Singer-songwriter James Taylor provided the soundtrack for the White House's Sept. 13 celebration of the enactment of the Inflation Reduction Act. (White House photo via Facebook) The Biden Administration this week celebrated the enactment of the Inflation Reduction Act (IRA) with a ceremony on the White House lawn. And while a government report on inflation that came out the same day warned of continuing inflation costs, President Joe Biden and attendees didn't let the new dampen the festivities. The White House insists that the IRA will work as planned, and Biden touted the law's provisions, including the climate-change-prompted energy provisions,... Read more →


U.S. Army Corps of Engineers (USACE) Vicksburg District engineers at the O.B. Curtis Water Treatment Plant in Jackson, Mississippi, after flooding led to a water crisis in the state's capital city. The pumping system is getting back online. In the meantime, a couple of Uncle Sam's agencies are offering residents relief. (USACE photo by Sabrina Dalton via Wikipedia Commons) Thursday, Sept. 15, is the deadline for most taxpayers who must make third quarter estimated tax payments. Some Mississippi filer, however, get until next February. But the reason for the extension is not one they, or anyone, would want. Heavy rains... Read more →


The COVID-19 pandemic ignited an explosion of side hustles, with many folks cobbling together multiple independent operations to replace traditional jobs lost to the virus. The U.S. economy has picked up, and many businesses are forcing bringing their former and work-from-home staff back into the office. But side hustles remain popular. Most side hustle for more than money: Even where they have wage-paying work, many Americans also have side jobs, according to a survey by Insuranks, a small business insurance marketplace. Ninety-three percent of the adults surveyed by Insuranks said they have an added job alongside their main employment positions.... Read more →


Welcome to the first Sunday of the 2022 National Football League season. It's the best day of the week for U.S. professional football fans. Yeah, I know the first game was last Thursday night and the Buffalo Bills sent a message to the defending Super Bowl champs, in L.A., no less, and everyone else. But today is full of America's most popular sport. There are 14 match-ups, starting at noon Central Time. That's where I am, so that's that flyover clock reading that my search (shown below) gave me. Adjust accordingly for your team and time zone. Then the first... Read more →


Photo by Evelyn Giggles, Flickr CC Schools nationwide are open. That means lots of teachers' bank accounts are taking hits. Last year, the National School Supply and Equipment Association's (NSSEA) survey found that educators spent an average of $750 of their own money to ensure their students have what they need to learn. Another report by Expect that cost to increase this term — another report by My eLearning World sets this year's per-teacher cost at $820 — in part due to inflation. Some small tax savings for teachers: Inflation also helped out a bit with a of tax relief... Read more →


More companies are pushing to get employees to leave their home workspaces and return to the office. Until that happens fully, tax professionals are asking for updated tax guidance on dealing with hybrid and work from home arrangements. Summer's over. Schools are back in session. And more businesses are telling employees to return to the office. But many companies expect that at least some of their workers won't comply. And how will they handle these in-office holdouts? Office returns sought: Overall, more firms now are firmly nudging workers to return. A recent survey by business consulting firm Gartner, and reported... Read more →


Looking up provides a lovely view of the Idaho statehouse dome. Gem State lawmakers, however, recently went the other direction, lowering the state's top personal income tax rate and making it the lone flat tax amount collected on individual earnings starting in 2023. (Photo by Kencf0618 - Own work, CC BY-SA 3.0) I've spent most of my earnings life in no-individual-income tax states. I was born, grew up, and got my first jobs in Texas. After a stint in Maryland, which collects state and local income taxes, the hubby and I moved to Florida, another no personal income tax state.... Read more →


Huell (right) and Patrick, henchmen for AMC's "criminal" criminal lawyer Saul Goodman, take a short break in a Breaking Bad episode to enjoy the comfort of a huge pile of ill-gotten cash. (Photo courtesy AMC TV) Remember earlier this summer when a South American worker got a paycheck of more than $165 million Chilean pesos, or nearly $184,000 in U.S. dollars? It was a mistake. And while the man reported the overpayment to his supervisors, he also decided to take the money and run. As far as I can tell by surfing the Google machine, the guy's still out there... Read more →


You've had that student loan for what seems like forever. So naturally, you're eager to take advantage of the debt forgiveness offered by the Biden Administration. But don't act too quickly or you could be a scam victim. Soon after President Joe Biden announced his plan that will erase in some cases up to $20,000 in undergraduate student loans, consumer advocates had some suggestions of their own. Beware of perps on the prowl with promises that they can get rid of your student loan obligation more quickly. Or get you even more loan relief if the federal plan doesn't cover... Read more →


UPDATED, Saturday, Sept. 24, 2022: As the expression goes, that escalated quickly. Tropical Depression 9 is now Tropical Storm Ian. Florida is under a pre-landfall state of emergency, awaiting Ian's arrival, the timing of which is shown in the new National Hurricane Center graphic below. When TS Ian does come ashore, likely as a hurricane, it would be the first Atlantic hurricane to strike the United States this season, and the first system to directly impact the East Coast since Tropical Storm Colin in July. UPDATED, Friday, Sept. 23, 2022: As expected, the tropics are finally popping. Tropical Depression 9,... Read more →


