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The Weekend Wrap: Financial Education, Student Loans, Recovery, Jobs, and a Crypto IPO

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The Weekend Wrap

With all the emphasis on stimulus checks, you might have missed some of the personal financial changes in the American Recover Plan. You might also want to know where the job market is heading; what is planned for student loan debt; the push for financial education; and a first in an IPO.

Efforts to Require Financial Education Rising

You can see Americans at international sporting events and political gatherings shouting: “U.S.A, U.S.A.” and “We’re number one!” However, you don’t see proud parents and grandparents outside schools chanting, “We’re number 14!”

America’s Financial Literacy Declining 

Fourteen is significant because that is where the nation ranks globally in financial literacy. In fact, only 57 percent of Americans are financially literate, according to a Standard & Poor’s Survey. 

American’s lack of financial knowledge has spurred an increasing number of states to mandate financial education in schools. Today, 21 states require personal finance to be taught in high school. That is an increase of four states since 2018. Florida dropped its financial education requirement but retained a personal finance elective.

To make matters worse, financial literacy is declining. Only 34 percent of Americans correctly answered four out of five personal finance questions in a 2018 Financial Industry Regulatory Authority (FINRA) survey. That is down eight percent from 2009.

Economic Divide

Students from low-income families suffer the most. The Council for Economic Education is a non-profit that promotes financial education. It found that in states without mandatory financial education, poor students had much less access to financial information than wealthier students.

Research from a University of Montana study indicates students who have had financial education in high school make better financial decisions. That research shows those students incur less educational and personal debt.

Student Loan Forgiveness

Up next, we are going to look at some of the lesser-known elements of the relief plan enacted last month. But first, let’s take a look at provisions for something that was left out of the law.

Student loan forgiveness was not included in the American Rescue Plan. However, section 9675 of the law makes student loan forgiveness tax-free from 2021 to 2025.

That is great, you say. But if my student loan can not be forgiven, what’s the big deal?

The big deal is this. Making student loan forgiveness tax-free is the first step to obtaining loan forgiveness. It is the horse that must come before the cart. Now that it is in place, what’s next?

Sunday’s edition of Saving Advice will examine the latest in the push for Student Loan Forgiveness.

More Than a Stimulus Check

Everyone knows that the American Rescue Plan Act signed into law by President Joe Biden last month gave most Americans a stimulus check. But you may not know some of the other aid it offers. Here is a brief rundown.

Child Tax Credit Increase

The main takeaway here is that this tax credit has been increased from $2,000 to $3,600 for each child under six and to $3,000 for each child between six and 18. The benefit is available for couples making under $150,000 a year or single parents making under $112,500.

Another significant change is that the child tax credit will be sent directly to families on a monthly basis. Previously, parents had to wait until their tax refund came through to get the money.

“This change will allow struggling families to receive financial assistance now,” according to the treasury department, “rather than waiting until the 2022 tax filing season to receive the Child Tax Credit benefit.” 

Schools and Childcare Block Grants

The law designates $130 billion to reduce class sizes, improve ventilation, purchase personal protection equipment, and other measures to help schools K-12 open safely. Another $40 billion is set aside for childcare providers and $1 billion for Head Start.

College students will have access to $40 billion in emergency financial aid.

Homeowners and Renters

The moratorium on evictions and foreclosure ended March 31. The law does not extend that ban. However, it does provide funds to help you keep a roof over your head and keep the lights on.

The law provides $10 billion in aid to homeowners and another $21.6 billion for renters.

You can access funds through your state, territory, or tribal government to make delinquent mortgage payments. State, territorial and local governments will also handle the money targeted for rent and utility payments. 

Unemployment and COBRA

Unemployment benefits of $300 a month will be paid through Sept. 6, 2021. That is $100 less than originally proposed. However, a surprise tax benefit makes the $300 plan more advantageous.

The first $10,200 in unemployment is paid tax-free. In addition, if you paid taxes on unemployment benefits in 2020 you will be able to recover those funds when you file your 2020 tax return. 

COBRA gets a full subsidy. That allows you to stay on your employer’s health plan through the end of September.

