Episode•November 4, 2022•18 min

Credit Scores, Income Taxation, & Elon Musk: Unpacking The Latest Irs Inflation Increases & Twitter Drama | Ep. 160

Every Friday at 12 PM EST, Tiffany goes live on Facebook, Instagram, YouTube, and Twitter to review the latest financial news so you can stay in the know! In this episode, she goes over the new credit score reporting info, IRS inflation increases, how income taxes work, and the Elon/Twitter drama. 🥴 Tune in for all these details and more! Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
FHFA replacing classic FICO with more inclusive credit models
Fannie Mae and Freddie Mac will accept FICO 10T and VantageScore 4.0
New models consider rent, utilities, and telecom payments in credit history
Multi-year rollout announced Monday to provide more accurate risk assessment
2
IRS standard deduction increases for tax year 2022 due to inflation
Married filing jointly: +$800
Single and married filing separately: +$400
Head of household: +$600
Personal exemption remains at zero
3
2022 marginal tax brackets adjusted slightly upward
10% bracket: up to $10,275 single / $20,550 joint
12% bracket: $10,276–$41,775 single
22% bracket starts at $41,776 single / $83,550 joint
Top 37% bracket: over $539,900 single / $647,850 joint
4
Elon Musk completes $44 billion Twitter acquisition and immediately fires top executives
CEO, CFO, and policy chief terminated
Plans to reduce workforce size announced
EU warns Musk must still comply with European content rules

Intro

Tiffany Grant breaks down three major financial stories: credit scoring changes, IRS inflation adjustments, and Elon Musk's Twitter takeover in this Finance Friday episode.
Tiffany Grant is a financial coach and host of the Money Talk with Tiff podcast, delivering weekly market updates every Friday at 12 PM EST.

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– Opening & Agenda

Tiffany introduces the three main topics: credit score changes, IRS updates, and Elon Musk's Twitter acquisition.

– FHFA Credit Score Overhaul

The Federal Housing Finance Agency is replacing the classic FICO model with FICO 10T and VantageScore 4.0.

The new model will also take into consideration payment history, such as rent, utilities, telecom payments.

Changes will roll out over multiple years and aim to give a more accurate picture of borrower risk.

– IRS Standard Deduction & Tax Bracket Updates

For tax year 2022, standard deductions rise by $400–$800 depending on filing status.

Tiffany walks through the new marginal tax brackets and explains how to use the W-4 worksheet to avoid surprises.

The goal is really to be at like zero, not owe and not get anything.

– Elon Musk Buys Twitter

Musk closes the $44 billion deal and fires Twitter's CEO, CFO, and policy chief.

The bird is freed.

EU regulators remind Musk that European content rules still apply.

Tiffany discusses potential advertiser flight and employee culture concerns based on her HR experience with M&A.

– Closing Thoughts & Call to Action

Tiffany encourages listeners to update their W-4 and share opinions on Twitter's future.

Episode ends with usual sign-off and reminder to spend less than you make.

Resources

IRS Inflation Adjustments for Tax Year 2022article
FHFA Credit Score Model Announcementarticle

Topics

Credit ScoresIRS Tax UpdatesStandard DeductionMarginal Tax RatesElon MuskTwitter AcquisitionW-4 WithholdingFHFAFICO 10TVantageScore