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You can file your federal taxes online for free if you made $73K or less
Read full article: You can file your federal taxes online for free if you made $73K or lessIf your adjusted gross income (AGI) was $73,000 or less, you can use one of the Free File IRS partner offers to file a free federal tax return. Some of the programs offer free state returns too.
Tips on managing your money as national Financial Literacy Month approaches
Read full article: Tips on managing your money as national Financial Literacy Month approachesDETROIT โ April is right around the corner and with it comes national Financial Literacy Month. It is part of a campaign that drives organizations across the country to hold initiatives designed to improve and promote financial literacy. On Saturday, Kelly Masters, chair of Michigan Financial Wellness Network, talked about initiatives here in Michigan on Local 4 News Today. Michigan has dozens of free, non-solicitous programs for preschoolers to retirees, and everyone in between. You can learn more about the programs by visiting the Michigan Financial Wellness website.
Have you received your stimulus payment yet? Many still waiting due to glitch
Read full article: Have you received your stimulus payment yet? Many still waiting due to glitchMillions of Americans are still waiting on their stimulus check. If you havenโt received your stimulus payment you should contact the IRS. READ: More stimulus payment coverageCheck the status of your stimulus paymentThe IRS relaunched its โGet My Paymentโ tool. According to the IRS, some people received their first stimulus payment in partial payments. If you received partial payments the application will only show the most recent.
When can you expect to receive the $1,400 stimulus payment? Whoโs eligible?
Read full article: When can you expect to receive the $1,400 stimulus payment? Whoโs eligible?DETROIT โ The $1.9 trillion COVID relief bill could be on President Joe Bidenโs desk by the end of the week -- but when will the stimulus payments make their way to citizens? Local 4โฒs Hank Winchester spoke with Sen. Debbie Stabenow on Monday from Washington. READ: Stimulus check update: When to expect $1,400 payments and whoโs eligible? The bill includes a $1,400 stimulus payment for individuals earning less than $75,000 and couples making less than $150,000. As the COVID-19 bill moves forward, citizens should update their information with the IRS.
Here are some of the biggest money mistakes for couples
Read full article: Here are some of the biggest money mistakes for couplesIs your significant other making money mistakes that are affecting you? If your significant other is making a money mistake thatโs affecting you, then youโll want to take a look at these tips. โCouples fight over money more than other things like chores, whatโs for dinner and togetherness,โ said money savings expert Andrea Woroch. Money can be a big source of strife with your significant other, especially if you donโt do this:โThe first common mistake I see a lot of couples make when it comes to money is postponing the โmoney talk,โโ said Woroch. And set aside free money in your budget so each of you have a spending account.
Michigan residents warned about rental payment assistance scam
Read full article: Michigan residents warned about rental payment assistance scamLANSING, Mich. โ Michigan Attorney General Dana Nessel is warning Michigan residents to beware of a new scam aimed at those struggling to pay rent. AdMany Michigan residents are finding it difficult to pay rent during COVID-19 because the pandemic has caused economic hardship for countless families and individuals. Avoid companies that tell you to stop paying rent or require an up-front fee. Anyone struggling to make rent payments should discuss it with their landlord and look into local programs that offer rental assistance and other help. Those who are facing eviction or need help paying rent may soon find assistance through the COVID Emergency Rental Assistance Program (CERA) administered by the Michigan State Housing Development Authority (MSHDA).
Why you need to be familiar with your own credit score before making any big purchases
Read full article: Why you need to be familiar with your own credit score before making any big purchasesโPeople donโt realize how big of a proportion of their credit score that is. Payment history and credit utilization compared to total credit available are the two biggest factors in determining your credit score. The next factors that affect your credit score are length of credit history, new credit inquiries and diversifying your credit with a mix of credit cards and loans. Too much new credit at one time can affect your credit score negatively by adding hard inquiries to your credit report. You can check your credit score through Credit Karma, Credit Sesame, and Credit.com or other sites.
Hereโs how a Roth IRA conversion could help after a tough year
Read full article: Hereโs how a Roth IRA conversion could help after a tough yearDETROIT โ The COVID pandemic has impacted nearly everyoneโs finances, but outside of that misfortune may be a silver lining. With many experiencing loss of jobs and/or businesses and lower income this year, the pandemic has forced us to take a closer look at our finances and consider new options to save money -- and a Roth IRA conversion might just be what the doctor ordered. You might be able to help yourself by taking invested assets in a pre-tax traditional individual retirement account and move that money to a Roth IRA. โYou have to pay taxes when that conversion gets made, but once its in the Roth, itโs in an income tax-free investment, which is a significant benefit,โ said Planning Alternatives Certified Financial Planner Nathan Mersereau. Individuals should not attempt to set up a Roth conversion on their own and are encouraged to speak with a certified financial planner or financial advisor before pulling the trigger.