Food Aid

The Supplemental Nutrition Assistance Program (SNAP) gets an increase through Sept. 30. Just over $2 billion will go toward nutrition assistance. Another $490 million will go to increase cash vouchers in the Women, Infants, and Children (WIC) program.

Aid for Businesses

Businesses get $7.25 billion to cover payroll and other expenses as part of a boost in the Payroll Protection Plan (PPP). One change is that non-profits are now included in PPP.

Restaurants and bars get extra help. $25 billion is provided to cover payroll, utilities, rents, and other operating expenses.

Public Health and Safety

You may not see it in your personal finances. But state and local governments have incurred more expenses as a result of the pandemic. They have also lost tax revenue.

To help, the law allocates $350 billion dollars to state, territorial, and tribal governments.

“In addition to helping these governments address the revenue losses they have experienced as a result of the crisis,” according to the treasury department, “it will help them cover the costs incurred due to responding to the public health emergency and provide support for a recovery.”

The New Job Market

With Unemployment dropping to 6 percent, you may be tuning up your resume. New jobs are opening whether you are reentering the workforce or you are making a career change. 

The post-COVID employment picture will look a little different than it did before. For instance, most economists were surprised that 110,000 new construction positions were part of the 916,000 jobs added to the economy last month. 

In addition, the Biden Administration has proposed a massive infrastructure plan that could add all sorts of jobs in various fields.

Health, Tech, and Green

Most employment for 2021 and beyond will be in technical, medical, and green jobs, according to the U. S. Department of Labor. Among the top ten jobs, Labor includes in its list of the fastest-growing occupations, six or in the health field. The other four are wind turbine service technicians, solar installers, statisticians, and information security analysts.

A serious shortage of skills in fast-growing fields was emerging prior to the pandemic according to an American Action Forum (AAF) report. As the economy reopens, that shortage will rise again.

“This study estimates that, over the next decade, employers in nearly every state will face significant shortages both of workers with an associate degree or some college,” wrote AAF analysis Tom Lee in 2019.

FYI on IPO for Coinbase

Mark your calendar for April 14. That day history will be made.

Coinbase Global, the largest cryptocurrency exchange in the United States, will go public next Wednesday. It is the first major crypto company to launch an IPO.

Trading on the Nasdaq, Bitcoin will be listed under the symbol COIN. However, the company will not follow the traditional IPO route. Instead, current investors will convert 114.9 million shares for offer to the public. That practice is known as a direct offering.

We will follow up on Coinbase in next weeks The Wrap

Coinbase Offering Price

Coinbase plans to announce its reference or opening price the day before it goes public.

The company released a flush earnings report Tuesday. It announced 2021 first-quarter earnings exceeded earnings for all of 2020. Revenue of $1.8 billion produced earnings of between $730 million and $800 million in the first three months of the year, according to the Coinbase report.

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Why You Should File Cryptocurrency Tax

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Why File for Cryptocurrency Tax

Cryptocurrency had a banner year in 2020.  Bitcoin, in particular, increased significantly in value in 2020.  While cryptocurrency used to be a fringe currency, it is becoming more mainstream and there are many types available.  As such, the IRS has caught up.  Over the last few years, the agency has been more stringent about receiving their fair share.  There are several reasons why you should file for cryptocurrency tax.

The IRS Is Becoming Increasingly Insistent

Back in 2019, the IRS sent several thousand letters to those who held cryptocurrency to remind them that they were under legal obligation to pay taxes on the money they make from cryptocurrency and on the income they earn in cryptocurrency.  At that time, the IRS stated in a press release, “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics.  We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”

Now, on the 2020 tax form, on page one, just below where you fill in your vital information, you will find a yes or no question: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”  As this statement is front and center on the form, lying about it and saying you didn’t see it is no longer credible.

You Are Legally Obligated

Just as you are legally obligated to report income earned during a tax year as well as capital gains received, you are legally obligated to report income paid via cryptocurrency and gains realized from selling cryptocurrency.

But, that also means you can report losses on cryptocurrency if you sell at a loss.  You will need to use IRS Form 8949 to report your loss.  However, you must sell before you report this loss.  If you simply continue to hold the cryptocurrency, but it has lost value, you cannot report it.

