Several economic studies have confirmed the existence of a so-called “pink tax,” an inflated price attached to goods and services specifically marketed to women. While theories abound to explain the pricing discrepancy, its existence seems clear. On everything from razors and deodorant to car repair and haircuts, women are expected to pay more for products marketed directly to them. In many cases, marketing is where the differences stop.
 
It may seem like pennies, but across the board, these pennies add up. One study by the University of Florida found that women end up paying about $1,400 more per year. This invisible tax is taking money out of your pocket. Want to get it back? Here are some ways you can avoid the pink tax.
 
Go ScentlessBetter sit down ladies! He paid $4.99 for a razor and she paid $10.79.
 
Personal hygiene products are among the biggest contributors to that $1,400. Items like lotion are rebranded as “facial moisturizer” and packaging with floral designs. The “moisturizer” sells for 7-8% more than the “lotion.” The functional difference between the two products? In most cases, absolutely none. When there is a difference, it’s usually in perfume.
 
The worst culprit of the flowery-smelling foul play is deodorant. Men’s and women’s deodorants all have the same active ingredients, usually in the same ratios between brands. A stick deodorant is a stick deodorant until it comes time to scent it. Floral-scented deodorants sell for as much as a dollar more than their muskier counterparts.
 
No one wants to smell like a man (even many men). So what’s the answer? Look for scentless or perfume-free personal hygiene products. Not only are they cheaper, but the lack of chemical perfumes can be better for your body in the long run, too.
 
If you miss the floral aromas of your old products, consider purchasing essential oils in similar scents. You can add them to lotions and deodorants yourself at home for a fraction of the cost and keep a closer eye on what you’re putting on your skin.
 
When in doubt, check the ingredients. Compare your usual to a comparable male product. If there’s a reason for a gender difference, it’ll show up here. In most cases, the active stuff is all the same.
 
Ignore the packaging
 
The most flagrant example of the “pink tax” has to be in razors. No difference exists between razor cartridge replacements for men and women except the color of the packaging. Yet, a 4-pack of Venus razors costs $4 more than a 4-pack of Fusion razors. They’re the same razor, made by the same company. The only difference is the more expensive one is pink and the cheaper one is blue.
 
It’s not just razors, though. Toys, like scooters that are marketed to children, can vary wildly in price depending upon their paint job. One retailer listed blue childrens’ scooters for $24.99 and an identical pink scooter for $49.99. Incontinence aids marketed to men contained twice as many pieces as the same product marketed to women. Either in quantity or in cost, pink packaging costs quite a bit!
 
Women frequently encounter what one economist calls the “pink expectation.” Most products for men are imagined to be the default, so products for women must be modified in some way to make them more acceptable. Even when there’s no difference in the product, the expectation is used to justify the increased cost. Manufacturers have been exploiting that expectation to make money on the backs of women for years.
 
Where possible, look for gender-neutral or generic brand products. For razors, especially, the only possible differences are number of blades and level of lubrication. If it has the same number of blades as the razor you’re currently using, you can use more shaving cream or soap (another popular target for the pink tax!) to increase your comfort.
 
Online services
 
Perhaps the most surprising place for price differences to occur is in the service industry. Dry cleaners, auto mechanics and hair stylists are getting away with charging more to women than to men. What can be done here?
 
For some industries, justifications may exist. Dry cleaners may need to take more care around adornments on women’s clothing, and stylists may have more hair to deal with. In these instances, it’s best to take the justification head on. Women with short hair should ask for the men’s price and cut. Bring a mixture of men’s shirts and women’s shirts to the dry cleaner and ask the counter staff to explain the pricing difference. In many instances, service providers value your business more than they value an artificial markup.
 
Where possible, though, remove gender from the equation altogether. Buying cars via email using a gender-neutral signature, like the first letter of your first name, can result in more fair haggling practices. Getting quotes and estimates from mechanics via text message can discourage them from attempting to artificially inflate their bills.
 
Finally, if you see an instance of biased pricing like this, let others know. Let businesses that do these things know that it’ll end up hurting their bottom line in the long run. By frequenting establishments that don’t practice this kind of discrimination, you can help end the “pink tax” for everyone.

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Financial Realities V. Financial Priorities

Posted by Emily Beatmann 
· Thursday, April 7th, 2016 

Are Your Financial Realities Keeping Up With Your Financial Priorities?

