IRS Offer in Compromise: What to Know An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for. Emily ShermanFeb. 18, 2025 Valentine's Day Average Spend The average couple is planning to spend around $200 this Valentine's Day, ...
Retirement is just around the corner for Gen X. Here’s what they need to know. Maryalene LaPonsieJan. 9, 2025 Preparing to Retire in 2026 Managing taxes and staying ahead of inflation are among top concerns for soon-to-be retirees. ...
Even though it can be a challenge to save for the future, giving your savings those extra years to grow could make the struggle worth it—every little bit you can save helps. Assumes no retirement savings balance before starting age. See footnote numbers 2 and 3 below for more information....
Learn how to file back taxes, including when and why you need to file them. Get step-by-step guidance on gathering past tax documents, filling out the correct forms, submitting them to the IRS, and tips to minimize penalties and interest charges.
If your rental house is foreclosed on, the IRS views it as a sale. This requires you to report the gain or loss you incur on your tax return. However, the foreclosure increases the complexity of the transaction for tax reporting purposes since you must consider other factors, such ...
If your company sponsors an HSA, see if it contributes a set amount or matches employee contributions. Keep in mind that any employer contributions count toward the IRS' maximum annual limits. Some employers also offerflexible spending accounts (FSA), which are similar to HSAs in that they red...
Learn more from the IRS. 529 education savings plan A 529 education savings plan can be a great way to start planning for your child's future education expenses. It’s a tax-advantaged account that helps you invest early to make college more affordable in the future. 529 plans generally...
after-tax funds, and in this case, a taxable brokerage account may be appropriate. Capital gains, dividends and interest will not be tax-deferred, but the balance in the account can be accessed penalty-free during a period of financial hardship or for financial objectives prior to age 59½...
The IRS has extensive rules on how IRAs must be structured and specific guidelines on how spousal IRA strategies can be deployed. According to the IRS, the amount of your combined contributions cannot be more than the taxable compensation reported on your joint return. See the formula in IRS P...
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