Category: Taxes
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Year-End Tax-Planning Strategies for Older Adults
Key Takeaways Fall is a great time to project current year (2026) taxes that are due next April (2027). Why? Because a pretty good estimate of income and tax deductions can usually be made by the 4th quarter and there is still time to make adjustments …
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How Long Does the IRS Have to Audit You?
Taxes are stressful enough without wondering whether an old return can still be reviewed. In most cases, the IRS has three years to assess additional tax for a return. But the deadline can change depending on when the return was filed, whether income w…
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IRS Statute of Limitations on Taxes Explained
Even after you file your taxes, the IRS may determine that you owe additional money. However, it only has a limited window of time to assess or collect what you owe. This time limit is known as the IRS statute of limitations. So how far back can the IR…
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Does the IRS Call You About Tax Debt? How to Tell What’s Real and What’s a Scam
If you’ve ever picked up the phone and heard someone claim you owe back taxes, your stomach probably dropped. But wait a minute. Does the IRS call you about tax debt? In most cases, the IRS won’t call you. They usually get in touch by sending letters, …
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Can the IRS Take Money From Your Bank Account? What You Need to Know
Many people start out with good intentions when it comes to taxes, but things don’t always go as planned. So can the IRS take money from your bank account when you’re unable to pay right away? Yes, they’re allowed to do so by law, but it usually doesn’…
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Bigger Paycheck or Tax Refund: Which One Is Actually Better for You?
Tax season comes with a lot of paperwork and stress. For many people, it also comes with a welcome payday. When deciding between a bigger paycheck or tax refund, the basic trade-off is timing: more money in each paycheck or a larger payout at tax time….
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Work-From-Home Tax Deductions Explained
Working from home is common today, but many taxpayers are still confused about work-from-home tax deductions. One of the biggest misunderstandings is the incorrect belief that simply working remotely automatically creates a tax deduction. In real…
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What Tax Bracket Do You Fall In? How to Find Your Rate
If you have ever wondered what tax bracket you fall in, the answer is probably simpler than you expect, and very likely lower than you fear. Most people estimate their bracket based on their salary, which turns out to be the single most common mistake,…
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10 Common Tax Filing Mistakes and How To Avoid Them
Tax filing mistakes are fairly common. Still, you don’t want to make a preventable mistake if you can help it. From delayed refunds and rejected returns to the potential for penalties, tax mistakes can come back to bite you. Learn why it’s important to…
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Tax Relief Scam Calls: How to Spot and Avoid Them
Have you ever received a strangely urgent phone call about tax relief? Unfortunately, tax relief scams can sound convincing when you’re already stressed about money. Experts also say AI deepfake tools are making it easy for fraudsters to run tax …