Having said that, you are expected to keep track of and report gains, losses, and income yourself.  You may receive a 1099-K if you had more than 200 transactions or $20,000 in gross proceeds.  Anything less than that, and you will not receive a 1099-K.  However, just because you didn’t receive a form doesn’t mean you don’t have to report any transactions.

Cryptocurrency Doesn’t Always Appear on Your Taxes

Why File for Cryptocurrency Tax
Photo by Kelly Sikkema on Unsplash

You can mark that yes, you did have a financial interest in any virtual currency and still not have a taxable event.  That happens if you have cryptocurrency but did nothing with it this year; you just held it.

Final Thoughts

One of the main reasons why you should file for cryptocurrency tax is because the IRS has made a question about cryptocurrency front and center on the tax form.  In addition, you don’t want to risk legal repercussions for hiding the money you may have been paid or earned through cryptocurrency.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.
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What Does Joe Biden Have In Store For Our Taxes?

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Joe Biden

It’s almost time, people. The election is coming up tomorrow, and whoever you’re voting for, you want it to be over. For those who may still be considering who to vote for, there are a few points of concern for each candidate. Among other probable flaws of a Joe Biden presidency, there is a concern that he may raise taxes on the middle class. Does this have any merit?

Why Is This a Question?

My biggest issue is that this is even a question. Biden has yet to actually release a comprehensive tax plan, but has vague promises of a miracle tax on the rich that will pay for his lofty spending goals. The reason people are concerned about tax increases under Biden is that he has some proposed plans for the climate and healthcare that would cost a great deal of money. If Biden just itemized those initiatives, estimated costs, and released a tax plan that could cover those costs, we wouldn’t have to wonder.



Won’t He Only Raise Taxes on Those Making $400k or More?

As far as Joe Biden says, his tax plan will pay for everything he plans to initiate in his presidency with a simple wealth tax on those making $400k or more, along with some alterations to tax code to close loopholes. In fact, he even promises lower taxes through credits for low-income Americans and small business owners. The issue is, that is such an obvious fairytale that it is a wonder how news media continues to perpetuate it.

This isn’t a partisan opinion, it is simple math. We wouldn’t even be able to close our current deficit under a tax plan like that; even if you could, it would take so much money away from those making $400k+ that we would almost immediately see a mass exodus of jobs and commerce from the US.

Get all of your tax questions answered with H&R Block’s Tax Information Center!

5. Mortgage Refinancing Points

Politicians Never Tell the Truth About Taxes

If that wasn’t enough, politicians also have a long history of lying about this particular subject. Trump and the GOP’s tax plan touted massive decreases in taxes on middle income Americans, but the difference was fairly insignificant. Obama (with Joe Biden as his VP) promised lower taxes for low income Americans; they then proceeded with over 20 initiatives to raise taxes that all affected those citizens.

Consider Platform Spending

Trump has been no stranger to spending. He added even more of a deficit to the already record-breaking spending of the previous administration (yes, even before COVID hit). That being said, the Democrats openly and explicitly want to enact several policies that will massively outspend anything the GOP would put on the table. The money that the Democrat Party wishes to spend has to come from somewhere.

In Summary

The short answer: We don’t know what will happen with our taxes if Biden is elected. If you take his word for it, the wealthy will be garroted; that will have its own consequences.

The more likely possibility, going off of his party’s history, and the history of the administration for which he served as VP: Everybody’s taxes are going up. He may not do it through income tax or payroll taxes, but sales taxes and any other sneakier methods are almost certain to make an appearance. If they don’t, and Biden enacts even one of his spending plans, he will have such a historic deficit that he risks never being re-elected. He will be much more likely to raise your taxes than to risk losing, as politicians always are.

Property Tax Bill Too High? Here’s How to Appeal

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property tax appeal

Many homeowners have seen the value of their homes rise dramatically over recent years. As a result, property taxes are generally trending upward too. You can’t always avoid a tax increase based on the higher value. However, if your new property tax bill is unreasonable in comparison to appreciation in your region, you might have grounds for an appeal. If your appeal is justified and determined to be sound, your property tax bill may go down. If you believe your property tax bill is too high, here’s what you need to know about appealing.

