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Taxes

Thursday’s need-to-know money news

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Today’s top story: Why you may not want to be an executor. Also in the news: 5 ways to foil catalytic converter thieves, 3 money habits to carry forward from the pandemic era, and how to avoid fees when paying your taxes.

Why You May Not Want to Be an Executor
Settling someone’s estate can be time-consuming and difficult, plus you could be sued.

5 Ways to Foil Catalytic Converter Thieves
Catalytic converter thefts have soared during the pandemic.

3 Money Habits to Carry Forward From the Pandemic Era
According to a new survey, 78% of Americans report that the pandemic spurred them to take financial action.

How to Avoid Fees When Paying Your Taxes
Some options are better and cheaper than others.

Tuesday’s need-to-know money news

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Today’s top story: Why buying life insurance for your parents can make financial sense. Also in the news: A new episode of the Smart Money podcast on the 50/30/20 budget, one person’s no-spending month results, and when to hire a tax professional.

Why Buying Life Insurance for Your Parents Can Make Financial Sense
Life insurance can help offset the costs of your parents getting older, but you’ll need their help to get it.

Smart Money Podcast: Money News You Missed and the 50/30/20 Budget
Breaking down the budget numbers.

I Stopped Spending for a Month, and You Can Too
One person’s success story.

When to Hire Someone to Do Your Taxes
When it’s time to call in the pros.

Thursday’s need-to-know money news

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Today’s top story: What gig workers need to know about taxes. Also in the news: 5 credit card red flags to avoid, why financial advisors of color matter, and how to prevent stolen tax returns.

What Gig Workers Need to Know About Taxes
Protect yourself from tax surprises.

5 Credit Card Red Flags to Avoid
Being aware of these credit card warning signs can help you weed out the bad options and potentially save you money.

Why Financial Advisors of Color Matter
Financial advisors of color can help diverse clients gain trust in the financial industry, and ultimately help shrink the wealth gap.

Prevent Stolen Tax Returns With This IRS Tool
Protect your information.

What gig workers need to know about taxes

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If you became a gig worker during the pandemic, beware: Your taxes just got more complicated.

Gig work — Uber driving, Instacart shopping, Amazon Flex delivery and so on — is on-demand, freelance work that’s typically taxed as self-employment. Instead of having an employer withhold money from your paycheck, you’re an independent contractor who is expected to pay taxes on your gig income as you earn it. You’ll also owe a larger share of your pay to Social Security and Medicare taxes.

On the plus side, you may have more opportunities to deduct your expenses and save for retirement than you do as a W-2 employee.

In my latest for the Associated Press, unraveling the mysteries of gig worker taxes.

Tuesday’s need-to-know money news

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Today’s top story: How to get your savings resolution back on track. Also in the news: Where to look if your small business can’t get a PPP loan, breaking down the tax implications of PPP loans, and when you might get your $1,400 relief check.

Broke Your Savings Resolution? How to Get Back on Track
It’s not too late.

Where to Look If Your Small Business Can’t Get a PPP Loan
Small-business owners can turn to other SBA loans and grants from state and local agencies and organizations.

Breaking Down the Tax Implications of PPP Loans
Expenses paid with a PPP loan can be deducted on your taxes, even if that loan is forgiven.

When Will You Get Your $1,400 Relief Check?
It’s going to be a few weeks.

The tax credit fix many can’t afford to miss

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Families battered by the pandemic recession soon may discover that the tax refunds they’re counting on are dramatically smaller — or that they actually owe income tax. Congress offered a partial solution, but the fix hasn’t been widely publicized, consumer advocates say.

Refunds are crucial to many lower- and moderate-income households, which use the money to catch up on bills and medical treatments, pay down debt and boost savings.

But the unemployment insurance that kept many people afloat last year may cause problems at tax time this year. In my latest for the Associated Press, how a tax credit fix could lessen the blow of unemployment benefits taxes.