This Week’s Money Map:

• 🏦 The IRS is holding $1.2 billion. Is some of it yours?

• 🚗 Gas just hit $4 a gallon. Is it finally time to go electric?

• 💵 Insurance-related tax deductions people commonly overlook

• 🎡 Your credit cards are hiding free museum tickets and theme park deals

🏦 The IRS is holding $1.2 billion. Is some of it yours?

The clock is ticking. April 15, 2026, is not just your tax deadline. It's also the last day to claim refunds from 2022. After that date, unclaimed money becomes property of the U.S. Treasury. Gone forever.

The IRS says 1.3 million Americans have unclaimed refunds averaging $686 each. That number does not include tax credits. Some people are owed thousands.

Check for forgotten refunds first
If you did not file a 2022 tax return, you may have money waiting for you. The median unclaimed refund is $686, but taxpayers in Massachusetts average $786. New York averages $757.

Here is what many people forget. Tax credits from 2022 still apply. The Earned Income Tax Credit was worth up to $6,935 that year. The Child Tax Credit totaled $1,500 per child. You cannot claim these unless you file.

To get your refund, you need to file a 2022 return by April 15, 2026. You will need your W-2s and 1099s from that year. Missing documents? Request a free wage and income transcript from the IRS website. Use the correct 2022 tax forms from the IRS archive.

Free filing options to use now
You do not need to pay for tax software. IRS Free File covers taxpayers with adjusted gross income of $89,000 or less. Eight trusted partners offer free federal filing this year. Some include free state returns, too.

The VITA program provides free in-person help at community centers and libraries. This service handles current and back tax returns.

One important change this year. The IRS stopped issuing paper refund checks in September 2025. You need a bank account for direct deposit. Most refunds arrive within 21 days of e-filing.

Your refund is a chance to get ahead
What you do with your tax refund matters. Consider reviewing your home insurance before spending your refund elsewhere. Premiums rose 24% between 2021 and 2024. Many homeowners are underinsured without realizing it. A refund is the perfect opportunity to increase coverage or shop for better rates. 

Your April to-do list
File your 2025 return by April 15 to avoid penalties. File your 2022 return by April 15 to claim old refunds. Request a free IRS transcript if you are missing documents. Check whether itemizing beats your standard deduction. Set up direct deposit to receive your refund faster.

🚗 Gas just hit $4 a gallon. Is it finally time to go electric?

With pump prices topping $4 nationally for the first time since 2022, the math on switching to an EV looks more tempting by the day. California drivers are paying nearly $6 a gallon. Even in cheaper states like Oklahoma and Kansas, prices crossed $3.25 this week. But before you trade in your gas guzzler, know what you are actually signing up for.

Insurance will sting more than you expect
EV insurance runs 15 to 50 percent higher than comparable gas vehicles. The national average for EV coverage is around $4,000 annually, compared to $2,700 for gas cars.

The premium gap is not about safety. EVs perform well in crash tests. The issue is repair costs. EV batteries account for 30 to 40 percent of a vehicle's value. A single collision involving the battery pack can total the car. Fewer shops are certified to work on EVs, which means longer repair times and higher labor rates.

Tesla models are among the most expensive to insure. The Volkswagen ID.4 is the cheapest EV to insure. Non-Tesla EVs like the Nissan Leaf and Chevrolet Bolt also tend to cost less.

Home charging adds upfront costs and tax credit
Level 2 charger installation runs $1,200 to $4,000 total, including equipment and labor. The charger itself costs $400 to $1,200. Installation labor adds $800 to $3,000.

The expensive surprise is your electrical panel. Many Level 2 chargers require a dedicated 40- to 60-amp circuit. Older homes with 100-amp panels often cannot support this load. A panel upgrade costs $1,000 to $5,000.

Get an electrician assessment before you buy the car. A load calculation will tell you whether your home is EV-ready or whether you need a $3,000 electrical upgrade you did not budget for.

The federal EV charger tax credit remains available through June 30, 2026. You can claim 30 percent of equipment and installation costs, up to $1,000. Your charger must be installed and operational before that deadline.

The real savings come from fuel math
An EV costs roughly $105 to $138 less per month to fuel than a gas car, depending on local electricity rates and your driving habits. Home charging at night is cheaper than public fast chargers. The national average for public EV charging is 41 cents per kilowatt hour.

Lower fuel costs offset higher insurance premiums over time. But the savings take two to three years to materialize, depending on how much you drive.

Your action plan before switching
Get insurance quotes for your target EV models before purchasing. Schedule an electrician assessment for home charging costs. Check state incentives at afdc.energy.gov by ZIP code. Calculate your monthly fuel savings against higher insurance and charging setup costs.

The math works for some drivers. Just make sure you run the numbers first.

💵 Insurance-related tax deductions people commonly overlook

Many taxpayers assume insurance premiums are automatically deductible. In reality, the IRS allows certain insurance-related deductions only under specific conditions. Here’s a clean breakdown of the most commonly overlooked opportunities, and the rules that make or break eligibility.