When You Can Appeal Your Property Tax Bill

Once you receive your new property tax bill, you only have a limited amount of time to appeal. Exactly how much time you get depends on your jurisdiction, so it can vary from one state or county to the next.

In most cases, you have 90 days to appeal after you receive the new assessment. However, some locations only give you 30 days, so it is best to act quickly.

If the appeals window closes, you will have to pay the amount on your property tax bill. Failing to do so comes with consequences. First, you’ll have penalties and fines for missing your payment. The government can also put a tax lien on your home. In the worst-case scenario, a tax lien can lead to a foreclosure.

Thoroughly Read Your Assessment Letter

Before you initiate an appeal, read your property tax bill carefully. Make sure the details about your property are accurate and take a look at the value assigned to your home and land. If there is an error in the property description, such as an incorrect lot size, the wrong number of bedrooms, or similar error, then that could lead to a high bill that is fairly easy to appeal.

Then, if you don’t spot a blatant error, look over the calculations that determined your property tax bill. How a jurisdiction assigns value for tax assessments differs from determining fair market value for home sales. In most cases, the math itself will be sound. However, it is always wise to learn how the numbers are calculated before you appeal.

Get the Lowdown on Neighboring Properties

You never want to appeal your property tax bill without having a reasonable case showing that it is too high. While appealing without just-cause won’t necessarily lead to a penalty, it does mean you could waste valuable time on a fruitless venture.

Often, the easiest way to make sure you have a decent case is to explore comparable nearby properties, or “comps,” as realtors call them. Research your neighborhood and identify nearby homes. Look for houses with similar features to yours, including the overall size, style, condition, and the number of rooms. Additionally, make sure you compare lot sizes as well, as differences in the amount of land can lead to dramatically different tax assessments.

Once you find a few comps, you need to look up the tax assessments on those properties. Usually, local governments maintain publicly accessible databases, making the information relatively easy to track down. Head to your local Tax Assessor’s Office or Land Records Office website to see if the database is available. If not, you may need to speak with a real estate agent or those neighbors to see if they will share the details.

If you discover that your property tax bill is higher than the comps, you may have a good case. However, even if theirs are similar, if you can demonstrate that those properties are better than yours, you may also be able to get your tax bill lowered.

Present Your Case to the Local Assessor

Once you have built your case, you’ll need to contact your local assessor. Usually, your property tax bill will have instructions on how to proceed with an appeal. However, if you need additional guidance, contact the assessor’s office to discuss the next steps.

Most appeals processes are incredibly formal. You need to follow them precisely if you want your appeal to move forward. Typically, you’ll need to complete a form and submit your evidence. Once complete, the review period can take several months. When they have rendered a decision, you’ll usually receive notification in writing.

Appealing the Decision

If the initial appeal didn’t go your way, you could opt to appeal that review. Usually, you’ll have to pay a small filing fee and submit a request to the appeals board. Then, you can challenge the decision and hope for a better outcome.

Appealing the review can be a lengthy process, especially in larger jurisdictions. In some cases, it may take a year to get a decision.

Risks of Appealing Your Property Tax Bill

Appealing your tax bill can come with risks. While the chance is fairly small, the assessor or appeals board could determine that your property assessment was too low, leaving you with an even higher tax bill.

At times, even if your bill is lowered, the amount is so small that it may not be worth the effort. Similarly, if the change is slight, you may come out financially behind if you paid more than your bill was lowered when you filed for an appeal.

Finally, if you intend to sell your home soon, a drop in the assessed value of your home could hurt you. You may get stuck with a lower sales price since the assessor or board reduced the value.

Have you ever had to appeal your property tax bill? Share your experience in the comments below.

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What Happens If You Don’t File Taxes?

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what happens if you dont file taxes

Tax day is April 15, 2019. If you don’t file your taxes, or get your return postmarked by that date, you might face some serious consequences. This is true even if accidentally don’t file. If you are wondering what happens if you don’t file your federal tax return by the deadline, here’s what you need to know.

