Posts made in June 2025

Tax Tip | How Tax Transcripts Can Help You File an Accurate Tax Return

The IRS has a few resources to help you file an error-free return. They suggest making an online account to see estimated tax payments, prior year adjusted gross income, and more.

They also offer the option to request a tax transcript online. There are five types of tax transcripts, each used for different purposes, so make sure to see which one best fits your needs. A Tax Return Transcript, for example, shows most line items from your original Form 1040. You can request a tax transcript online, by mail, or by phone.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

^{IRS.gov, December 5, 2024}

Weekly Market Insights | Conflict Fears Rattle Markets; Fed Holds Steady

Stocks were mixed during the holiday-shortened trading week as uncertainty over conflict in the Middle East weighed on investors.

The Standard & Poor’s 500 Index slipped by 0.15 percent, while the Nasdaq Composite Index rose by 0.21 percent. The Dow Jones Industrial Average was flat (+0.02 percent). The MSCI EAFE Index, which tracks developed overseas stock markets, declined 1.54 percent.^1,2

Stocks Rise, Then Slump

Stocks opened higher, and oil prices fell at the start of the week as investors hoped Middle Eastern tensions would ease.³

However, as investors parsed through updates on the conflict, stocks fell over ongoing uncertainty. Conflicting statements from those involved, as well as from world leaders, contributed to the uncertainty.⁴

Midweek, stocks rallied ahead of the Fed’s interest rate decision. Markets seemed to dismiss news that housing starts dropped unexpectedly to their lowest level in five years.

The Fed held short-term rates steady. Stocks moved up and down during the Fed Chair’s press conference before ending the trading session slightly down ahead of Thursday’s stock market holiday.⁵

Following the holiday, anxious investors refocused on geopolitical tensions and developments. As the week closed out, investors appeared to take a risk-off approach heading into the weekend.⁶

The Fed Holds Rates Steady

As expected, the Federal Reserve kept the Fed funds rate at its target range of 4.25 percent and 4.5 percent. However, the central bank did suggest it may adjust rates later this year, and policymakers expressed concerns about inflation and the outlook for gross domestic product.

Following the decision, Fed Chair Powell said policymakers are “well positioned to wait” before moving on short-term rates. Powell indicated that trade policy has clouded the inflation outlook, making policymakers concerned about consumer prices.^7,8

Footnotes and Sources

^{WSJ.com, June 20, 2025}
^{Investing.com, June 20, 2025}
^{MarketWatch.com, June 16, 2025}
^{CNBC.com, June 17, 2025}
^{WSJ.com, June 18, 2025}
^{CNBC.com, June 20, 2025}
^{MarketWatch.com, June 16, 2025}
^{WSJ.com, June 18, 2025}

Tax Tip | What to Do If You Get an Identity Theft Letter From the IRS

The IRS can scan tax returns for potential fraud, and if a tax return seems suspicious, they will flag it for further review. In these cases, the IRS will send the taxpayer a letter notifying them of potential identity theft. Because the tax return won’t be processed until you respond to the letter, following the steps outlined is essential. The letter will likely have everything you need to know.

The three different types of identity theft letters that the IRS may send out include:

A letter that asks the taxpayer to verify their identity online
A letter that asks the taxpayer to call the IRS to verify their identity
A letter that asks the taxpayer to verify their identity in person.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁸

Footnotes and Sources

^{IRS.gov, December 5, 2024}

Weekly Market Insights | Market Attention Turns to Trade and Oil

Stocks fell last week as an up-and-down mix of trade progress and anxiety, economic news, and geopolitical tensions netted out.

The Standard & Poor’s 500 Index slid 0.39 percent, while the Nasdaq Composite Index slipped 0.63 percent. The Dow Jones Industrial Average declined 1.32 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, edged down 0.18 percent.^1,2

Trade, Geopolitics Dominate Sessions

Stocks largely languished for the first half of the week as investors awaited news from U.S.-China trade talks and key inflation reports.^3,4

Sentiment began to rise late Tuesday afternoon following upbeat comments about trade talks. Most of the market gains came before the U.S. and China separately announced the trade update, with little reaction when markets opened the next day.⁴

Stocks peaked midweek, then declined despite a May report showing consumer inflation rose less than expected. Markets then trended a bit higher after a better-than-expected wholesale inflation report.⁵

Beginning Friday morning, all three averages were under pressure all day following news of an escalated conflict in the Middle East. Oil prices pushed higher on Friday on supply concerns.⁶

Brighter Notes

As the week ended with rising tensions in the Middle East, it was easy to overlook some good economic news.

First is inflation: both the Consumer Price Index (CPI) and the Producer Price Index (PPI) showed signs of cooling or holding steady. And both the CPI and PPI slightly beat expectations.

Second, consumers. Consumer sentiment jumped in May—the first such rise in six months. Economists took note, as consumer spending drives two-thirds of the U.S. economy.⁷

Footnotes and Sources

^{WSJ.com, June 13, 2025}
^{Investing.com, June 13, 2025}
^{CNBC.com, June 9, 2025}
^{WSJ.com, June 10, 2025}
^{CNBC.com, June 12, 2025}
^{CNBC.com, June 13, 2025}
^{WSJ.com, June 13, 2025}

Tax Tip | How to Check the Status of Your Federal Tax Refund

Filing taxes has become more seamless in recent years due to e-filing. It’s also easy to check the status of your refund if you anticipate one. The IRS has a tool called Where’s My Refund? where taxpayers can check the status of their refund within 24 hours of the IRS acknowledging the taxpayer’s e-filed return. You can also see a personalized refund date after the return is processed.