Happy New Year! It isn’t three months late, it’s just a different calendar. That’s because filing your taxes effectively closes the book on the financial year gone by while opening up a world of possibilities. Will this be the year you break free from the clutches of debt? Will you set up an emergency fund? Maybe you’ll finally start saving for retirement! New years are typically a time of reflection, and the financial new year is no exception. It’s time to kick back and dream big about what goals you’ll achieve in the financial year to come (provided you’ve finished your taxes first)!
 
Whatever their goals are, many Americans are about to get a big chunk of change back from the federal government in the form of a tax refund. How they choose to spend that money will be a good indicator of their financial priorities. Here, it is worth noting that there’s a big disconnect between what they say those priorities are and how they act in reality.
 
When surveys ask Americans what their top financial priorities are, they most commonly name managing bills, paying off debt and saving. Yet, only about half of Americans plan to save their tax refund or use it to reduce debt. Worse still, the number of Americans planning to use their tax refund in those two ways is down for the third straight year.
 
If you want to know what someone’s priorities are, don’t ask them. The answer you’ll get is more about what they think you want to hear than what relates to their actual priorities. If you want to know what someone prioritizes, see where they spend their money.
 
Do you ever get the feeling that your financial priorities might be out of whack? Since you’ve already got your receipts, account statements, credit card bills and other piles of paper that comprise your recent financial history, it’s a good time to find out. Don’t worry – this won’t be nearly as hard as filing your taxes! Try this 3-step process.
 
1. Establish your priorities
 
Going through the daily motions of life, you may never have time to think about the reasons for which you’re earning money. Very few people are getting up and punching the clock every morning with the hope of building a Scrooge McDuck-style money room. Most of us are trying to put food on the table, keA Balance holding a tax refund and prioritiesep the lights on and provide for our loved ones. Those things are our priorities.
 
Write down on a sheet of paper the top five things you want to achieve with your money  Number one will likely be paying bills, but there’s quite a bit of flexibility in the rest of the list. Are you saving for a down payment for a house? Maybe you want to take a dream vacation or start a small business. Perhaps financing your children’s higher education is a priority for your family. You might have charities you like to support, or dreams of retiring early.
Spend some quality time thinking about where you want to spend your money. If five options feels too limiting, feel free to go beyond that. Just keep the list in order of what you want to do. There aren’t right and wrong answers here. If your priority is owning the world’s largest Barney the Friendly Dinosaur costume collection, that’s fine. What matters is that your list reflects your values and commitments.
 
2. Identify your realities
 
This is where that mountain of paper in front of you comes in handy. Take stock of your spending in any given month. For each of your financial priorities, how much of your paycheck goes to each?
 
Make a list of your top 10 categories of spending. Try to account for a much of your paycheck as you can. Put your biggest expenses at the top, and then list all the way down to the smallest. Feel free to make categories as you go and reshuffle them as patterns become more apparent. Don’t stress too much about where to categorize things. Just go with your gut.
 
Now, compare the list of expenditures to the list of priorities. Is your money going where your mouth is? Are you spending to bring yourself closer to your priorities, or do they just exist on that sheet of paper you had in step one?
 
3. Make a plan to fix it
 
Don’t get discouraged if you find you’re nowhere near your priorities. Remember the statistic in the beginning. Half of Americans are going to spend their tax refund on a big-ticket purchase or a vacation, and most of them also say they want to save for retirement and get out of debt. You’re not alone in living far away from your financial ideals.
 
It might not be a bad idea to revisit your priorities briefly. Perhaps you were too strict when you set your priorities. It might be that you prioritize day-to-day comfort. There’s nothing wrong with doing so, but look where it ranks on your list of priorities. Is the joy you get from your daily indulgences worth the trade-offs it brings? In short, given the plans you have, do you regret any purchases? Those are the ones you want to cut from your budget and lifestyle.
 
You don’t need to switch overnight from your current financial attitude to one that’s totally in line with what you want your money to do. Making too strict of a plan will make you unhappy, frustrated and more likely to bend back the other way. Don’t let perfect be the enemy of good.
 
Pick one action you can take tomorrow to bring yourself closer to achieving your priorities. Cancel a monthly music subscription and put the $10 into a savings account. Cook in one more time next week and put the difference toward your credit card bill. Once these changes start to feel effortless, look for more ways you can tweak your spending habits to make your priorities and realities line up a bit better.
 
If you need help reaching your savings goals, 705 Federal Credit Union can help. There are many ways you can automate your savings and assist in keeping you on the right track. Call, click or stop by the credit union today!
 
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