New 1099 Rules for Freelancers, Class Action Deadlines, and Who Pays a Parent's Debt

I'm dealing with a head cold today, so forgive the voice, but we've got a full show for you. Mortgage rates just hit 6.71%, the highest in over a year, and I'll walk you through what that actually does to your buying power. We also dig into why your regular savings account might be handing the bank $573 a year that could've been yours, what an IRS CP2000 notice really means (spoiler: it's not an audit), and whether you're on the hook for a parent's credit card debt after they pass away. Plus a new 1099 rule that's going to confuse a lot of freelancers, three class action settlements closing out this month, and this week's money move to protect your phone number from getting hijacked.I'm Ralph Estep Jr., a licensed public accountant with 30 years in the business, and I'm joined by my cohost Juliet. We're live every Monday through Friday from 11:30 AM to 12:30 PM Eastern on Becoming Financially Confident.Here's what we got into today:Three class action settlements with September deadlines, including one that pays out for a cookware brand without a receiptMortgage rates climbed to 6.71%, and I explain why I don't think we're heading back into the 4 and 5 percent range anytime soonThe 1099 threshold jumped from $600 to $2,000, which sounds like good news for business owners but could trip up a lot of gig workers come tax seasonDana in Ohio has $15,000 parked at 0.4% interest. I broke down the math on high-yield savings versus CDs and showed her how to build a CD ladderMarcus in Pennsylvania got a CP2000 notice for $3,200. I walked through exactly what that letter is asking for and why it's not the audit he thought it wasYvonne in Michigan is getting collection calls over her late mother's credit card debt, even though she was only an authorized user, not a joint account holderThis week's money move: lock down your phone number with a carrier PIN before someone else does. I had someone try to hijack mine, so I speak from experience on this oneGot a money question? Send it to me at becomingfinanciallyconfident.com.Want to watch or listen live? We're on weekdays from 11:30 AM to 12:30 PM Eastern at becomingfinanciallyconfident.com/live.Have a great week, everybody.Mentioned in this episode:becomingfinanciallyconfident.com/quickenbecomingfinanciallyconfident.com/stamps becomingfinanciallyconfident.com/ezwillFollow us on our socials:LinkedInFacebook GroupInstagramSkool CommunityCompanies mentioned in this episode:IroncladGoogle PlayO'Reilly Auto PartsQuicken SimplifiStamps.comEZ Will and TrustDisneyFidelityVerizonVenmoCash AppIRS Taxpayer Advocate ServiceConsumer Financial Protection Bureau (CFPB)