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tax refund

Thursday’s need-to-know money news

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file_161555_0_tax refundToday’s top story: Using your tax refund to secure your future. Also in the news: Frequent overdrafters lose hundreds in fees, what to do before age 40 to retire comfortably, and how viewing your budget as a circle instead of a list can provide more flexibility.

5 Ways to Use Your Tax Refund to Secure Your Future
Protecting what you have, while still having a little fun.

Heaviest Overdrafters Pay a Week’s Wages in Fees, Study Finds
Creating a vicious circle.

10 Things to Do Before Age 40 to Retire Comfortably
Tick tock.

View Your Budget as a Circle Instead of a List to Be More Flexible
Giving yourself a little breathing room.

Wednesday’s need-to-know money news

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imagesToday’s top story: How to talk to your kids about money. Also in the news: Shrewd ways to use your tax refund for your future, how to survive an IRS audit, and tips for cancer patients who are worried about the cost of their care.

How to Talk to Your Kids About Money
The sooner the better.

5 shrewd ways to use your tax refund for your future
Your retirement fund will thank you.

How to survive being audited by the IRS
Don’t panic.

7 tips for cancer patients worrying about the cost of their care
Minimizing the stress.

Is Your Tax Refund Safe?

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file_161555_0_tax refundYour tax refund may take a few days longer to land in your bank account this year. That’s because criminals from around the world are determined to get to it first.

“Our systems are attacked about a million times a week,” IRS Commissioner John Koskinen says. “These are Russian syndicates, Chinese. … They’re coming from all over.”

I talked to Koskinen on the same day his agency revealed that last year’s attack on the IRS’ Get Transcript system was more than twice as bad as previous estimates. The hackers apparently accessed tax return information for more than 700,000 people, not 334,000 as was reported last summer.

In my latest for NerdWallet, what the hackers did with that information, and how it could affect this year’s refunds.

Wednesday’s need-to-know money news

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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.

Thursday’s need-to-know money news

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321562-data-breachesToday’s top story: The excuses that are keeping you from being debt-free. Also in the news: A major data breach at Time-Warner Cable, smart ways to spend your tax refund, and why most Americans couldn’t handle a surprise $500 bill.

5 Excuses Keeping You From Being Debt-Free
No more excuses.

If you’re a Time-Warner Cable customer, you should change your passwords immediately
The first big data breach of 2016.

9 Smart Ways to Spend Your Tax Refund
Some are unexpected.

Most Americans can’t handle a $500 surprise bill
Living on the financial edge.

Q&A: Delayed tax refunds

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Dear Liz: How long is too long for an IRS tax refund to be disbursed? I got my state tax refund in a matter of weeks. The IRS refund has been “under review” for almost five months.

Answer: A sizable surge in tax refund theft as well as a database breach that exposed more than 300,000 taxpayers’ returns have kept the IRS pretty busy. At the same time, big budget cuts have left the agency with fewer people to help with these issues.

Five months is a long wait, but people who have been the victims of refund theft report waiting nine months or more to get their money back.

You can try contacting the IRS directly at (800) 829-1040, although you’re likely to be on hold for quite a while. If you can’t get a response, you can contact the IRS’ Taxpayer Advocate at (877) 777-4778, but be advised its resources have been trimmed as well and it may just refer you back to the IRS.