/ Terry’s Columns

Terry Savage’s Archives

Below you will find the columns terry has written by date.

PAGE 4 of 18

Below you will find the columns terry has written by date.

IRS Update: Refunds, Stimulus, Child Credit

June 16, 2021

The IRS has been the busiest agency of government for the past 18 months. To say the agency is multi-tasking is an understatement. They’ve just about finished sending out refunds on 2019 tax refunds on returns filed last July. They sent out $600 stimulus payments in January, and $1400 stimulus payments are still going out..

Bitcoin Basics

June 09, 2021

Have you heard of Bitcoin? Probably, you’ve at least seen new headlines about the soaring price of this cryptocurrency. Don’t feel left out because you aren’t already on the crypto bandwagon. More than half of Americans who own cryptocurrencies have purchased them in the past year, according to a survey by The Motley Fool. And..

When Forbearance Ends

June 02, 2021

The extended period of mortgage forbearance is scheduled to end on June 30th. If you've been helped by this program, you should be preparing for what comes next. And you need to be proactive to make a plan with your servicing company -- and to avoid a financial crisis. A new mortgage finance rip-off is..

Student Loan Forgiveness for Public Service

May 26, 2021

The issue of student loans is bubbling away on the back burners of Congress. Forbearance authorized by the Cares Act is scheduled to end on September 30th, at which point borrowers will have to start making regular payments again. Since the start of forbearance, nearly 42% of borrowers have not made any monthly payments. Many..

Child Tax Credit – The Facts

May 19, 2021

More money is on the way to millions of American families with children. Here is the basic information you should know about it. The Child Tax credit is not new this year. It was introduced in 1998 to give families with children a payment of $400 for each child. Over the years that number grew,..

Taxing Matters

May 17, 2021

Did Bill and Melinda Gates decide to get divorced now because of potential changes in the tax law? That’s the speculation in the wealth management community, where many advisers are discussing proposed changes in the tax laws with their clients. The Gates family fortune is primarily tied up in their foundation and will continue to..

Where’s Inflation?

May 05, 2021

The latest economic numbers reflect strong growth, but no headline inflation. The Fed can’t find enough inflation to worry about. The gold market, which traditionally rises as a hedge against inflation, can’t seem to find inflation either. So, why worry about inflation? Well, maybe we’re not looking for inflation in the right places. We tend..

Caregiving Costs Add Up

April 27, 2021

The pandemic has revealed some uncomfortable truths about aging. Social realities have a new perspective. And financial costs are suddenly more apparent – both to those growing older and those who might become their caregivers. The pandemic has awakened all generations to the perils of isolation – for themselves as well as their parents or..

Don’t Cash that Check!

April 16, 2021

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

April 04, 2021

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

March 29, 2021

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

March 26, 2021

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!

March 18, 2021

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

March 15, 2021

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

March 11, 2021

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

February 26, 2021

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

February 21, 2021

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

February 16, 2021

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

February 09, 2021

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..



a personal
finance question