> My mom is over 60

So the big decision you/she will have to make is when to claim her social security benefits and/or her survivor benefits. She can claim as soon as 60 and as late as 70. The longer she waits the higher the monthly payment is. She also can claim one, then switch to the other. It will depend on how much she has earned over her career versus him, and how much money she has saved up otherwise for what makes the most sense. You'll want to do a bit of research before making a decision because it is generally irrevocable once you decide to claim benefits, so don't rush into it too quickly. (Unless she is over 67, then file the claim for survivor benefits now) There are some good calculators online that can help.

That makes sense too. My brain is on the ADHD side so being able to visually see the savings and slide money to it immediately is what's appealing to me knowing how my brain works

Georgia is not that much colder then Florida. Yes the occasionally get some ice but that's rare. Toyota Corolla's are generally considered reliable, and without a ton of financial details here it doesn't sound like it would be a great idea to buy a car at the moment. Don't use the move to try and justify a new car that you want because of hills and cold.

I also don't buy the same car is $5-10k less expensive over a state line. You are missing something or the people advertising these prices won't actually sell for that price. If the price is true when the time comes to get the car you drive to get it for that much savings. I have done multistate road trips to get cars before, it can be fun.

How is your business "being punished"?

I know ally won't be some crazy high amount. Given current rates it would result in a 1099-int but not a big enough number to be wowed if that makes sense.

Sounds like may as well just keep my money in the same place

Even getting food from your local food bank can help cut down on some of the cost.

The obvious answer is to make more money, but if you’re going to try and live on £25k/yr with two kids, you’ll need to tighten up your spend. Can you get rid of TV services since your kids have internet? Can you get a cheaper plan for your mobile? All these cost reductions do add up significantly and may get you out of the red.

Income is income. Any money in excess of earnings will pass through to you and will add to your W2 income. That will determine your tax rate.

The subaru is on a 2.9% apr (owe 24k), a kubota tractor that I use to maintain a couple of properties on a 0% apr (owe 26k) I also have a mortage on my current business location at 6% interest which I only owe 10k on and a 5 acre property that I purchased for 250k back in 2020 that is now valued and been receiving offers for at 425k at 5.9% that I owe 60k on.

I finance when I can at low interest rates to keep cashflow in case the business needs cash injections. I save the rest of my income per month which greatly varies depending on activies I do.

What? No. You can totally talk to the IRS, and should, as they're the ones who know your situation. It looks like Optima is a tax service? You might owe them money for working with you, but they have no other power over you. All they are is a middle man that you were never under any obligation to use in the first place. If it were me, I'd figure out how to dump them and deal directly with the IRS.

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No i don't intend to invest it. Just keep it there for any Helath care uses.

Thank you guys for your help. Much appreciated!

Do the math on how much you really will make at Ally vs Chase (based on how long you expect to keep money there and how much money you will be keeping on deposit). That will give you a fairly solid number with which you can decide if it is worth the convenience of having everything at Chase vs the extra money you would get at Ally.

Thanks for the response. Yes, we will file jointly. The question is whether I account for her deductions (which are considerable but this drops my net income by a noticable amount). I was hoping then to take the deductions on my taxes and still apply for a mortgage solo using my net income only. Excluding her deductions this year.

Calculate how much monthly/annual interest you would make in a high yield account and then compare that price to the convenience of instant transfers.

Thank you for the info and especially the link. The energy and time is pretty low but the page seems to answer the questions.

- I'm not 100% sure he was receiving benefits.

- My mom is over 60

- No one is under 19

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Maintenance is the key, not hills and cold. Example: I sent my son to Pittsburgh (cold and hills!) for school and work - in an '06 Honda Element that recently went past 250K miles. The vehicle is doing fine; no plans to replace it. What's really wrong with the Corolla that isn't worth fixing? I see Corollas in my area - with about 200K miles - listed for sale for $2K to $5K. Take a closer look; a transmission repair could actually be worth it.

If he made about $80k per year, that would be about $6k in federal income tax and $12,000 in self employment (FICA; medicare/social security) taxes. So if that is about his income it sounds right. If he never filed then interest and penalties could be a significant part of the $20k, so you could owe that much even with significantly less income.

This post is better suited for the weekday or weekend thread (please wait until Friday afternoon if the Tax Thursday thread is the current sticky). If that link doesn't work, it's the second post from the top on /r/personalfinance.

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No that’s completely wrong. It is fine to talk to the IRS directly. You do not need to pay someone to talk to them for you.

The IRS cares about getting its money at some point and they are actually quite flexible about payment plans.

That's good to know, thanks. I had no idea where to turn but it makes sense that the process would be automatic once the death certificate is processed. We've reviewed a death certificate and are expecting copies of it in the coming weeks.

I guess my question for me is how important is instant transfers over better interest rates then?

What's best way to determine if it's worth it

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Sorry, minimize is correct. Losses are the crops. These are expenses. They shift my net income by over 10k.