No kidding. And then there are the temporary tax deductions (e.g., tips, overtime, senior bonus, and car loan interest), which are in effect for 2025-2028.
The IRS headcount hovered around 75K employees from 2015 to 2020. Then increased to 103K employees by Jan 2025. The recent IRS workforce reductions decreased the headcount by 26% to about 76K employees, back to previous levels. AI, technology updates, and simplifying the tax code could help with work efficiency. For example, increasing the standard deduction in 2017 resulted in the percentage of taxpayers itemizing decreasing from 30% to the current 10%.
I recall that Medicare Supplement Plan Hg has similar benefits as Medicare Supplement Plan G, but with a high deductible. Generally, the high deductible is ~$2,800/year. You pay the first $2,800 (or whatever your high deductible is) before the plan starts covering your healthcare costs. Do you know what your high deductible is?
The accuracy of prior reports has been a concern as well...In August 2024, "the Labor Department said monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent." CNBC reported this was the largest adjustment since 2009. https://www.nytimes.com/2024/08/21/business/economy/us-jobs-economy.html#:~:text=The%20large%20size%20of%20the,revised%20up%20instead%20of%20down.
Thank you for sharing this article. I'm impressed by what you've accomplished so far and your perspective. Your emphasis on a strong work ethic and delivering value will make a positive impression in an interview. I got laid off (with two months' notice) when my company filed for bankruptcy. My first task was to schedule doctor, dental, and vision appointments while I was still on the company policy and, of course, decide on a healthcare plan. FYI, if you have an HSA, you can reimburse yourself for past out-of-pocket medical expenses as long as the expenses were incurred after your HSA was established. I'm trying to think of additional financial moves...we increased our home deductible, which saves us $400/year. And we went on the budget plan for electric, which smooths out the payments over the summer months when A/C costs are high. I signed up for a resume class offered by the unemployment office and was impressed by how helpful it was. The instructor even offered to review and critique my resume. I used AI to give me ideas to improve my resume. Just type in "give me bullet points for this job description" and then copy in the job description. I also used it to help refine my cover letter. The unemployment office also offered classes on interview techniques. From a support standpoint, it was helpful for me to call or meet with co-workers (who were also laid off) for coffee. In addition to a few much needed laughs, we exchanged ideas and networking tips. In fact, I got a job through a tip from a co-worker at a previous company. I agree, you'll get a job sooner than later. All the best!
Comments
Thanks, Howard, for sharing your 3-month experience. My husband and I were wondering how it worked.
Post: Free Lunch?
Link to comment from August 11, 2025
No kidding. And then there are the temporary tax deductions (e.g., tips, overtime, senior bonus, and car loan interest), which are in effect for 2025-2028.
Post: Smart Move?
Link to comment from August 11, 2025
The IRS headcount hovered around 75K employees from 2015 to 2020. Then increased to 103K employees by Jan 2025. The recent IRS workforce reductions decreased the headcount by 26% to about 76K employees, back to previous levels. AI, technology updates, and simplifying the tax code could help with work efficiency. For example, increasing the standard deduction in 2017 resulted in the percentage of taxpayers itemizing decreasing from 30% to the current 10%.
Post: Smart Move?
Link to comment from August 10, 2025
Well done! I sent your article to our 'kids'. You explained it better than I could for sure!
Post: When an Index Fund Is Not an Index Fund
Link to comment from August 3, 2025
I recall that Medicare Supplement Plan Hg has similar benefits as Medicare Supplement Plan G, but with a high deductible. Generally, the high deductible is ~$2,800/year. You pay the first $2,800 (or whatever your high deductible is) before the plan starts covering your healthcare costs. Do you know what your high deductible is?
Post: Seeking Input on Medicare Supplement Carriers
Link to comment from August 3, 2025
The accuracy of prior reports has been a concern as well...In August 2024, "the Labor Department said monthly payroll figures overstated job growth by roughly 818,000 in the 12 months that ended in March. That suggests employers added about 174,000 jobs per month during that period, down from the previously reported pace of about 242,000 jobs — a downward revision of about 28 percent." CNBC reported this was the largest adjustment since 2009. https://www.nytimes.com/2024/08/21/business/economy/us-jobs-economy.html#:~:text=The%20large%20size%20of%20the,revised%20up%20instead%20of%20down.
Post: Should I Be Concerned?
Link to comment from August 3, 2025
I've always looked at it as a three-legged stool - hard work, opportunity, and a little luck.
Post: Don’t Discount Luck
Link to comment from July 24, 2025
My dad used to say "the harder I work, the luckier I get". I also like the saying, "luck is when preparation meets opportunity".
Post: Don’t Discount Luck
Link to comment from July 24, 2025
Thanks for clarifying that it's 6% per person and providing the example. Appreciate all the work in your article!
Post: New Bonus Senior Deduction Impact
Link to comment from July 17, 2025
Thank you for sharing this article. I'm impressed by what you've accomplished so far and your perspective. Your emphasis on a strong work ethic and delivering value will make a positive impression in an interview. I got laid off (with two months' notice) when my company filed for bankruptcy. My first task was to schedule doctor, dental, and vision appointments while I was still on the company policy and, of course, decide on a healthcare plan. FYI, if you have an HSA, you can reimburse yourself for past out-of-pocket medical expenses as long as the expenses were incurred after your HSA was established. I'm trying to think of additional financial moves...we increased our home deductible, which saves us $400/year. And we went on the budget plan for electric, which smooths out the payments over the summer months when A/C costs are high. I signed up for a resume class offered by the unemployment office and was impressed by how helpful it was. The instructor even offered to review and critique my resume. I used AI to give me ideas to improve my resume. Just type in "give me bullet points for this job description" and then copy in the job description. I also used it to help refine my cover letter. The unemployment office also offered classes on interview techniques. From a support standpoint, it was helpful for me to call or meet with co-workers (who were also laid off) for coffee. In addition to a few much needed laughs, we exchanged ideas and networking tips. In fact, I got a job through a tip from a co-worker at a previous company. I agree, you'll get a job sooner than later. All the best!
Post: Conserving Cash
Link to comment from July 13, 2025