April 2nd topics for Your Safe Money Show

 I am Robin Riley producer of Your Safe Money Show and your host is Todd Sjoberg. For our Saturday April 2nd show: medical bills can cause problems with people’s credit reports when they don’t get paid, but that’s about to change and Todd will go into detail about that. There are major home components like your furnace, roof, ect. We’ll look at how long you can expect those to last. And there have been myths surrounding Social Security and Todd will debunk those as well. Listen at 8 a.m. at Nice 95.5 FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Shrinkflation

 I heard a term this week that I don’t remember hearing before and it’s “shrinkflation.” Shrinkflation is when a company reduces the contents of their packaging. For example, a canister that used to contain 16 ounces of coffee may now have just 14 ounces; 300 sheets of toilet paper may have fallen to 275 sheets. The consumer ultimately pays more money for this “shrinkflation,” since they pay the same price for a lesser amount. But they may not notice without reading the fine print on packaging. I don’t want to say they’re trying to deceive us as consumers but we need to be aware, so we know what we’re actually getting at the store. Product downsizing isn’t new — U.S. companies have used the tactic for decades. Shrinkflation tends to come in cycles, though, and it’s cropped up more regularly over the last several months. Recently, packages of a certain brand of raisins dropped by about 2.5 ounces in weight, while another company has reduced the size of its rolls of toilet paper. Trims have also been made by certain brands of yogurt, body wash, soap and cookies. Companies have had to deal with rising prices too and “shrinkflation” is one way to help them. Consumers can fight shrinkflation by looking at a product’s “unit pricing” at the store. This shows the cost per ounce or other unit of measure, that way you can compare costs. And just another tip buying the store brand over the brand name can help you save at the store as well.

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March 26th Your Safe Money Show highlights

 I am Robin Riley and here's what Todd and I have been working on for this Saturday's (March 26th) Your Safe Money Show. If you retire but then decide you want to rejoin the workforce, Todd will explain how to handle your Medicare. Understanding how the recent Fed rate hike affects you as a borrower, saver, homeowner is important. We’ll get into that. And once you have a My Social security account online there is a lot you can do for yourself. 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.

Another 2022 tax change to be aware of

 Here's another tax update. Starting with the 2022 tax year, third-party payment settlement networks (e.g., PayPal and Venmo) will send you a Form 1099-K if you are paid over $600 during the year for goods or services, regardless of the number of transactions. Previously, the form was only sent if you received over $20,000 in gross payments and participated in more than 200 transactions. The gross amount of a payment doesn't include any adjustments for credits, cash equivalents, discount amounts, fees, refunded amounts, or any other amounts.

This change to the reporting threshold means more people than ever will get a 1099-K form next year that they will use when filling out their income tax returns for the 2022 tax year. However, remember that 1099-K reporting is only for money received for goods and services. It doesn't apply to payments from family and friends. If you have questions go to yoursafemoneyshow.com.

Top Tier gas benefits

 On last weeks "Your Safe Money Show" I had tips on how to save on gas and I invite you to go to yoursafemoneyshow.com to hear the show, but one way to help your vehicle out is to use “Top Tier” gas. I guess I never really paid attention to this but if a station has “top tier” gas it will say so right on the pump and the simple definition is it has more detergents in it to help clean your engine. By law, all gas has to have some detergents in it, but Top Tier gas has more. According to an automotive service manager, ``The manufacturer recommends things like Top Tier gas for a reason”. “Just as there is a reason why doctors recommend a healthy diet, regularly using quality fuel can make the difference in how your engine performs over time.” The difference is real: In 2016, AAA had an independent engine testing lab look at how Top Tier fuel affects carbon buildup and deposits on the intake valves—which can result in a rough idle, acceleration hesitation, knocking/pinging, and reduced fuel economy. The results showed that on average, non-Top Tier gasoline had 19 times more carbon deposits on injectors, on intake valves, and in the combustion chamber than Top Tier gasoline. And according to Consumer Reports: One way you can definitely save money: If your car says it “recommends” premium gas but doesn’t require it, you can switch to regular. Their tests found no differences in performance or fuel economy between the two. And if a retailer sells Top Tier fuel, all octane grades from regular to premium gasoline and diesel must adhere to the Top Tier standards. So, it is not necessary for drivers to upgrade to premium to gain the cleansing benefits.

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Your Safe Money Show topics for March 19th

 Here's our topics for Your Safe Money Show for Saturday March 19th : we all know we're paying more for gas, so we'll have tips to help you get more miles out of a tank of gas. Inflation is rising and because we're spending more, we’ll look at ways to adjust your budget. And Todd loves to help you with your finances, and he’ll have quick financial fixes that are fairly easy for you to start using right now. Listen at 8 a.m. on Saturdays at Nice 95.5 FM KBEK. They stream live at kbek.com. Hear recent shows at our podcast page at yoursafemoneyshow.com.

