Category: Taxes

Reading List for June 11-13

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Jun 11, 2021
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Investing, Economics, Employment, Paying for College, Taxes, Advocacy
Investing “The Mystery of the $113 million Deli” provides insight into the mechanics of SPACs while resolving this mystery. (NYT-Sunday) Here is the CNBC article on adding I-Bonds to your portfolio (following one from the Wall Street Journal in last week’s list.) Inflation figures haven’t spooked the market as the S&P 500 hit a new record yesterday. (CNBC) Have you heard of the banking app “Dave?” It is backed by Mark Cuban and will go public via a SPAC....

Reading List for May 14-16

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May 14, 2021
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Taxes, Economics, Investing, Cryptocurrencies, Budgeting
The delayed tax deadline is Monday. So let’s start this week’s list with one on Taxes. 5 tax tasks to take care of by May 17 (Don't Mess With Taxes)   Economics Here are several articles discussing the Consumer Price Index jump in April. CNBC covers the basics and the NYT (I highly recommend reading anything by Jeanna Smialek) provides a bit more analysis. The WSJ discusses Fed Governor Waller’s comments on the number, and also discusses which components of the CPI may...

Question of the Day (Updated): What income level on tax returns is audited least frequently by the IRS?

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Apr 14, 2021
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Taxes, Question of the Day
Answer: $25,000-$50,000 income level are audited 0.40% of the time or 4 in 1000 tax returns  Questions: Why do you think the percentage of returns that get audited is so low? Explain your reasoning. Why do you think that taxpayers are so afraid of being audited? Is their fear warranted? Do you think that low audit rates can contribute to more taxpayers "cheating" on their tax returns? Why or why not?  Click here for the ready-to-go slides for this Question of the...

Reading List for March 26-28

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Mar 26, 2021
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Investing, Economics, Insurance, Taxes
Investing We are one year out from the stock market bottoming out. What has happened since then? (Irrelevant Investor) What is the bond market saying about inflation expectations? (NYT) Roblox IPO, like the company, was HUGE! (Investors.com). GMA aired a story today with warnings to parents about its dangers (surprise bills and bullying).   Economics New unemployment claims dropped below 700,000 for the first time since the start of the pandemic (CNBC), but payments to millions of...

Question of the Day: How many math errors did taxpayers make on tax returns in 2019?

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Mar 24, 2021
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Question of the Day, Taxes, Research
Answer: 1.9 million Over 50% of the errors are with tax calculations/other taxes. Here are the top 10:  [2] Includes all errors associated with the calculation and assessment of income taxes, as well as other taxes, such as self-employment tax, alternative minimum tax, and household employment tax. Source: IRS data Questions: Does it surprise you that taxpayers make so many errors on their tax returns?  What are strategies that you can use to avoid making mistakes on your own tax...

Question of the Day [Updated]: How many states do not have state income taxes?

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Mar 22, 2021
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Question of the Day, Taxes
Did you know that most people have to file tax returns for BOTH federal AND state income taxes? Listed below are 8 states that do not (as of 3/16/2021) have state income taxes.  Answer: 8 states including Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming Note: New Hampshire taxes investment income but will eliminate those taxes by 2024.    Questions: How does your state's tax rate compare to other neighboring states?  Do you think...

Reading List for March 19-21

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Mar 19, 2021
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Economics, Investing, Budgeting, Taxes, Career, Financial Literacy
  Economics Retail sales fell in February. Was it the cold? Or did folks run through their stimulus money in January. (CNN) Weekly unemployment were back up slightly from last week. Read about new and continuing claims from AP. Fed FOMC met this week and will likely keep rates at or near zero until 2023 and expects GDP growth to hit 6.5% this year. (AP, Yahoo Finance) Trying to remember how the Federal Reserve Bank handled the impending financial crisis a year ago? Here is a good recap....

Question of the Day: What is the deadline for filing your 2020 tax return?

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Mar 17, 2021
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Question of the Day, Taxes
Answer: May 17th Questions: Just like school work, why is it important to know the deadline to file your tax return? Can you file your tax return early? Why might be a reason to file BEFORE the deadline? Why do you think the IRS gives people a few months after the end of the tax year to file their tax return? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (CNBC) The IRS and Treasury Department will postpone the April 15...

Question of the Day: How long does it take to get a tax refund?

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Mar 08, 2021
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Question of the Day, Taxes
Answer: Between 1 week and 2 months, depending on how you file Questions: Which type of tax filing would you prefer to do? Why? Why might getting your tax refund quickly be important? Why? What would you do with a received tax refund? Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.   Behind the Numbers (Smart Asset): "When you get your tax refund will depend largely on how you file your return. The fastest option is to...

Question of the Day: What percent of U.S. taxpayers prepared their own tax returns in 2020?

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Mar 01, 2021
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Question of the Day, Taxes
Answer: Among those who filed electronically, 47% prepared their own returns Questions: What do you think are the factors that determine whether someone files their own returns or hires a professional to do it?  Do you hope to be able to file your own tax returns? Why or why not? What are resources that you can use to make filing your own returns easier?  Here are the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the...

Reading List for February 19-21

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Feb 19, 2021
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Economics, Investing, Taxes
Economics Retail sales jumped beyond expectations in January. (CNN) New weekly unemployment claims back up this week, and prior week was revised up as well. (Yahoo Finance) Sales of existing homes rose in January, surprising forecasters. Inventories are low, prices are high. (Reuters) Walmart will be raising wages for 425,000 workers to average above $15 an hour. (CNBC) There is much debate over an increased minimum wage, particularly in struggling areas of the country. (NYT) Covid has driven...

Reading List for February 12-14

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Feb 12, 2021
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Cryptocurrencies, Investing, Economics, Budgeting, Taxes, Paying for College
Happy Valentine's Day! BitCoin Bitcoin may be winning the headline contest over GameStop this week. Let’s start with “What can you buy with bitcoin?” (NYT) The nation’s oldest bank, BNY Mellon, and Mastercard announce they are getting on the cyrptocurrency bandwagon. (Markets Insider) Tesla may have triggered the latest run-up in bitcoin pricing after their announcement of a $1.5 billion investment, and that they would accept bitcoin as payment for their cars. (CNBC)...

Reading List for January 29-31

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Jan 29, 2021
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Investing, Economics, Taxes, Paying for College, Student Loans
Game Stop Seems like we could devote the entire reading list to Game Stop.   It is the topic of this week’s FinCap Friday, this 15 minute primer on NGPF with Tim and Yanely, and NGPF will hold a PD on Monday about it as well. In the mean time, here are several articles covering several aspects of this phenomenon.  If you read/watch nothing else on the topic, WATCH THIS! NBC’s Stephanie Ruhle’s explanation of the situation, being called a “short...

EdPuzzle Thursday: Let's Talk Taxes

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Jan 27, 2021
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EdPuzzle Thursday, Taxes
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing new EdPuzzle videos here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  This week's EdPuzzle video titled "Let's Talk Taxes" explains the difference between gross pay, net pay, and payroll deductions.      Interested in more EdPuzzle videos? Visit our Video Library and type in...

Question of the Day: On what date will the I.R.S. begin accepting 2020 tax returns?

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Jan 24, 2021
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Question of the Day, Taxes
Answer: February 12th Questions: Traditionally, the I.R.S. opens tax season in the fourth week of January (28th or 29th). How do you think that taxpayers might be impacted by this delay? The I.R.S. strongly recommends that taxpayers file electronically with direct deposit of their refunds into their bank accounts. How comfortable would you be providing your bank account information to the I.R.S. knowing that it’s the fastest way to get a refund? Click here for the ready-to-go slides for...