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Joanna Taylor

Joanna Taylor
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Re: Is Your Life Taxing?

Lisa Eichinger ·
I also have been doing my own taxes for well over 20 years. It's a money saver if you know what you are doing. This up coming year will be a bit different due to tax changes but probably simpler for those who know how to do them.
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Re: Is Your Life Taxing?

Briana ·
What tax changes will be different this upcoming year @Lisa Eichinger ?
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Re: Is Your Life Taxing?

Lisa Eichinger ·
There are no more exemptions for each person, the standard deduction has increased, the tax rate has decreased, and W2 employees can no longer deduct unreimbursed work expenses, to name a few.
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Re: Is Your Life Taxing?

Briana ·
Thanks for sharing, I wasn't aware of some of these!
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Re: Is Your Life Taxing?

Lisa Eichinger ·
My pleasure! I prepare taxes as a second job so I have to keep up the changing laws
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Re: Is Your Life Taxing?

Wen Dee ·
In Florida and maybe other states AARP offers free tax prep/filing for anyone in the community. We have used this service for years.
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Re: Is Your Life Taxing?

FreebiePharm ·
I have only ever done my own taxes. IRS website has great resources if you need assistance and I pay a minimal fee for Turbotax for extra guidance.
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Re: Is Your Life Taxing?

Bonnie Squires ·
thank you for the info
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Re: Tax Return and Tax Reform

Moore Income ·
I have been dreading doing my taxes this year... I started doing them on Tax Act and when I filled out the main info for my wages, it calculated a decent return for me. But I chose "married filing jointly" since I got married in July of 2018. When I added my wife's income, my return dropped to $600 owed in taxes. I didn't have health insurance last year and my wife only had it part of the year. Is this the reason it changed to taxes owed? Would you know why it would drop like that? Would it...
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Re: Tax Return and Tax Reform

Lisa Eichinger ·
@Moore Income . It is usually most beneficial to file jointly. There are more credits offered. I can't tell you exactly why the amount changed so much without looking at the W-2's. My thought would be that her withholding for taxes was higher so they took less money out. Also the lack of health insurance for the entire year comes with a fee still. This is the last year people will be punished for not having insurance. Does any of this help?
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Re: Imagine you find $100 on the ground. What would you do?

Ray Taylor Tetreault ·
Although I answered "it's free money. Spend it" that's not 100% true. My wife is active in a local community garden. We recently bought a domain name out of pocket; however, I would probably use that $100 to pay for a year (or more) of web hosting for the garden site. I assume a more accurate answer would be "donate to charity" but that wasn't an option. Another idea would be to hire a personal organizer ($100 worth) just to handle the mess on my computer desk. They would probably only need...
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Re: Hello new members!

AverageJoe ·
Kiersten, having to go through a bankruptcy is NEVER a fun thing to do. My wife and I were forced into one when I went disabled in 2000. It wasn't until 2001 that we had to file. We lost our home, our cars except for a clunker we had and many other items. Most of the items listed on our bankruptcy were medical. We hated to do it and thought we'd never get over it. But, we did, and I did what I could to help my wife since she had become the primary breadwinner of the family. We did things we...
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Re: Head of household

Lisa Eichinger ·
You would file married. Either married file separately because he did not live with you or married filed jointly. You can take your mom as "other dependent", but you can't claim head of household anymore because you are legally married. Does that help?
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Re: Head of household

Christi ·
I know this year things have changed, and you only rec a 500 credit for an adult dependent, not a whole deduction. I am not sure if there is another way around this, but I suspect that if they file for their self and have insurance they might get a better refund, next year when Obama care penalty is retracted this will change again.
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Re: Hello new members!

Chrissysid ·
Hi everyone!! My name is Chrissy! Thank you so much for the welcome and add... I love reading this news letter, I have used allot of it’s useful information on debt and budgeting. Every time I have almost got caught up on bills, another down fall hits me ( just got laid off June 14th) my boss was supposed to give me a months notice with pay, she gave me 1 months notice then a week later she said she did not need me anymore due to finances and has still not paid me. I filed a compliment with...
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Re: Hello new members!