Failure-to-File Fees

If you don’t file your taxes, you will have to deal with failure-to-file fees. Essentially, you are stuck with a costly financial penalty.

The standard failure-to-file penalty rate is 5 percent of your unpaid taxes for every month that you don’t file. This starts accruing once you miss the 11:59 pm April 15 deadline. Although there is a cap of 25 percent, it will add up quickly.

Failure-to-Pay Fees

If you don’t file your taxes and owe an IRS tax debt, you also get stuck with failure-to-pay fees. This penalty is on top of the failure-to-file fees, increasing your tax debt even more.

The standard failure-to-pay fee is one-half of 1 percent every month. These fees also start accruing once you miss the 11:59 pm April 15 deadline. There is no cap on this penalty, so it will keep adding up over time, increasing your IRS tax debt.

IRS Notifications

Once the IRS notices that you didn’t file, they will send a notification letter. It lets you know that you will be paying penalties and provides guidance on how to square things away.

In some cases, the IRS may even create your return for you, using information they collect from your employer, banks, investment accounts, and similar entities. However, the IRS doesn’t consider whether or not you qualify for certain deductions, so your tax bill may be much larger than if you just file on your own.

If you don’t respond to the IRS notifications, then the agency might take more drastic steps. This can include seizing your financial assets, putting a lien against your home, or garnishing your wages. Plus, all of the penalties are increasing your tax debt during this time, so you’ll still have to pay them even if the IRS takes these measures.

Get all of your tax questions answered with H&R Block’s Tax Information Center!

Criminal Charges

It is important to note that the IRS does not jail people for owing taxes. If you file your taxes and have an IRS tax bill, you won’t go to prison for the debt.

However, failing to file could land you in jail. Willfully not filing your return is a misdemeanor while tax evasion is a felony. The IRS does have a high burden of proof to show that you intentionally didn’t file, so jail time isn’t really common. It is technically possible though, especially if they can prove that you made the decision not to file on purpose.

How the IRS Catches People Who Don’t File Their Taxes

The IRS is a large organization and handles millions and millions of tax returns. In just one week in March, over 84 million returns were received. Many people would assume that the IRS isn’t going to notice a single missing return, but that isn’t necessarily the case.

One of the things the IRS has one its side is information. For example, if you work for a company, that employer sends the IRS a copy of your Form W-2. Even if you don’t file personally, the IRS knows you had income. Banks and investment companies submit copies of your Form 1099 to the IRS as well, for recording purposes.

While the IRS might not catch your failure-to-file immediately, they will in the future. They will know you didn’t file, and calculate the penalties based on the deadline of April 15, 2019, not when they happened to notice.

What to Do If You Can’t File Your Taxes On Time

Even if you can’t pay the taxes you owe immediately, it is crucial that you file your federal tax return by 11:59 pm on April 15. There are options to help people who can’t pay all that they owe right away, including payment plans and Offers in Compromise.

If you simply need more time, then make sure to file for an extension before the filing deadline. While this won’t help you avoid failure-to-pay fees, it does prevent any failure-to-file fees from accruing as long as you file before the extension deadline of October 15, 2019.

Have you ever forgotten to file your taxes? Share your thoughts in the comments below.

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10 of the Best Ways to Use Your Tax Refund

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best-ways-to-use-your-tax-refund

It’s that time of year; families across the country are receiving their tax refunds, and they are trying to figure out what to do with the influx of cash. While it may be tempting to splurge on a big ticket item, that isn’t always the best financial move. There are plenty of other options that can benefit your financial situation. Here are 10 ways you should be using your income tax return.

1. Build Up an Emergency Fund

Most experts agree that having three to six months of living expenses stashed away in a savings account is smart. It gives you a level of protection against the unexpected, such as a job loss or medical emergency.

However, even if you don’t have that much available, something is always better than nothing. Consider using your tax return to get started, or at least save $1,000, which is enough to cover most insurance deductibles or handle a small emergency.