You can access the tool online on the IRS website or via their app. It has three phases: return received, refund approved, and refund sent. The IRS recommends setting up direct deposit to receive your refund even faster. The tool is updated once a day.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

^{IRS.gov, September 20, 2024}

Weekly Market Insights | Trade Tension Down, Economic Data Up

Stocks rallied last week as investors responded to upbeat economic data and easing trade tensions.

The Standard & Poor’s 500 Index added 1.50 percent, while the Nasdaq Composite Index rose 2.18 percent. The Dow Jones Industrial Average advanced 1.17 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, picked up 0.78 percent.^1,2

S&P 500 Closes Above 6,000 (Again)

Early in the week, markets notched steady gains as investors awaited key economic indicators and monitored ongoing trade discussions. Megacap tech names—particularly AI chipmakers—led the broader market higher, as sentiment stayed bullish on prospects for a U.S.-China trade deal.³

Midweek, however, concerns over tariffs and a notable decline in one megacap tech stock slowed overall market momentum. Recent conversations between the U.S. and Chinese leadership helped investors envision progress toward a trade deal between the two nations.^4,5

On Friday, stocks pushed higher following the release of the May jobs report, which showed an addition of 139,000 jobs, above expectations of 125,000. The S&P 500 closed above 6,000 for the first time since February—a key psychological hurdle for some market participants. And the Dow erased all its 2025 year-to-date losses.^6,7

Jobs & Trade

Amid considerable market noise, stocks pushed higher last week. Here are three takeaways:

First, the upbeat jobs report was strong enough to ease some economic concerns.
Second, the jobs report showed that the unemployment rate held steady at 4.2 percent, and wage growth increased by 3.9 percent year-over-year. These figures also helped ease slowdown fears.⁷
Last, despite some political squabbles, trade talks progressed this week, with the U.S. striking a deal with Germany while continuing to move forward with China.⁸

Footnotes and Sources

^{WSJ.com, June 6, 2025}
^{Investing.com, June 6, 2025}
^{CNBC.com, June 3, 2025}
^{CNBC.com, June 5, 2025}
^{MarketWatch.com, June 5, 2025}
^{MarketWatch.com, June 6, 2025}
^{WSJ.com, June 6, 2025}
^{MarketWatch.com, June 6, 2025}

Received A Letter From the IRS? Here’s What to Do

The IRS mails letters or notices to taxpayers for a variety of reasons, including:

You have a balance due
You are due a larger or smaller refund
The IRS has a question about their tax return
You must verify your identity
The IRS requires additional information
The IRS changed their tax return

If you receive a letter or notice from the IRS, check for any action items. If something needs attention, the IRS may provide a deadline for a response. You should also keep a copy of the letter for your tax records. Remember, all official IRS correspondence is through the mail, so there is usually no need to call the IRS.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS⁹

Footnotes and Sources

^{IRS.gov, October 7, 2024}

Weekly Market Insights | Markets Cheer U.S./E.U. Trade Talks

Stocks advanced over the short trading week, bolstered by a possible trade deal with the European Union (EU) and an upbeat corporate report from a mega-cap tech company that creates semiconductors used in the creation of artificial intelligence.

The Standard & Poor’s 500 Index rose 1.87 percent, while the Nasdaq Composite Index popped 2.01 percent. The Dow Jones Industrial Average advanced 1.60 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, inched up 0.84 percent.^1,2

EU Trades Spark Stocks

On Monday, stocks bolted out of the gate on news that the European Union agreed to speed up trade talks with the U.S. By the end of the session, the S&P 500 and Nasdaq posted gains north of 2 percent.³

Stocks fell following Wednesday’s release of minutes from the Fed meeting in May, which showed Fed officials are cautious. Some fear that trade-related economic uncertainty could increase inflation and impact the labor market.^4,5

On Friday, stocks were flat despite the White House accusing China of violating its trade deal. The S&P 500 added 6.2 percent and the Nasdaq 9.6 percent for the month, their best since November 2023.⁶

Inflation Update

The Fed’s preferred inflation measure—the Personal Consumption and Expenditures (PCE) Index—was released on Friday, showing only a modest uptick in prices in April.⁷

PCE increased 0.1 percent for the month, putting the annual rate at 2.1 percent—the lowest since September 2024.

On the Expenditures side, the report shows a higher consumer saving rate as they navigate economic uncertainty.⁸

Footnotes and Sources

^{WSJ.com, May 30, 2025}
^{Investing.com, May 30, 2025}
^{WSJ.com, May 27, 2025}
^{CNBC.com, May 28, 2025}
^{CNBC.com, May 29, 2025}
^{WSJ.com, May 30, 2025}
^{MarketWatch.com, May 30, 2025}
^{MarketWatch.com, May 30, 2025}