Year End Money: Making better investments in 2021
Read full article: Year End Money: Making better investments in 2021DETROIT โ 2020 has been a unique year with the pandemic, and yet the stock market has done well. So what are the investment prospects for 2021 and what should you do to protect the money you have already saved? Itโs been more than a decade since the great downturn and auto company bankruptcies, and investors have become used to rising markets again. A focus on diversity is more important than ever as the economy recovers, but financial markets always look further down the road. โWe could see some serious inflation in upcoming years, but we could also see or see some serious deflation,โ Foreman said.
Have you written a will? Why itโs important to have your personal financial paperwork in order
Read full article: Have you written a will? Why itโs important to have your personal financial paperwork in orderDETROIT โ As 2020 comes to an end, itโs important to have your personal financial paperwork in order. Certified financial planner and Planning Alternatives CEO Nathan Mersereau agrees the consequences get very expensive. โIf you donโt have it in writing, the state has a plan for you already. You donโt need an attorney to draw up a will, but it is a good idea. Then there is the financial power of attorney.
Year End Money: Why calculating your net worth is important
Read full article: Year End Money: Why calculating your net worth is importantPlanning Alternatives Certified Financial Planner Nathan Mersereau believes knowing what you have is the stepping off point. Look at your liabilities, what you owe and start to set goals for 2021,โ Mersereau said. A beneficial thing you can do for your financial psychology is a net worth statement. Other people set some money aside. Iโve heard of even an envelope system to set money aside for cash needs that occur during the month.
Money Monday: Understanding Roth IRA conversion
Read full article: Money Monday: Understanding Roth IRA conversionRod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Plannerโข Professional. Copyright 2020 by WDIV ClickOnDetroit - All rights reserved. For more:Hereโs what you need to know. If you need help with the Public File, call (313) 222-0566.
Money Monday: IRA and Roth IRA thresholds 2021
Read full article: Money Monday: IRA and Roth IRA thresholds 2021Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Plannerโข Professional. Copyright 2020 by WDIV ClickOnDetroit - All rights reserved. For more information:Watch the video above. Hereโs what to know heading into 2021. If you need help with the Public File, call (313) 222-0566.
Money Monday: Saverโs credit
Read full article: Money Monday: Saverโs creditRod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Plannerโข Professional. Copyright 2020 by WDIV ClickOnDetroit - All rights reserved. For more information:Watch the video above. Hereโs what to know about saverโs credit. If you need help with the Public File, call (313) 222-0566.
Money Monday financial tips: The difference between a business and hobby
Read full article: Money Monday financial tips: The difference between a business and hobbyDo you know what the financial difference is between a business and a hobby? Read more: Can you turn your hobby into a business? 9 things to knowFor more Money Monday segments, go here.
Gov. Whitmer signs bill to cover $300 weekly unemployment bonus for Michiganders during pandemic
Read full article: Gov. Whitmer signs bill to cover $300 weekly unemployment bonus for Michiganders during pandemicGretchen Whitmer has signed a bill to allow Michigan residents who qualify for unemployment to earn an extra $300 per week as the coronavirus (COVID-19) pandemic continues. The bill appropriates $2.8 billion in supplemental funding from revenues awarded by the Federal Emergency Management Agency. The $300 payments will continue until the relief funding has been exhausted. The bill also includes $8 million toward the Brandon Road Lock and Dam in Illinois, a barrier to prevent invasive carp from entering Lake Michigan. It also provides match funding for disaster flood cleanup in Midland and Gladwin counties, as well as funding to cover costs for flood response and mitigation efforts in Detroit.
Heres how Detroit homeowners can see if theyre eligible for property tax assistance
Read full article: Heres how Detroit homeowners can see if theyre eligible for property tax assistanceDETROIT With the economy still struggling, the Quicken Loans Foundation is working to give Detroit homeowners one less problem to worry about. Over the past year, the Quicken Loans Community Fund teamed up with the city of Detroit to visit 60,000 homeowners who were behind on their property taxes. After further review, they found some of the homes were eligible for property tax assistance. The Quicken Loans Community Fund announced that through its partnership with the Detroit Board of Review, it will send out 25,000 applications to homeowners who qualify for tax assistance. Click here to learn more about the program or to see if youre eligible for property tax assistance.
Stimulus uncertainty and the money conversations you should be having
Read full article: Stimulus uncertainty and the money conversations you should be havingDETROIT โ Many people are hurting financially and with the debate raging over the next possible stimulus -- itโs a good time for many people to look at their finances. READ: Money saving resources during coronavirus pandemicMany credit card companies are waiving late fees. Some debt consolation companies are offering assistance. The details hidden in the fine print could cost you big time in the future. READ: Financial expert helps you manage your money during the coronavirus (COVID-19) crisisWatch the video for the full report
Money Monday: A one-stop shop for free personal finance
Read full article: Money Monday: A one-stop shop for free personal financeHeres a look at how this free tool can help you with your personal finances. Watch the video above. For on 360 Financial Literacy, go to the website here. For Money Monday package and financial tips, go here.
