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Overdraft fees

 According to a recent Bankrate study, the average overdraft fee is a whopping $33.58. Banks have historically relied on the fees as a major source of revenue, but making overdraft policies more consumer friendly is a big trend in banking right now. Banks have been feeling the pressure from consumers and government officials to get rid of the fees. The Consumer Financial Protection Bureau is currently drafting rules outlining when a lender can charge an overdraft fee and will heavily scrutinize firms that rely on such charges. there's speculation that more big banks will get rid of the fees, while smaller banks and credit unions will modify existing policies. Smaller banks typically need to charge such fees to stay profitable. Meanwhile, if you overdraw your account, call your bank as soon as you notice. It may be willing to waive the fee if you haven’t overdrawn your account before.

Freezing your credit

 Let’s talk about “freezing your credit”. It is one of the best ways to keep thieves from opening new accounts in your name. Not so long ago, a credit freeze was a tool usually reserved for people who had suffered identity theft. But as data breaches have piled up, the freeze has become more widely recognized as the most effective way to protect your credit, even if a thief hasn't yet made fraudulent use of your personal information. The reason: When you place a credit freeze (also known as a security freeze) on your credit reports, new creditors can't review them to judge whether you're eligible for a credit card or loan -- and in turn, lenders are unlikely to grant credit to fraudsters posing as you. When you need to shop for credit, you can temporarily lift the freeze. To set up a credit freeze, take these three steps.1. Gather your information. At a minimum, you'll have to supply identifying information such as your Social Security number, birth date and address. If you haven't lived at your current home for more than a couple of years, you may need to have your previous address on hand, too. Depending on the credit agency, you may need to set up a PIN that you'll use to confirm your identity when you want to temporarily lift or permanently remove the freeze. 2. Contact each credit agency. Equifax, Experian, and TransUnion, their contact information is online or contact Robin she has their addresses, phone numbers and links to websites. 3. Save your PINs and passwords and keep them in a safe place. Call 320-679-5183 or go to yoursafemoneyshow.com.

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January 22nd Your Safe Money Show topics

 Here's what we're planning for this Saturday's (January 22nd) Your Safe Money Show. As tax time is at hand we'll look into what tax credits you may qualify for. Speaking of taxes, you can help your retirement plan by contributing to an IRA and drop your taxable income, we'll also cover how to do that. And we'll look at ways to have the best money year ever. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

IRS information

 The IRS is urging Americans to file their 2021 tax returns online and as soon as possible to avoid delays in processing and receiving refunds. The IRS anticipates that most taxpayers who file electronically, choose direct deposit and have no issues with their tax return will receive their refund within 21 days. It is sending out letters in January that should be used to accurately prepare returns. The agency reiterated that there are no plans to extend the filing deadline of April 18. It also announced it will start to accept 2021 tax returns on Jan. 24. To avoid delays they recommend you have all applicable letters from the IRS before submitting your return, filing electronically with direct deposit, and avoiding a paper tax return.

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Closed January 17th

  Sjoberg & Holmstrom Financial Services will be closed no Monday January 17th in recognition of Martin Luther King Jr Day. You can leave messages at 320-679-5183.

Your Safe Money Show topics for January 15th

 Coming up on this weeks edition (Saturday January 15th) of Your Safe Money Show. I'll catch you up on filing dates for income taxes, and how the IRS is sending out letters about stimulus checks you need to be aware of. Medicare Part B went up and now there’s a chance the government might scale back that increase. Plus, we’ll look at car prices, new and used and how to stop procrastinating about your retirement plans. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Color of Money

 Having a financial plan is so important and one way to gather information for that plan is by understanding how much "risk" you can handle with your investments. Go to yoursafemoneyshow.com at our home page and click on our Color of Money risk analysis tool. This can help you understand your risk tolerance as you prepare a financial plan. For a no cost, no obligation appointment call 320-679-5183.

Child tax credit information

 I have an important notice for families if you received the enhanced child tax credit last year. The monthly payments that were sent to millions of families with eligible children from July to December only accounted for half of the credit. Now, those who got the money need to show what they received to make sure they get the second half in their 2021 tax refund. The IRS has begun sending letters to families that show the total amount of advance payments they received. The agency will continue to send out the form, called Letter 6419, to families through the end of January. Families should hold onto the letter and use it to correctly reconcile the child tax credit when they file their 2021 taxes. “If you don’t make that reconciliation, they’re going to hold your refund until you do that,”. It’s important that all families with eligible children file their taxes this year. Because the enhanced child tax credit was made fully refundable for 2021, families with eligible children may get a refund even if they do not owe any taxes for the year. It could amount to thousands of dollars. The enhanced child tax credit is $3,000 for children 6 to 17 and $3,600 for those under the age of 6 in 2021 for those receiving the full credit. Whether you do your own taxes or have a tax preparer help you be aware of this since it is a change from 2020 taxes.

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Your Safe Money Show highlights for January 8th

 Coming up on this Saturday's (January 8th) Your Safe Money Show. We'll look at the top 8 retirement dreams people look forward to. Also there's money moves to make in the decade before you retire we'll go into detail on that and how do you protect your hidden retirement asset if you want to retire early. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the website podcast page at yoursafemoneyshow.com.

IRA contribution limits for 2022

 The maximum amount you can contribute to a traditional IRA for 2022 is $6,000 if you're younger than age 50. Workers age 50 and older can add an extra $1,000 per year as a "catch-up" contribution, bringing the maximum IRA contribution to $7,000. You must have earnings from work to contribute to an IRA, and you can't put more into the account than you earned.

Your 2022 IRA contributions may also be tax-deductible. If you—and your spouse, if married—don't have a retirement plan at work such as a 401(k), you can deduct the full contribution to your traditional IRA on your tax return no matter how much you earn. You have until the federal tax filing deadline to make your IRA

contribution for the previous year. If you have questions call 320-679-5183 or go to yoursafemoneyshow.com.

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