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IRS Standard Deduction increases in 2021

The standard deduction for married couples filing jointly for tax year 2021 is increasing to $25,100, up $300 from the previous year. Filers age 65 and older get an additional amount of $1300. For single taxpayers and married individuals who file separately, the standard deduction is increasing to $12,550 for 2021, up $150. For heads…

How Home Equity Affects College Aid

 Now that you’ve filled out the FAFSA (free application for federal financial aid) it’s time to tackle the College Scholarship Service Profile (CSS Profile) for non-federal financial aid.  Be ready to provide your home’s purchase price, year of purchase, current value (check your property tax bill) and current debt to determine your home equity.  Schools…

Lead and Radon Dangers in Your House

Detroit residents aren’t the only Americans who have to worry about lead in their drinking water. Lead, a toxic metal, is common in houses built before 1986.  Radon is a naturally occurring radioactive gas released from the ground and the second most common cause of lung cancer after smoking.  A variety of DIY testing kits…

Student-Loan Borrowers Need To Plan How to Resume Payments

In March the Cares Act suspended payments and interest on direct federal loans. The suspension ends in December. Don’t wait to plan how you will manage starting repayment; start planning NOW. Writing for The Wall Street Journal JULIA CARPENTER explains the options and why borrowers need to plan now for end of payment holiday. Set…

Claiming Social Security Widow(er)’s Benefits

 “Claiming Social Security Widow(er) Benefits: It’s Complicated” by Joe Elsasser |October 07, 2020 describes why widow(er)s should consult an expert (in addition to a Social Security representative) to ensure they get the full benefits they deserve. Saying “it’s complicated” is an understatement! “the widow(er) benefit is calculated based on both when the deceased claimed Social…

The Longevity Factor

 Roberta W. McCain, maverick mother of Sen. John McCain, dies at age 108! She took to the presidential campaign trail at 96 on behalf of her son, Sen. John McCain of Arizona. One of the founders of REI equipment coop lived to age 107. Are you considering the impact of living much longer than you…

‘Fast Fraud’ Surges on Payment Apps

 The latest news on consumer fraud from The New York Times: “In the pandemic, people have flocked to instant payment apps like Cash App, PayPal’s Venmo and Zelle as they have wanted to avoid retail bank branches and online commerce has become more ingrained. To encourage that shift, the payment apps have added services like…

How to Notice, Avoid and Report Fake Check Scams

“We may live in a digital world but old-fashioned paper cheques are still in use, and, for the scammers, they present an opportunity to steal your money” “Of the many scams that are prevalent in today’s society, fake cheque scams target consumers of all ages, and worryingly, they’re on the rise.” “In this guide, we’ll…

Did you get your CARES (coronavirus) payment? If not act now!

 The IRS has extended the deadline for individuals to claim their Economic Impact Payment (EIP). The IRS’s Non-Filers tool will be available through November 21, 2020.   While most people who regularly file a tax return or receive federally administered assistance, like social security, were automatically sent their EIP, several million people have not yet…

Get Started on Your ‘Last Instructions’

 Are you prepared if a loved one becomes incapacitated or dies? What if you are the one to check out? Writing for The Wall Street Journal, 10/5/20, Glenn Ruffenach explains why and how to let your family know your final wishes and how to deal with your financial affairs.  “I assume you already have an…