One Martha's Vineyard vacationer had lots of questions when he was arrested for tax evasion following a minor traffic accident. The answer was a 'tax' typo. (Photo by Vadim Bogulov on Unsplash) Every taxpayer knows that a small mistake on a tax return could create big tax problems. A Philadelphia man found out a one-letter typo involving the word "tax" also carried a hefty price. Angus McCoubrey, who with his wife was vacationing last month on Martha's Vineyard, spent two nights in an island jail following a minor traffic accident. The jailing, however, wasn't for the fender bender. Instead, in... Read more →


Photo by Ben Vardi (Ben Vardi, Public Domain) It's the three-day Labor Day holiday weekend marking the end of summer. It's also three straight days of college football games. So, of course, folks are enjoying cookouts and/or tailgating. Both those events typically involve adult beverages, surreptitiously in the case of college football games, depending on where you're holding your "Go Team!" pre-game celebration. Today's multiple Saturday Shout Outs welcome this convergence of the United States' most popular sport and Labor Day weekend. First, there's the legal aspect of booze and parking lot football parties. Intoxalock looks at 5 Alcohol Laws... Read more →


The Internal Revenue Service says it has made progress this summer in reducing its COVID-created paperwork backlog. In fact, it has caught up on last year's stacked up filings that didn't have issues. "The IRS is opening mail within normal timeframes and all paper and electronic individual returns received prior to January 2022 have been processed if the return had no errors or did not require further review," according to an update today, Sept. 2, on the agency's webpage that tracks its operations during the pandemic. Making progress on 2022, too: As for returns filed this year, the IRS says... Read more →


Photo by Kay Bell So how was your summer? Yep, that season officially ended today with the start of Meteorological Fall, which runs from Sept. 1 to Nov. 30. Wait, you say. It's not sweater weather yet. You're not alone in still feeling the heat. First day of meteorological fall in USA doesn't look like fall at all in over 90% of the country,just the opposite: One of the hottest September weeks on records is starting with a flurry of 100F in Montana,North Dakota and Washington. Very hot also in Canadian Saskatchewan. pic.twitter.com/HXZXO2YpFL — Extreme Temperatures Around The World (@extremetemps)... Read more →


Photo by Alexander Grey on Unsplash Millions of people whose student loan debt will be wiped out now face another financial question. What to do with a bit more disposable income. Financial advisers suggest they pay off other debt, such as high-interest credit card balances. That's a smart move. So is the recommendation that folks put their newly available former debt payments into an emergency fund. I'd like to also toss out there the option of saving for retirement. As an added bonus, most retirement account options offer some sort of tax benefit. Here are some tax-favored retirement-saving possibilities that... Read more →


Photo by Jill Burrow We freaked out a bit earlier this summer when we learned a neighbor whose backyard abuts ours was putting in a pool. The good news for us is that it's not a full-sized lap pool. It's one of the area's popular plunge pools, close to their house, with lots of space between it and our property line (and house). And the smaller size meant we didn't have to suffer through a prolonged construction. Despite our property proximity, we're mainly "hi, there" neighbors. Age and family differences — they're younger and have pre-school children — mean we... Read more →


Financial advice for older people also should include planning for taxes on Social Security benefits, unless a House bill to end that process passes. If you're of a certain age (confession: I am), you're likely getting lots of notices about the possible hike in 2023 of Social Security benefits. At one point, prognosticators were saying it could be as much nearly 11 percent. However, the recent easing of inflation lessens the likelihood of a double-digit percentage bump. The latest prediction is a 9.6 percent bump. Still not bad. Most folks who get Social Security benefits will welcome any increase in... Read more →


Some come to the Cayman Islands for the beauty of Seven Mile Beach and other natural recreational areas. Others enjoy the Caribbean locale for financial and tax reasons. For more than a decade, wealthy U.S. tax evaders have taken advantage of a gaping tax law loophole that allows them to stash billions in foreign bank accounts, according to a recently released congressional report. Even though the 2010 Foreign Account Tax Compliance Act (FATCA) requires them to report any non-U.S. accounts and pay taxes on all income earned, too many non-taxpayers are using what the Senate Finance Committee report describes as... Read more →


College can be fun. Paying for it, not so much, especially when you have to take out loans. Some student borrowers are getting loan relief from the White House, but also might end up owing state taxes on their forgiven student debt. (Photo by cottonbro) Around 20 million folks who borrowed money to attend college got good news last week when President Joe Biden canceled a chunk of their student loan debt. The Biden plan's major component says that individuals earning less than $125,000 (or $250,000 for married couples or heads of households) a year will be eligible for up... Read more →


I suspect everyone involved in this ceremonial big check delivery is much happier than they appear in this Secret Service photo. COVID-19 federal financial assistance was a boon to many businesses that struggled during the pandemic's height. Now it's Uncle Sam who's getting relief. The U.S. Secret Service today announced the return of around $286 million in Economic Injury Disaster Loans (EIDL) to the Small Business Administration (SBA). The loans were granted based on fraudulently submitted applications that contained fabricated or stolen employment and personal information. Debit cards to hide, move funds: The investigation was initiated by the Secret Service's... Read more →