AverageJoe ·
@Shari L Dilley Your situation does indeed sound complicated, and I'm sure it is. Not living in PA, I don't know what if any support is out there for you. I know that we have had friends and my sister-in-law and nieces living there. The youngest niece has a situation very similar to yours. She has had to file for child support for one of her children from the father of that child, but he has refused to pay. Even with the possibility of having to go to jail, he won't pay. She has received...
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Re: Financial Fitness February: Day 10

mintjulep ·
Ok, I must be confusing Amazon with ebay on the gating. Thanks Jeremy and Jon for setting me straight on that! I was getting all my ducks in a row to reopen my etsy shops and my ebay account last Fall, when I stumbled into the new sales tax mess. I realize ebay and etsy are collecting the sales tax now, but there are still some major issues.......the 1099s (which I won't likely qualify to receive due to slow sales when I restart my shops) are lumping all kinds of fees and taxes together...
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Re: Stimulus Check

Dear Penny ·
Hi @Morriaw422 ! If your new baby was born in 2019 and you need the $500 you'll get for each child, you're going to want to file that 2019 return ASAP! Otherwise, they'll use your 2018 return and you'll have to wait until you file your 2020 taxes (in early 2021) to get the credit. The reason is confusing, but basically, this is a credit for your 2020 taxes, but the IRS has to base it on your 2018 or 2019 return since we're less than three months into 2020. If your baby was born in 2020, you...
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Re: Managing finances during the covid-19 pandemic

mintjulep ·
I agree this has to be a very individualized decision. This is my 4th time in my lifetime of 70+ years going through a financial crisis, and 3 of them were caused by external events caused by economic conditions, out of my control, that called for rethinking and modifying my plans. My career in the 80's was commission based so I was used to irregular income patterns, I was self-employed, children, divorced so some minor modifications in my financial plan were almost routine. If you are often...
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Re: Stimulus check

Lynette Carothers ·
The question is good, but with one caveat, what if your SSD is below the threshold to file an income tax return? Many actually, most of us who are on SSD have not filed. I have even taken names and ID numbers of the IRS employees who have told me there is no reason to file. Is this practice going to cause a delay? Unfortunately, being disabled and in the "high risk" group the cost of every day things have put a strain on my budget. For example, just to have someone stop and get my garbage...
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Re: Stimulus check

Jennifer Calhoun Somerset ·
Do we need to contact the social security office or will the stimulus check automatically be deposited into our bank account. Most of us on SSDI do not get enough to file taxes so this is all a little concerning..Do we fill out any forms or just let the treasury handle this? Thank you for all your current and updated information I know i appreciate it very much..
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Re: Stimulus check

Lynette Carothers ·
Thank you all. The President could not answer this question last night at the briefing. I cannot imagine all of us below the threshold will have to file and inundate the IRS with our info when we get direct deposit monthly. After I wrote this question my neighbor who is a disabled veteran (100%), and has not yet had his SSD claim completed and had the same question. He is young, and gets his disability benefit from the VA, but war doesn't choose age with a war conflict disability. He...
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Re: Stimulus check

Lynette Carothers ·
Did anyone see the 4/2/2020 briefing and if so, did he address the file to IRS for the stimulus check vs. the SSD person who doesn't file? I forgot to watch today after the reporter asked yesterday. Thank you
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Re: Stimulus check

Lynette Carothers ·
Good News! We do not have to file. I am posting the URL that states how SS will handle the stimulus checks. https://www.newsbreakapp.com/n...=a99&pd=01tg9eJg
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Re: Stimulus check

Dear Penny ·
Thanks @Lynette Carothers for providing these great updates. As Lynette said, if you're getting Social Security, you WILL NOT need to file a return to get your benefits. There was some confusion over this, because the IRS changed course earlier in the week and said people on Social Security would need to file. But on Wednesday night, they confirmed once again that you don't need to file, and they can get the information they need from your benefit statements. I just updated our FAQs post...
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Re: Stimulus Check

Leslie Kay ·
There will be a Treasury website that will allow you to register yourself hopefully by the end of April and those checks are an eta of September. I do not think that you can get the stimulus for your grandchildren unless you file a 2019/2020 tax return and claim them as dependants. Which is free and should be done immediately. If you choose that route. If you are depending on the registry to get your check you will not get paid for dependents. This info is a compilation of articles I have...
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Re: Stimulus Check

