The Daily Valet. - 1/24/22, Monday

✔️ Are You Ready for a Return?

January 24, 2022

Monday, January 24th Edition

Cory Ohlendorf, Editor in Chief of Valet.

I wish I were, but I know I will not be filing my taxes early. How about you?

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s edition is presented by

Today’s Big Story

Tax Season Is Open Today

What you need to know about stimulus payments, Venmo earnings, special letters and selfies IDs

The tax filing season officially kicks off today—17 days earlier than last year. And the Internal Revenue Service is bracing us for smaller returns and longer wait times this year.

An IRS worker shortage, an enormous workload from administering pandemic-related programs and stalled legislation that would have given the agency billions of dollars to expeditiously process returns will combine to cause taxpayers pain this filing season.

“The IRS right now has unacceptable backlogs and the customer service that people are receiving is not what the American public deserves,” White House press secretary Jen Psaki acknowledged Friday. “The agency has not been equipped with the resources to adequately serve taxpayers in normal times, let alone during a pandemic.”

Of course, IRS letters may not be the most exciting mail, but you will definitely want to keep your eyes peeled for Letter 6419 (for the child tax credit) and 6475 (for the third stimulus payment).

You should also know that new income-reporting laws mean third-party payment processors (like PayPal and Venmo) are required to report payments received for goods and services of $600 or more a year. So that side hustle or the Airbnb payments will likely need to be reported on your return.

And new security measures call for the addition of a personal photo. Starting this summer, taxpayers wanting to access their online accounts on IRS.gov will be required to take a selfie and verify their identity with ID.me. Existing online accounts with IRS.gov, which require only an email and password to access, will no longer work as of the middle of 2022, the agency says.

↦ Dig DeePER: You might want these IRS tips for the fastest ways to receive your tax refund.

How Do You Feel About “America”?

72% of those polled think the U.S. is moving in “wrong direction”

Today in very Monday morning kind of news: A new poll by NBC News illustrates the nation's sour mood right now.

Democratic pollster Jeff Horwitt put it this way: “Downhill, divided, doubting democracy, falling behind, and tuning out—this is how Americans are feeling as they're heading into 2022.”

72% of Americans polled believe the country is headed in the “wrong direction,” while 60% of people believe that their income is falling behind the cost of living. 76% of all citizens polled said they felt that American democracy is under threat and feared partisan divisions will continue to grow. (In contrast, when that same question was asked in 2010, 50% answered that the U.S. always comes together.)

On the other hand, “there is a negativity bias” in the media, Oliver Darcy said last night on CNN. While the impact of inflation is a serious issue, Catherine Rampell says, it shouldn't crowd out all of the “positive news” about other aspects of the current economy.

↦ FYI: This is the sixth time that 70% or more people have said the nation is on the wrong track—having hit that mark in 1992, 2008 and 2016.

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A Delaware-Sized Iceberg Has Melted

And it dumped about a trillion tons of freshwater in the ocean

After the world's largest iceberg snapped off the Antarctic Peninsula in 2017, it started drifting into the South Atlantic Ocean, shedding an unfathomable amount of meltwater into the sea.

According to researchers, the “megaberg” has melted into the equivalent of 61 million Olympic-sized swimming pools. What does that mean, really? Well, the illustration above visualizes the mass towering over the island of Manhattan.

Now, a new study of the doomed iceberg reveals just how that could impact the ecosystem for generations to come. It used data from five different satellite missions to chart the changes in the iceberg's area and thickness over time.

Along with rising sea levels, a melting/drifting iceberg can damage ecosystems in various ways—from scraping the seabed (this one apparently didn't), to blocking wildlife routes and releasing huge amounts of freshwater and nutrients into the salty ocean water. This will have widespread impacts up the local food chain, researchers said—though whether that will be a positive or negative in the long-term is yet to be seen.

↦ Meanwhile: A photographer found a pack of polar bears that took over abandoned buildings on an island.

Workshopping a Uniform

A menswear designer on taking chances and tweaking your style

There's something about a uniform. It's an introduction as well as a security blanket. It's also a “rig” (what Ralph Lauren alum like Fred Castleberry call an outfit). We asked the dapper menswear designer to explain the process for today's installment of “31 Days”.

At best, rigging is an unrecognized art form. At worst, it's one less series of decisions to make at the beginning of your day. A uniform, as loose as it may be, is integral in shaping one's personal style or ... persona. Over time, it defines how you look. Consistency is key. If you always wear a uniform, you make a statement.

After all, most creative efforts require some iteration of workshopping. A script, a recipe, and a uniform is no exception. But how often do we try something out and later forfeit at the conclusion that it doesn't look quite right or make us feel like the best version of ourselves?

The important thing is to start. You don't have to get it right the first time. In fact, you won't get it right the first time. Or the second time or perhaps even the third. But you will ... and you'll be glad you did.

↦ Read: Workshopping a uniform

In Other News

↦ State Department Orders Families of Embassy Staff to Leave Ukraine

↦ The Frustrating COVID-19 Test Reimbursement Process Is a Microcosm of U.S. Health Care

↦ Dun, Dun Duuun! Where Did Pop Culture’s Most Dramatic Sound Come From?

Other Things We’re Talking About Today

Aaron Rodgers

The best Wordle starting word

Remembering what you read

Partner

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Expert guidance is the key between good returns and great returns

As we stated before, investing is an effective way to put your money to work and potentially build wealth. Smart investing gives your money a chance to outpace inflation and really increase in value. Of course, if you really want to grow your wealth, you need to put your money in a place where it can earn the highest rate of return. That's basically Investing 101.

And what's great about the market is that you don't always have to invest a huge amount to see big returns. But it would be helpful to have the right intel in order to make savvy choices about where to invest. That's what The Motley Fool specializes in. Their stellar track record has resulted in millions of individual investors around the world now trusting their guidance.

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So what is the team seeing today that might be the next big world-changing trend? 5G. Sure, you could invest in Apple. But there might be an even more lucrative way to play the coming iPhone supercycle. The Motley Fool's analysts have identified a tiny American company (1/500th the size of Apple) that could be perfectly positioned for the coming iPhone supercycle. A thousand dollars would buy you a lot more stock and thus offer way more bang for your buck.

Yes, there's still risk involved, but like we said, The Motley Fool has a history of picking these trends before they get big. Netflix, Amazon, Booking Holdings and Walt Disney were all former picks. And if you'd invested your $1,000 in each of those companies when the Stock Advisor recommended them, you'd be sitting on $695,615* right now.

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* Returns as of 1/14/22. Note that past performance is not a guarantee of future results. Individual investment results may vary. All investing involves risk of loss.

What We’re Eyeing

↑ Air filters are great for your home, but not always great for your interiors. And while some traditional filters can get the job done, they can't be recycled—resulting in over 6,000 tons of HEPA filters getting added to our landfills each year. This handsome alternative ($415) utilizes natural materials like lichen, coconut, carbon and silk to filter the air. The filters themselves are plastic free and degrade into harmless soil in a matter of months. What's more, it looks more like a modern terrarium than an appliance.

↦ Want more? 5 stylish items to buy this week