Terry Savage’s Archives
Below you will find the columns terry has written by date.
Below you will find the columns terry has written by date.
Don’t Cash that Check!
The Federal government is in the process of sending out nearly $300 billion in stimulus payments of $1400 each to qualifying recipients. And soon they will start sending $250 per month -- per child -- to low income families for the new $3,000 annual child care credit. Also, many people who do not pay taxes..
College Tuition, Student Loans & Taxes
When it comes to college and money, everyone is focused on getting money for college this year or wondering whether the new administration will forgive some student loans of the past. But with the tax return deadline now pushed to May 17, you might want to also focus on the tax implications of scholarships, loan..
Credit Score can Improve
Have you checked your credit score lately? It might have improved during the pandemic, and there are steps you can take to help that process along. In fact, many people are at a critical moment when they can either raise their scores or revert to their old spending habits. While we know that many families..
A Brief HIstory of Taxes
The Internal Revenue Service has postponed the deadline for filing income taxes for 2020 to May 17, 2021, giving Americans a chance to avoid this unpopular topic for an extra month. Most states that have an income tax have fallen in line. But those first quarterly estimates are still due on April 15 and June..
Stocks for the Long Run!
As the stock market makes new highs and headlines, the pundits continue to debate which stocks will outperform. And how high could the stock market go? Or will a bear market wipe out all recent gains? You’ll get wide disagreement among market professionals on these issues. Even worse, some people now think the stock market..
IRS/Treasury Update on EIP#3 and Tax Deduction for $10,200
The Treasury Department and IRS held a media call on Monday afternoon, updating information on tax issues related to the American Rescue Act, including the 3rd stimulus payment of $1400 and the tax waiver for some unemployment benefits. Here are Key Points: EIP #3 (Third Stimulus Payment) • NO action is needed by most EIP..
New Stimulus Bill Details
The new stimulus bill, The American Rescue Act, contains sweeping provisions that will impact the personal finances of millions of Americans. Here are some of the key provisions: Stimulus Payments Everyone gets a $1400 stimulus payment, subject to income limitations of $75,000 on a single return and $150,000 on a joint return. (Above that level..
Bond Market Rebellion
While all eyes are focused on the rising stock market, the bond market is staging a quiet rebellion. Interest rates are rising inexorably, despite pronouncements from Fed Chairman Powell that there is no inflation in sight, at least for the next three years. Still, bond buyers are demanding slightly higher interest rates, especially when it..
College Money Negotiations
If you’re the parent of a student headed off to college in the fall (hopefully not virtually), you are about to make some big money decisions about how to pay for college — and whether the cost is worth the ultimate price. The good news is that because of COVID-19, the balance of power has..
Identity Theft — What To Do!
It makes sense to assume your identity has -- or will be -- stolen! Ever since the Equifax breach two years ago, the "dark web" has the names, birth dates, addresses, and Social Security numbers of millions of Americans! Now, that information is being used to scam states out of unemployment benefits. And you may..
Gateway to Speculation
Who ever dreamed that Roblox and Fortnite would be the "gateway drugs" to stock speculation? But it's hardly a surprise that a generation that grew up on video games — honing their quick decision-making skills and even paying real money to purchase "extras" — would suddenly turn to "playing" in the stock market! No amount..
Free Tax Filing Help
Tax filing season for the year 2020 is upon us. For many people, it will be both a challenge and an opportunity. The challenge may come in electronic filing for those who have used paper returns in the past. But the opportunity lies in getting your unpaid but deserved stimulus refund deposited to your account..
Update: GameStop — Revenge of the Nerds
UPDATE: 2/1/21 The GameStop controversy has become far more than a fascinating story of David and Goliath, with small investors beating the big hedge funds at their own game using the power of technology. Now, fundamental questions about our free market system are being discussed -- and not only by market participants, but by regulators..
Solving the Student Loan Problem
One of the very first acts of President Biden was an executive order extending the "pause" on required student loan payments through September. But it is likely to be only a first step in the new administration's approach to the current $1.7 trillion in student loans. The word "forgiveness" looms large, but the details of..
IRS PIN Protection
Now you can protect your income tax information as easily as you can freeze your credit report. It's a sign of the times that everyone's financial identity is at risk. The IRS is now expanding its Identity Protection PIN program, formerly available only to victims of identity theft, to all taxpayers who can securely verify..
Could Inflation Return?
Inflation is a distant memory to a generation of investors and consumers. But 40 years ago, as the Fed created money to offset government spending on the Great Society and on rising oil prices, there was an overwhelming fear that the dollar was losing buying power at an accelerating rate. That’s the perfect definition of..
Outlook 2021 and Personal Finance Tips
It's about time. No one could have predicted the insanity that was 2020 in hindsight. So here we stand with a future filled with challenges and opportunities. Covid is an ever-present reality, but we have a real vision of a life made safer by a vaccine that will now be distributed nationally. If we can..
Get the Original Stimulus AND the New One!
The second round of stimulus checks will soon be on the way. Here’s what you can do to make sure you receive yours – and what to do if you never received the first stimulus check that was distributed earlier in 2020. Yes, many people who didn’t qualify for the original check back in 2018..
New Stimulus: Better Late than Never!
Congress finally passed another stimulus bill. It won't be as much money as the first go-round last spring -- but it will extend and increase unemployment benefits and send a $600 check to qualifying adults and dependent children. Here are some of the details, which will be refined as the legislation is written. • $600..
Stop Shopping Now!
Stop your last-minute holiday gift shopping! The euphoria over the arrival of the Covid 19 vaccine has encouraged a surge of optimism that’s resulting in a huge bulge in credit card debt-=- even among people whose income has been impacted by the pandemic. That’s the conclusion of a new report posted at LendEdu.com—a website devoted..