Dear Penny ·
Hi @Amelia Denetchiley , yes, you should be eligible. But you don't want to wait for your Social Security to be sorted out to apply. The best solution is to file a 2018 or 2019 simple tax return. I promise: It really is painless and should only take a few minutes. I just wrote a quick guide on how to file a simple return: https://www.thepennyhoarder.co...e-simple-tax-return/ And @Leslie Kay is right! Even if you were receiving Social Security benefits, you'd need to file a tax return to get...
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Re: Stimulus

A Penny Pincher's Guide ·
Teresa, BLUF - you should. There has been a lot of conflicting guidance from the IRS on whether you will need to file a tax return from 2018/2019 to get if. The latest info from the IRS stated that you should not have to file a return in order to be eligible. If the IRS does not have your bank account information on file, they stated they were going to come up with a system for your to input the relevant deposit information so you can get the check sooner. Unfortunately, that hasn't...
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Re: Stimulus

Kevin Debaker ·
Yes we do but the ones that filed taxes will get there the fasts,also do you know you can still file for taxes and get money back
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Re: Stimulus

Leslie Kay ·
yes, I read that they are due around the 23rd. Right now they are paying people that filed income tax returns thru Wednesday direct deposit. Now if you have dependents you need to go on the Treasury website and enter this info otherwise it will be direct deposited into the same account as your benefits. I have not seen mine yet and I do not file taxes each year.
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Re: Stimulus check

Dear Penny ·
@glenn Britt I think she should be able to. She doesn't even need to file a tax return now. The IRS created a Non-Filer tool that allows people who don't normally file taxes to submit a few pieces of basic info: https://www.irs.gov/coronaviru...er-payment-info-here If your mother is receiving Social Security, the IRS should be able to take information from her benefits statement to process her payment... but honestly, we're all confused about how a lot of scenarios like these will work when...
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Re: Stimulus pmt

Charlene s Braden ·
Ty so much Penny. I will help him to do that. I have another grandson who had just returned to his seasonal (tourist) job & got laid off due to the virus but when he filed for unemployment he was denied. If it weren't for being shut down he would be working & he did file his income tax. He's truly struggling because he hasn't gotten his return yet nor unemployment & of course no stimulus check. I told him to re-apply because I think it's illegal to deny him unemployment under...
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Re: IRS stimulus payment

AnAmbitLife ·
Sadly, myself and other SSA recipients are getting the same messages of unable to verify who you are, even though we put in all our info. There is now a short message at the top of the irs page saying those recipients form SSA, VA, and others who already have direct deposit checks form those agencies, will come later after they verify those agencies direct deposits. As to when that is, who knows! And yet many of the younger folks got their deposits on Wednesday morning. I already checked...
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Re: IRS stimulus payment

Leslie Kay ·
You will NOT have to pay taxes on the stimulus check. SSI recipients do NOT have to claim it as income. People that filed 2018/2019 taxes had in the majority received their check unless there is a problem with your banking info and you need to go to the IRS website and update your DD info and wait 10 days before receiving an update on when your credit will be sent to you. SSI/SSDI recipients will start receiving their DD's for $1200 starting next week. I have read the 19th, 20th and 25th.
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Re: Ready for your questions!

Carolinagrl ·
I receive SSI thru DD and I file taxes direct, not thru a tax company. I receive a very small refund via direct deposit. I checked the IRS tracking site yesterday and it said my check was mailed Friday. Mailed. That was a surprise! You just never know with the government!!
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Re: Economic Stimulus Check

E Nelson ·
"-Issue: Business Rule R0000-902-01 - Taxpayer TIN in the Return Header must not be the same as a TIN of a previously accepted electronic return for the return type and tax period indicated in the tax return.-" I'm Not a tax person WhatSoEver but I'd interpet this as it saying that someone previously used the same tax TIN on these forms. I'm thinking she used the info from the 2018 return. Maybe your wife used the tax return your trying to use to file these forms. Did you in 2019 or 18 file...
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Re: stimulus check confusion

maria rose ·
If you receive SSDI through DD and have not changed bank account numbers, then you will get it through DD. My question to you did you file your 2019 taxes yet or have waited to file until July 15, 2020 extension? If you didn't you can update your address with IRS on the tax form, but I am quite sure IRS has all your income information attached to your SS# already. The stimulus check was based on the current income level received by IRS attached to your SS#. I believe they sent out the...
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Re: When will social security recipients get stimulus payments