Michigan nonprofit arts and culture groups to share $500,000 in funding
Read full article: Michigan nonprofit arts and culture groups to share $500,000 in fundingDETROIT Nonprofit arts and culture organizations in southeastern Michigan will share $500,000 in funding to help relieve financial pressures caused by the coronavirus pandemic. The Community Foundation for Southeast Michigan and CultureSource says 50 grants of $10,000 each have been awarded from the COVID-19 Arts and Creative Community Assistance Fund. More than 200 organizations submitted applications for funding of more than $2 million. The COVID-19 Arts and Creative Community Assistance Fund receives support from various foundations. RELATED: Michigan coronavirus (COVID-19) cases up to 58,749; Death toll now at 5,652
What to do if you still havenโt received your government stimulus check
Read full article: What to do if you still havenโt received your government stimulus checkDETROIT โ Have you received your stimulus check yet? Millions have received their checks, but Help Me Hank is still hearing from others who are waiting for their checks in the mail. โThere 130 million people that have received their stimulus check, but there are many who still havenโt,โ financial expert Kirk Cassidy said. โIf you take that paper check to any JPMorgan Chase branch and you take two pieces of identification, theyโre going to cash that check for you without any fees,โ a city spokesperson said. Click here to visit the Get My Payment page on the IRS website.
Be aware of online loan scams taking advantage of struggling people amid COVID-19 pandemic
Read full article: Be aware of online loan scams taking advantage of struggling people amid COVID-19 pandemicDETROIT โ The coronavirus (COVID-19) pandemic is putting many people in dire financial situations. Scammers are aware of this and hope to take advantage of people online. Financial expert TOm Hakim said while there are some legitimate companies out there -- there are also scammers trying to get personal information. MORE: Scammers using fake tests, promise of COVID-19 cures to target Metro Detroiters during pandemicRemember -- just because youโre being offered a low rate doesnโt always mean it stays low for the lif eof the loan. READ: Online scammers trying to prey on people concerned about coronavirusWatch the video above for the full report.
Be aware of online loan scams taking advantage of struggling people amid COVID-19 pandemic
Read full article: Be aware of online loan scams taking advantage of struggling people amid COVID-19 pandemicThe coronavirus (COVID-19) pandemic is putting many people in dire financial situations. If you need help with the Public File, call (313) 222-0566.
Answering questions about economic impact payments
Read full article: Answering questions about economic impact paymentsDETROIT โ Many people have questions about the $1,200 government economic payments the IRS sent out. For those who havenโt received them yet, the IRS is saying itโs likely they are in the mail. If you get these and are still awaiting a check, there is an IRS website called โGet My Payment,โ and you can answer security questions and have a check sent. Finally, many wonder if these payments are going to be taxable as income for this yearโs tax return. Click here to get more information from the IRS website.
IRS confirms households will not have to repay stimulus check
Read full article: IRS confirms households will not have to repay stimulus checkDETROIT โ Thereโs confusion circulating online about whether people need to pay back the federal stimulus checks being sent out. Several videos circulating on social media claim that youโll eventually have to pay it back next year. WDIVโs Trust Index verification team reviewed the claim and determined this is not true. The Associated Press confirmed with the IRS and Department of Treasury you do not have to repay the stimulus check. Share it with our Trust Index team and weโll review.
IRS confirms households will not have to repay stimulus check
Read full article: IRS confirms households will not have to repay stimulus checkLocal 4โฒs Trust Index challenges the misinformation that thereโs a catch to the stimulus checks. If you need help with the Public File, call (313) 222-0566.
Do you qualify for the $1,200 government stimulus check? What you need to know
Read full article: Do you qualify for the $1,200 government stimulus check? What you need to knowDETROIT โ If your income falls within a certain range, you might qualify for a $1,200 stimulus check from the government as part of its coronavirus aid. If you havenโt filed your taxes for 2019, youโll want to look back at your 2018 tax return. If you filed individually and you made $75,000 or less, you will qualify for a full check. If you didnโt make any money last year or having filed a tax return because you donโt make much money, you can get a full check. But in order to get that money, you will have to file a tax return to give the IRS some way to know youโre there.
Do you qualify for the $1,200 government stimulus check? How and when will the money come through?
Read full article: Do you qualify for the $1,200 government stimulus check? How and when will the money come through?DETROIT โ If your income falls within a certain range, you might qualify for a $1,200 stimulus check from the government as part of its coronavirus aid. If you havenโt filed your taxes for 2019, youโll want to look back at your 2018 tax return. If you filed individually and you made $75,000 or less, you will qualify for a full check. If you didnโt make any money last year or having filed a tax return because you donโt make much money, you can get a full check. But in order to get that money, you will have to file a tax return to give the IRS some way to know youโre there.
Do you qualify for the $1,200 government stimulus check? How and when will the money come through?
Read full article: Do you qualify for the $1,200 government stimulus check? How and when will the money come through?Do you qualify for the $1,200 government stimulus check? How and when will the money come through? Published: March 25, 2020, 6:26 pmIf your income falls within a certain range, you might qualify for a $1,200 stimulus check from the government as part of its coronavirus aid.