Category:
Tax

Older man calculating tax for 401(k) withdrawal

401(k) Plans – How Contributions and Withdrawals Are Taxed

By Sarah Brady | March 8, 2023

In 2022, 40% of Americans said they were afraid they could never afford to retire Although many of us aren’t saving enough for retirement, a 401(k) plan can be a…

Woman surprised by her low tax refund

Why Is My Tax Return So Low?

By George Morris | February 24, 2023

Many financial advisers question the wisdom of getting big income tax refunds. But that’s a discussion for another day. If you’ve been getting federal refunds year after year, you’re probably…

Can the IRS Come After Me for My Parents’ Tax Debt?

By Robert Shaw | February 10, 2023

The old saying that nothing is certain in life except “death and taxes” has stood the test of time from the day Ben Franklin first uttered it. In retrospect, taxes…

file tax return on a calendar

Didn’t File Taxes Yet? Here’s How To Limit Damage

By Bill Fay | May 11, 2021

April 15 has come and gone, but millions of Americans are still fretting over their taxes, mostly because they haven’t paid them yet. The IRS estimates that 25 percent of…

1040 tax form

Five Tax Tips for Beginners Filing on Their Own

By Bill Fay | May 11, 2021

Whether you’ve landed your first part-time job in high school or made your first career move after college, odds are that you haven’t taken a class on how to file…

man in jail for not paying taxes

How to Avoid Jail When You Owe Back Taxes – What to Do if You Can’t Pay Your Taxes

By Phil Sheridan | May 11, 2021

When legendary comedian and actor Eddie Murphy accepted a lifetime achievement award at the 2023 Golden Globe ceremony, he offered young entertainers advice on how to succeed and survive in…

Happy Dad IRS

IRS Gives Parents a Break When Adult Kids Return Home

By Bill Fay | May 11, 2021

The Millennial generation is moving back home in record numbers, and their parents are getting some sympathy from, of all people, the IRS. The much-despised agency has a soft spot…

road sign with tax refund written on it

How to Spend Your Tax Refund

By Bill Fay | May 11, 2021

The big financial question for Americans every spring: How should I spend my tax refund? The Internal Revenue Service says most of you – somewhere between 75 and 80 percent…

Tax return preparation

IRS Shares Tips on How to Avoid Fraudulent Tax Preparation Services

By Bill Fay | May 10, 2021

Tax fraud related to identity theft is a rapidly growing problem. It involves thieves using your personal identifying information to file false tax returns in order to receive big refunds.…

Josh Brooks at work

Didn’t Pay Back Your Student Loans? Tax Return Is Fair Game

By Alanna Ritchie | May 10, 2021

Josh Brooks’ annual tax return is between $500 and $700. It’s a good chunk of money he could use toward paying off his credit cards, motorcycle and living expenses. Instead,…