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Author: Susan Tompor, Detroit Free Press

Money

What do interest rate hikes mean for student loans?

May 7, 2023Susan Tompor, Detroit Free PressComments Off on What do interest rate hikes mean for student loans?

College debt is growing more costly in 2023 — and payments on federal student loans that had been on pause during the pandemic will likely resume.

Money

Can I purchase I Bonds from my tax refund? What to know about rates, deadline, restrictions

February 22, 2023Susan Tompor, Detroit Free PressComments Off on Can I purchase I Bonds from my tax refund? What to know about rates, deadline, restrictions

The outlook for inflation is touch and go but experts say it’s a good time to buy I Bonds before the end of April. How to use your tax refund, too.

Money

IRS tells 21 states how to handle last year’s special payments

February 11, 2023February 12, 2023Susan Tompor, Detroit Free PressComments Off on IRS tells 21 states how to handle last year’s special payments

Taxpayers in 21 states faced confusion on how to handle money they received in special state refunds or payments in 2022. The IRS finally has answers.

Money

IRS warns taxpayers to hold off filing returns in 20 states as it checks if it can tax special refunds

February 10, 2023February 12, 2023Susan Tompor, Detroit Free PressComments Off on IRS warns taxpayers to hold off filing returns in 20 states as it checks if it can tax special refunds

Taxpayers in more than 20 states are asked to wait to file 2022 returns until the IRS issues guidance, according to the National Taxpayer Advocate.

Money

Why is my tax refund so low? Tax refunds in 2023 could be smaller, take longer. Here’s why

February 3, 2023Susan Tompor, Detroit Free PressComments Off on Why is my tax refund so low? Tax refunds in 2023 could be smaller, take longer. Here’s why

Why you want to step back a bit before making big plans to spend a tax refund. It could be smaller than you expect; and it could take longer to get.

Money

Is a recession inevitable in 2023? Here’s what experts are saying.

October 23, 2022Susan Tompor, Detroit Free PressComments Off on Is a recession inevitable in 2023? Here’s what experts are saying.

Some in the U.S. believe a recession already is in the cards in 2023, but there are economists out there who maintain that reasons for optimism remain.

Money

Back-to-school scam: Beware of fake text messages about credit card, Amazon purchases

August 23, 2022Susan Tompor, Detroit Free PressComments Off on Back-to-school scam: Beware of fake text messages about credit card, Amazon purchases

College students, other consumers warned about how scammers are impersonating banks, credit unions and Amazon with fake texts to catch you off guard.

Money

Social Security benefits hike could bring retirees extra $1,800 in 2023

August 17, 2022Susan Tompor, Detroit Free PressComments Off on Social Security benefits hike could bring retirees extra $1,800 in 2023

Retirees on fixed incomes welcome relief from lower gas prices and higher Social Security benefits, as well as prescription drug changes ahead.

Money

Tax refunds may be delayed by 6 months or more for some paper filers: Here’s why

June 23, 2022June 23, 2022Susan Tompor, Detroit Free PressComments Off on Tax refunds may be delayed by 6 months or more for some paper filers: Here’s why

It’s a first in, first out process for paper returns. The IRS can’t move on to returns filed in 2022 until they finish processing ones from last year.

Money

Now scammers are impersonating utility companies with caller ID

May 6, 2022May 9, 2022Susan Tompor, Detroit Free PressComments Off on Now scammers are impersonating utility companies with caller ID

Consumers who lost $375 to $700 on utility shut-off scams were told by con artists to pay via the money transfer app Zelle, which is like giving cash.

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