Leslie Kay ·
@Lorenda Wilson From the sources that I have read SSI non-tax filers are due to receive their payments via DD starting 4/29 thru the first week of May. No one that I have seen in multiple forums that receive SSI and did not file taxes has yet to receive their stimulus check as of today. We are all waiting at this point and the IRS has just been very general by saying end of April or first week of May. Hang tough!
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Re: When will social security recipients get stimulus payments

maria rose ·
Hi Lorenda, I guess your level income and state requirements for filing taxes mean you haven't been filing taxes but IRS does have your information via those 1099 forms which you should get via the mail, yearly. You should be getting two-yearly letters/announcements from Social Security. One is the yearly notice on the amount you will get based on the COLA "raises" which also tells you the Medicare cost which is taken out of your benefit for some of us. This first one tells you, your monthly...
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Re: stimulus check confusion

Leslie Kay ·
The SSA website says that SSI/SSDI would receive their payments at the end of April. It still says that today on May 6th. The added those days til May 5th to allow recipients to add dependents. So I knew there was going to be a delay. But has anyone heard of a new date for payments? I know one SSI recipient (under $10K) that does not file taxes and has no dependents that received their EIC on the 1st. But then have not heard of any more? have I missed something?
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Re: stimulus check confusion

Stef77 ·
Hello, I am hoping someone will be able to help me with my stimulas issue. I am on SSDI, with Direct Deposit. I am not required to file a tax return bc this is my only source of income. I know that I definitely qualify for the EIP buy I still haven't received my EIP and I have been getting the same message, every time I check the IRS website about my payment. "Payment Status Not Available." "We are unable to provide the status of your payment right now because we don't have enough...
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Re: Tax Reform 2019

Briana ·
How are you supposed to file as an independent contractor?
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This week’s Community Announcements 5.22.20

Maryann ·
Hi everyone, Happy Friday and Memorial Day Weekend! I know this holiday weekend may look a little different for many of us this week. What plans do you have? With more people cancelling summer travel plans than ever before, I asked in the community this week: Have you been successful in getting a refund for summer travel? If this is you, please do comment in the thread. I’d love to hear about the steps you took. If you’d like some weekend reading, here are a couple articles from The Penny...
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unemployment - gig worker

Carolinagrl ·
I need guidance on filing unemployment as a gig worker. Never an option before but supposedly gig workers can file under the new Corona Virus Financial Relief Package and walking dogs is my full time job. I went to my State's unemployment filing link and there's no information but I went ahead and filed. It's obvious the site hadn't been updated, there was no reference to gig or part time workers. I did the best I could with the way it was structured but it's not right. Can you guide me? Is...
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Veterans Benefits

Treeg ·
Please excuse me if I have addressed this question incorrectly? But first time here, as I cannot find the answer by agency due to all? I’m very much hoping someone here might know the answer. I have not had to file taxes in years due to my personal poverty level of financial situation. But with the stimulus checks? I have noted that those receiving Social Security do not need to provide additional information if they have direct deposit on account? I only receive VA benefits and those are...
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Holidays and Unemployment Services

DailyGrind ·
I was unemployed between July and September. My state's unemployment services office discovered there was one over-payment which I have started to pay back. I called the unemployment service office today to make sure my payment was received and that everything is in good order. Although I am working now, I don't receive benefits from my job, such as paid holidays and paid leave, so when the office is closed I don't get paid that day. So I asked the unemployment service rep if I can file for...
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IRS Stimulus Checks

lori wulff ·
It has been so confusing the last few weeks about who should or does not need to file. I am on ssi for neuropathy and I heard a couple of days ago Ssi, ssdi, and social security do not need to file. I filed one on April 4th and I just recieved a message from the "Where's My Payment " that it is scheduled for mailing on April 24th. So, if you want to file just to be sure it cannot hurt. This way the IRS has your updated address and identity. Keep in mind if you have direct deposit make sure...
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Is Your Life Taxing?

Men On A Budget ·
One of my neighbors was heading out last year to drop off a folder with his taxes at a Tax Prep office when I asked why he didn't do his own. "Well, I have the condo mortgage to claim," he said as though that made a difference. I explained that I, too, have a mortgage although the interest does not even make a dent in the standard deductions for our property values. He was intrigued. "I can show you how to do your own and save that hundred or so dollars." He was even MORE intrigued. :) There...
 
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