1. The most commonly missed deduction: health insurance premiums

If you’re self-employed: You can generally deduct 100% of your health insurance premiums for yourself, your spouse, and dependents.
• You don’t need to itemize
• The deduction applies even if you don’t meet the medical-expense threshold
• It directly reduces your taxable income

If you’re not self- employed:
• Premiums must be paid with after–tax dollars
• You must itemize deductions
• Your total medical expenses must exceed 7.5% of your adjusted gross income (AGI)

That last rule is the deal–breaker for many taxpayers. People often assume premiums are deductible on their own, but they only count as part of total medical expenses, and only the portion above 7.5% of AGI is deductible.

2. Bundled but overlooked: total medical expenses
Insurance premiums are just one piece of the medical-expense deduction. Many taxpayers forget that out–of–pocket costs tied to insurance also count toward the 7.5% threshold, including:

• Deductibles and copays

• Prescription medications

• Dental and vision expenses

• Travel for medical care

• Certain treatments and therapies

These may seem minor. But combined, they can push you past the 7.5% AGI threshold, unlocking deductions that otherwise wouldn’t apply.

3. Business owners: Many insurance costs are fully deductible
For businesses, insurance is often one of the most straightforward deductions. The IRS generally allows deductions for insurance that is ordinary and necessary for operating your business. Common deductible business insurance includes:

• General liability insurance

• Professional liability (E&O)

• Commercial property insurance

• Business–use vehicle insurance

• Employee health insurance and benefits

4. The exceptions many people miss: life and disability insurance
Not all insurance premiums are deductible. Two common categories that don’t qualify:
• You are the beneficiary
• Your business is the beneficiary

Disability insurance: Premiums for policies that replace lost income are generally not deductible. (If you pay premiums with after-tax dollars, benefits are typically tax-free.) These policies are valuable for protection, but they rarely offer tax advantages.

The “only if you itemize” trap
Many insurance–related deductions fall under itemized deductions, which creates a hidden barrier for taxpayers. You must choose either the standard deduction or itemizing – you can’t take both. And if your itemized total doesn’t exceed the standard deduction, those deductions don’t actually reduce your tax bill.

This is one of the biggest reasons insurance–related deductions get overlooked. People technically qualify, but because they take the standard deduction (as most taxpayers do), the deductions never translate into real savings.

Insurance deductions aren’t rare; they’re just easy to miss. The goal isn’t to hunt for obscure write-offs; it’s to make sure the insurance expenses you’re already paying are working for you at tax time.

🎡 Your credit cards are hiding free museum tickets and theme park deals

Spring travel season is here. Before you spend full price on tickets and admissions, check your wallet. Your credit and debit cards likely include perks you have never used. Some expire at the end of the month. Others require specific dates to unlock. Here is what you can grab right now.

Use points to pay for your theme park entrance
Travel credit cards do not usually offer flashy perks like buy-one-get-one-free tickets, but they can still save you a meaningful amount of money in a more flexible way. Cards like the Capital One Venture Rewards Credit Card, Capital One Venture X Rewards Credit Card, and Bank of America Travel Rewards Credit Card let you earn points or miles on everyday spending, which you can later use to offset travel purchases. That includes theme park tickets, hotel stays, and vacation packages, as long as the purchase is categorized as travel.

Here is how it works in practice. You pay for your tickets or hotel upfront, then go back into your credit card account and redeem points to cover that purchase. For example, if you spend $600 on park tickets, you can use 60,000 points to “erase” that charge, making it feel like you paid nothing out of pocket. It is not as obvious as a discount at checkout, but it often gives you more control and value, since you can use it across parks like Disney, Universal, or LEGOLAND rather than being locked into a single deal.

Free museum admission next weekend
Bank of America cardholders get free general admission to over 225 museums on the first full weekend of every month. The next dates are May 3 and 4, 2026. This includes world-class institutions like the Art Institute of Chicago, the de Young Museum in San Francisco, and the Philadelphia Museum of Art.

Here is what matters. Any Bank of America, Merrill, or Bank of America Private Bank credit or debit card works. Even a basic checking account debit card qualifies. Just show your card and photo ID at the admission desk. You get one free ticket per cardholder.

The catch is that only the cardholder gets in free. But if your spouse also has a card, both of you walk in at no cost. Mark your calendar now because these dates fill up fast at popular museums.

Premium card perks worth checking
Capital One Venture X cardholders receive 50% off a Cultivist membership, which unlocks private tours at museums and galleries worldwide. The card also includes $300 in annual travel credits through Capital One Travel, effectively offsetting most of the $395 annual fee.

If you spend $75,000 on the Chase Sapphire Reserve or Chase Sapphire Preferred in a calendar year, you unlock World of Hyatt Explorist status. This includes room upgrades, late checkout, and bonus points. The business card threshold is $120,000.

Protect your road trip without overpaying
Planning a day trip or weekend getaway? You probably do not need to buy insurance at the rental counter. Rental car coverage runs $15 to $30 per day at the desk, but cheaper if you shop online. Third-party options like Allianz or Faye start around $7 to $13 per day.

Many travel credit cards already include primary rental coverage. The Chase Sapphire Reserve provides up to $75,000. The Sapphire Preferred covers up to $60,000. Check your card benefits before paying twice.

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The MoneyGeek Team

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