Carrying long-term debt is a challenge, but when the money is owed to the government and you see no way to pay what you owe, it can be psychologically and emotionally debilitating. Some people think they can turn to bankruptcy, but that is not the case – bankruptcy...
Tax
ABLE Accounts and Individuals With Disabilities
Congress created Achieving Better Life Experience (ABLE) accounts in 2014. Prior to the creation of the ABLE accounts, individuals with disabilities who were eligible for Medicaid or federal Supplemental Security Income were limited to a maximum of $2,000 in assets,...
Five things people can find on IRS.gov…besides tax filing info
Many people know IRS.gov has the latest filing info and tax forms, but they may not be aware that it also has a wide range of other tax-related topics. Here are five things people can find on IRS.gov besides filing info. 1. Find the Taxpayer Bill of Rights. Each...
Got a letter or notice from the IRS? Here are the next steps
Read the letter carefully. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do. A notice may reference changes to a taxpayer's account, taxes owed, a...
IRS announces interest rate increases for the fourth quarter of 2022; 6% rate applies to most taxpayers starting Oct. 1
The Internal Revenue Service today that interest rates will increase for the calendar quarter beginning Oct. 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1....
What Do You Do If the IRS Wants to “Audit” Your Tax Return?
The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the IRS might want to audit your...