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Wednesday’s need-to-know money news

April 6, 2016 By Liz Weston

taxesToday’s top story: Should you pay your taxes with a credit card? Also in the news: Smart money moves for April, tax myths about IRS audits and why having more money won’t fix your financial problems.

You can pay your taxes with credit card, but should you?
The convenience could become costly.

Smart Money Moves for April
Time to spring forward.

10 Tax Myths About IRS Audits That You Shouldn’t Believe
Myth busting the IRS.

More money won’t fix your financial problems if your habits suck
More money, more problems.

Filed Under: Liz's Blog Tagged With: audits, financial habits, IRS, money moves, myth busting

Why We No Longer Fear the IRS

March 23, 2016 By Liz Weston

gpbh8nungoaljipue96oOur tax laws are complex and often difficult to understand. Tax professionals warn us of the perils of audits. Penalties for getting our taxes wrong can be stiff — up to and including jail for those who deliberately evade the taxman.

So why don’t we fear the IRS?

Clearly, we have some fears about April 15. A recent NerdWallet survey found seven out of 10 taxpayers have concerns about filing their taxes, such as making a mistake (17%), paying too much (15%) and not getting the biggest possible refund (14%).

But only 11% feared getting audited, NerdWallet found. A recent Rasmussen Reports poll put the number at 14%.

In my latest for NerdWallet, why Americans are less afraid of the IRS than they are of reptiles.

Filed Under: Liz's Blog Tagged With: IRS, Taxes

Thursday’s need-to-know money news

March 17, 2016 By Liz Weston

interest-rates-300x225Today’s top story: How to find the best mortgage interest rate. Also in the news: How to financially prepare for a spouse’s deployment, the biggest credit card mistakes made by millennials, and where to find the best St. Patrick’s Day deals.

How to Score the Best Mortgage Interest Rate
Finding the best interest rate on a mortgage that suits your needs.

How to Plan Financially for a Spouse’s Absence
Getting your finances in order before a spouse is deployed.

The 4 biggest mistakes millennials make when it comes to credit cards
Mistakes that can have long-term consequences.

The Best St. Patrick’s Day Sales and Deals of 2016
There are deals to be found at the end of the rainbow.

Before Filing Your Taxes With IRS, Consider This
There’s such a thing as too much information.

Filed Under: Liz's Blog Tagged With: couples and money, Credit Cards, credit mistakes, deployment, interest rates, IRS, millennials and money, mortgages, real estate, St. Patrick's Day deals, Taxes

Wednesday’s need-to-know money news

March 16, 2016 By Liz Weston

refinancingToday’s top story: How to win a bidding war in a hot housing market. Also in the news: How to retire during a bear market, how to get your financial priorities straight, and how to survive an IRS audit.

6 Ways to Win a Bidding War in a Hot Housing Market
Strategies to help you come out a winner.

How to retire in a bear market
Quitting work when the market isn’t cooperating.

Is Your Money Going Where It Needs To? How To Get Your Financial Priorities Straight.
Time to get things sorted.

The IRS Audit Survival Guide
Don’t panic.

Filed Under: Liz's Blog Tagged With: audit, bear market, financial priorities, housing market, IRS, Retirement, Taxes, tips

Who’s giving crooks your tax information? Could be your preparer–or your boss

March 3, 2016 By Liz Weston

fraud, scam, theftThe IRS is reporting a 400 percent increase this year in malware and phishing scams as crooks try to get their hands on your tax data. Some of the scams target tax preparers, with emails that try to fool them into downloading bogus client documents or clicking on supposed links to the IRS. And some of the bad guys are going straight to your boss, reports the National Association of Enrolled Agents:

As if there weren’t already enough schemes out there to steal your identity, crooks have a new scam involving gaining access to employees’ tax forms W-2. In this scenario, emails are sent to human resources departments, supposedly from high-ranking company executives, requesting W-2s for a list of employees. Those forms have personal data that includes social security numbers. The scam was successful recently at Snapchat, a social media company in Venice, CA. Someone posing as Chief Executive Evan Spiegel requested W-2 data for nearly 700 current and past employees. Shortly after the information was sent, the HR employee became suspicious, but the information was already in the wrong hands.

Some of the stolen data is used to file phony tax returns and collect refunds. Other times it’s used to fuel imposter scams, where criminals posing as IRS agents threaten you with lawsuits or jail. Keep in mind that your first contact with the IRS over a problem won’t be a phone call or an email. The agency still uses old-school snail mail to notify taxpayers of problems.

 

Filed Under: Liz's Blog Tagged With: IRS, refund theft, tax fraud, tax refund theft, Taxes

Wednesday’s need-to-know money news

February 17, 2016 By Liz Weston

file_161555_0_tax refundToday’s top story: Investing your tax refund so it feels like splurging. Also in the news: IRS scams to avoid, financial mistakes to watch out for, and being frugal without wasting your time.

How to Invest Your Tax Refund So It Feels Like Splurging
Long term rewards.

Don’t Fall for These IRS Scams
With tax season comes scam season.

3 Big Financial Mistakes You Don’t Want To Make
Avoiding these pitfalls.

How to Be Frugal Without Wasting Your Time
Making the most of your time AND money.

Filed Under: Liz's Blog Tagged With: financial mistakes, IRS, scams, tax refund, Taxes, tips

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