Is tax amnesty really possible? Will the IRS or state government simply forgive unpaid tax you legitimately owe? While it may seem too good to be true, there have been numerous occasions where state and local governments launch programs offering just that. It’s often a last-ditch effort to boost their budgets and bring people into […]

Are you behind on your tax payments? Dealing with tax debt is particularly challenging when you’re retired or on a fixed income. You may be worried about the IRS taking your Social Security money. Can the IRS garnish Social Security benefits and other types of retirement income? Or are they exempt from garnishment? The bad […]

Millions of taxpayers look forward to getting a tax refund every year. But are tax refunds a good thing or a wasted opportunity? Every year as tax season rolls around, millions of Americans can’t wait to file for their taxes in anticipation of their big “bonus” check. In fact, there were 31,937,000 refunds issued in […]

In all likelihood, your mortgage is the largest loan you’ll take out in your lifetime. Most Americans spend decades paying off their mortgage — and that means racking up a ton of interest. The good news is there s a tax deduction that can make your life a little easier. The mortgage interest deduction reduces […]

The Earned Income Tax Credit (EITC) is one of the largest credits offered to U.S. taxpayers. Available since 1975, it can help to reduce tax liability or even provide a tax refund. This can provide a helpful financial boost for those with low-to-moderate income levels. Read on to learn what the EITC is and how […]

In the land between an employee and an incorporated business lives the independent contractor. An independent contractor acts mu9ch like a business owner but don’t meet all the “formalities” that come with being a business. Sometimes called a 1099 employee, here’s a closer look at 1099s, independent contracting, and what it means for tax time. […]