Category:
Tax

How Long Does an IRS Audit Take?

By Sarah Brady | November 17, 2023

Does the thought of being audited make you want to hide under a rock? According to the IRS, audits are a major source of “concern, confusion and controversy” for taxpayers.…

IRS Payment Plans

By Maureen Milliken | September 29, 2023

If you’re one of the millions of people who owe back taxes to the IRS, fear not. You have no reason to panic. The IRS offers installment payment plans for…

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…

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…

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…

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…

What Happens if You Can’t Pay Your Taxes

By Phil Sheridan | May 11, 2021

When comedian and actor Eddie Murphy accepted a Lifetime Achievement award at the Golden Globe Awards, he had a tip for how to succeed and survive in the entertainment industry.…

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…

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…