2. Pay Down High-Interest Debt

If you have high-interest debt, like a credit card, paying it down with your tax refund is financially wise. Not only will this help you lower your monthly bills, but it also saves you a ton in interest.

Considering the average credit card APR falls between 16.86 and 23.73 percent, depending on the kind of card, paying off balances sooner rather than later is a good idea.

However, if you don’t have high-interest debt, that doesn’t mean you should use your tax return to pay down balances. If you are paying more in interest than you could earn from the money, such as by investing the cash, then you should consider sending your tax return money to a creditor.

Just make sure that you check your account in advance. Some loans charge early payment penalties. If yours does, then making extra payments or paying off the loan early could result in a pretty large fee, offsetting some of the benefits In those cases, you need to do the math and make sure that you are saving enough in interest to make paying the fee seem reasonable. Otherwise, you might want to explore other options.

3. Fund Your Retirement

Even if you invest in a 401(k) through your employer, that doesn’t mean socking your tax refund away in an individual retirement account (IRA) isn’t a great way to use the money. Almost anyone can open one form or IRA or another, even if you contribute to a retirement plan at work.

It is important to note that the tax benefits of an IRA vary depending on the type and your modified adjusted gross income (AGI). Additionally, your annual contribution limits can also vary based on your unique circumstances.

4. Open a 529 College Savings Plan

If you have a child who will likely go to college one day, or you are considering heading back to school yourself, putting your tax refund into a 529 College Savings Plan is worth exploring. These investment accounts are designed to help financially support certain educational expenses, like college tuition.

Plus, if you or your child ultimately don’t go to college, there is no penalty for withdrawing your contributions. Just keep in mind that you would need to pay taxes on any earnings you pull and may be subject to a 10 percent penalty depending on how the funds are used.

5. Start Investing

If you have your emergency fund in place, retirement squared away, and no high-interest debt, then it might be time to start investing. You can use your tax refund to open a brokerage account, allowing you to invest in stocks, mutual funds, index funds, and much more.

Investing can be a way to see your tax return grow over time. While there is some risk involved, certain approaches do limit the risk. For example, index funds are a great place to start if you are new to investing. They offer an inherent level of diversification and typically perform better than when a person tries to pick and choose stocks on their own.

6. Improve Your Home

If you are a homeowner, using a tax refund to update or repair your home might be the right choice for you. Some improvements can increase the value of your house while others simply make daily life more comfortable. However, if you have been putting off a major repair, that should be where you start.

Your home is a major asset with a financial value. By increasing its value and making it more enjoyable to live in, you almost can’t go wrong.

7. Take Care of Your Car

Vehicles require a lot of maintenance over the years, and some of it can be costly. New tires, replacing a serpentine belt, or flushing the radiator all come with a price tag.

If you have been putting off any car maintenance because you couldn’t afford it, use your tax return to handle the expense. That way, your vehicle is in the best shape possible. Plus, it could help it last longer, which saves you money in the long run.

8. Prepare for Medical and Dental Costs

If there is an expensive medical or dental treatment in your or your family’s future, consider saving your tax return to handle the cost. That way, you can pay the bill off immediately, and you don’t have to worry about finding the cash.

This is especially true if treatment will be ongoing. For example, orthodontic care can add up fast, and most people have braces for at least a handful of months, if not a couple of years. By setting your tax return aside, you know the treatment plan can go forward without any financial hardship.

9. Invest in Yourself

There are tons of ways a professional can invest in themselves. Maybe you want to take a class to add a new skill or have your eye on a particular certification that can increase your earnings potential.

If there are options that can help you develop your skills or talents, or enhance your experience, then use your tax refund to support your growth. Then, you might be able to increase your income faster, making it a worthwhile investment.

10. Treat Yourself (Responsibly)

If you have already handled everything above, then there is nothing wrong with using your tax refund on something fun. For example, you could save it for a vacation or replace a worn out television.

Just make sure that you are conscientious about your choice. If you want to purchase a new tv, look for sales and make sure you buy a quality model at a great price. That way, you don’t spend any more than you have to, ensuring your tax return goes as far as possible.

Are you getting a tax refund? Do you already know how you want to use it? If so, share your thoughts in the comments below.

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