Another 2022 tax change

 Another tax change for 2022 is the standard deduction amounts they were increased for 2022 to account for inflation. Married couples get $25,900 ($25,100 for 2021), plus $1,400 for each spouse age 65 or older ($1,350 for 2021). Singles can claim a $12,950 standard deduction ($12,550 for 2021) — $14,700 if they're at least 65 years old ($14,250 for 2021). Head-of-household filers get $19,400 for their standard deduction ($18,800 for 2021), plus an additional $1,750 once they reach age 65 ($1,700 for 2021). Blind people can tack on an extra $1,400 to their standard deduction ($1,350 for 2021). That jumps to $1,750 if they're unmarried and not a surviving spouse ($1,700 for 2021).

Taxpayer Experience Office

 In the news this week the IRS unveiled a new Taxpayer Experience Office as part of a long-term plan to improve customer service issues. The office will focus on “all aspects of taxpayer transactions,” working closely with the Taxpayer Advocate Service, which is an independent organization within the IRS. Taxpayers may see near-term boosts to customer call back, payment options, two-way messaging and multilingual services. The announcement comes during a time when the IRS is behind, still grappling with a backlog of millions of unprocessed returns from the 2020 tax year. However, advocates say the IRS needs sustained, long-term funding to improve technology and customer service issues. The office was proposed in a 2021 report to Congress, calling for more than 100 different programs and tools, including increased account access, more e-file and payment options, digital signatures, secure two-way messaging and more. A National Taxpayer Advocate in testimony before the House Ways and Means Oversight Subcommittee, said “To meet basic taxpayer service needs, the IRS requires additional funding in its taxpayer services account to improve return processing, correspondence processing and telephone service”. So there’s more work to be done and we’ll keep you updated. Everyone is aware that the IRS needs help to meet the needs of taxpayers and hopefully this “Taxpayer Experience Office” makes a difference, time will tell.

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March 12th Your Safe Money Show topics

 Coming up on this Saturday's (March 12th) edition of Your Safe Money Show. Understanding Social Security and Medicare is so important, we'll have a retirement quiz and you can see how much you know. Also medical debt can cause long term issues with your finances, I'll explain what you can do to help yourself if this becomes an issue. Also if you are planning on remarrying before you tie the knot there are considerations to keep in mind. Listen at Nice 95.5FM KBEK at 8 a.m. Saturday's. They stream live at kbek.com. Hear recent shows at our podcast page at yoursafemoneyshow.com.

2022 tax changes

 Although you may still be focused on filing your 2021 tax return, it's never too early to start thinking about next year's return. Proper tax planning requires an awareness of what's new and changed from last year — and there are plenty of tax law changes and updates taking effect in 2022 that you need to know about. One example of changes is Americans were thrilled last March to hear they were getting a third stimulus check in 2021. Those checks were for up to $1,400, plus an additional $1,400 for each dependent in your family. (Use our Third Stimulus Check Calculator to see you how much money you should have gotten.) But some people who were eligible for a third-round stimulus check didn't receive a payment or got less than what they should have received. For those people, relief was available in the form of a 2021 tax credit known as the recovery rebate credit. However, there are no stimulus check payments in 2022. As a result, there is no recovery rebate credit for the 2022 tax year.

Longevity

 Several years ago, we did a show talking about the island of Sardinia in Italy and it’s an area of the world where people live long lives. The town has 1765 people, and the municipality has an unusual distinction as the home of 10 people over the age of 100 as several residents celebrated their birthdays in February. Sardinia has been identified as one of the 5 places in the world with the highest concentration of centenarians, with 33.6 people over the age of 100 for every 100,000 residents. Numbers don’t lie, as I recall they drink a red wine that’s produced in the area, plus their diet and exercise, and no doubt their very DNA all contributes to their longevity. When I work with clients and we’re formulating a retirement plan absolutely we look at longevity in their family tree. Because if you retire at say 65 and live to 100 or longer that requires enough income to last all the way through. I have strategies that can help provide lifetime income. Call 320-679-5183 for more details or go to yoursafemoneyshow.com.

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Topics for March 5th Your Safe Money Show

 I am Robin Riley Todd's producer of Your Safe Money Show. For our show Saturday (March 5th) Todd will have how long to keep tax records and other documents, it seems we’re never sure what to do there. Also, in retirement we have what’s called the “Go-Go” years, how much money can you spend and still be okay? Plus, he’ll cover the red flags that could trigger a tax audit, so you can avoid those.

Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com.

Hear recent shows at our podcast page at yoursafemoneyshow.com.

Will your income last?

 

IRS refund status

The IRS has issued over 22 million tax refunds worth more than $78 billion, the agency reported Friday. As of Feb. 18, the average refund was $3,536, over $700 higher than last year’s payment of $2,815, as reported through Dec. 3. You can check your refund status with the “Where’s My Refund?” online tool or through the IRS2Go app. Go to irs.gov for more information.