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Thursday’s need-to-know money news

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Today’s top story: How to keep your tax return from getting hung up. Also in the news: Why you might be rewarded if you can afford to wait to buy a home until late in the year, what to know before your business adds buy now, pay later, and how an airport car rental is more expensive than an off-airport car rental.

How to Keep Your Tax Return From Getting Hung Up
There may never be a good time to draw the IRS’ attention, but this year you really want to avoid extra scrutiny.

The Property Line: Higher Rates May Slow Down Rising Home Prices
Buyers who exercise patience might face less competition for homes later in the year.

What to Know Before Your Business Adds Buy Now, Pay Later
Here’s how much buy now, pay later costs, how it could impact your business and what to look for in a provider.

Is It Cheaper to Rent a Car at the Airport?
Fees charged to rental companies by the airport get passed on to consumers, often making on-site rentals pricier.

Q&A: Reporting caregivers’ pay to the IRS

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Dear Liz: We have a gardener, pool man and caregivers. We pay the gardener, pool man and some of the caregivers directly, while we pay an agency for the other caregivers. Do we have an obligation to report payments to the IRS?

Answer: As an individual taxpayer, you typically don’t have to report payments to businesses. Your gardener and pool cleaner probably either are self-employed or work for a company that takes care of reporting requirements for its workers. Likewise, the caregiving agency should handle reporting requirements for its employees.

The caregivers you pay directly, however, are generally considered your household employees. That means you may be responsible for reporting their wages to the IRS and paying their employment taxes. That responsibility kicks in if a caregiver receives at least $1,000 in any calendar quarter or at least $2,400 per calendar year for 2022 (or $2,300 per calendar year for 2021), says Mark Luscombe, principal analyst for Wolters Kluwer Tax & Accounting. IRS Publication 926, Household Employer’s Tax Guide, has details.

Friday’s need-to-know money news

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Today’s top story: A financial checklist for quitting your job. Also in the news: Is it better to reprice or refinance a loan, how to talk to a real human being at the IRS.

A Financial Checklist for Quitting Your Job
Plan your exit to maximize the time and money you’ve put in over the years.

Is It Better to Reprice or Refinance a Loan?
Repricing is often faster – and cheaper – than refinancing.

How to Talk to a Real Human Being at the IRS
Because continuously screaming “Agent” doesn’t always work.

Tuesday’s need-to-know money news

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Today’s top story: IRS scraps plan to use ID.me selfies for account verification. Also in the news: How to approach taxes if you traded cryptocurrency in 2021, only 23% of investors align their investments to their values, and how to choose the right cryptocurrency wallet.

IRS Scraps Plan to Use ID.me Selfies for Account Verification
The IRS walks back a directive that would have required taxpayers to submit a video selfie to access their online accounts.

Traded Cryptocurrency in 2021? Here’s How to Approach Taxes
With the tax-filing deadline just a few months away, those who traded cryptocurrency last year should understand their tax liability.

Survey: Just 23% of Investors Align Most Investments to Their Values
Socially responsible investing is gaining in popularity, but there’s a pronounced gap between those who value it and those who actually invest this way.

How to Choose the Right Cryptocurrency Wallet
All your cryptocurrency has to be stored somewhere—here’s how to choose the right crypto wallet for your needs.

Wednesday’s need-to-know money news

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Today’s top story: 6 tips for traveling without a credit card. Also in the news: The most pet-friendly airlines, how to sell from your sofa with live stream shopping events, and letters from the IRS regarding the Recovery Rebate are not a scam.

6 Tips for Traveling Without a Credit Card
Debit cards, gift cards, PayPal and cash can be used to cover travel costs if you don’t have or want a credit card.

The Most Pet-Friendly Airlines
Alaska, American and Hawaiian top our list, but regardless of airline, flying with a pet is going to be expensive.

How to Sell From Your Sofa With Livestream Shopping Events
A whole new shopping experience.

Don’t Throw Away These Letters From the IRS, They’re Not a Scam
The Recovrty Rebate info is real.

Tuesday’s need-to-know money news

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Today’s top story: How to get the best Amazon Black Friday 2021 deals. Also in the news: Buy Now Pay Later loans, October’s mortgage outlook, and is the IRS about to tax your Venmo, PayPal, and Cash App transactions.

How to Get the Best Amazon Black Friday 2021 Deals
The earliest-ever Amazon Black Friday sale is on. Get Apple AirPods Pro for $179.

Buy Now, Pay Later Is Everywhere. Should You Opt In?
Buy now, pay later plans are offered at major retailers. Learn how these plans work and whether you should use one.

Mortgage Outlook: Falling Leaves, Rising Rates in October
Rates are on the rise.

Is the IRS Really About to Tax Your Venmo, PayPal, and Cash App Transactions?
Transactions of $600 or more are coming under scrutiny.