The IRS is modernizing its payment system, and that means one big change for taxpayers: the end of paper checks for tax refunds and other payments. To get your money quickly and securely, you’ll now need to use direct deposit. But what if you don’t have a bank account? Or if past banking issues have […]
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The principle of giving teaches that abundance flows into your life when you share with others. This doesn’t always mean money—it can be expressed through kindness, appreciation, or time. What truly matters is the generosity behind the act. While the emotional rewards of giving are priceless, the financial rewards are tangible. When you donate to […]
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If you’ve inherited an IRA from a parent, sibling, or anyone other than your spouse, the withdrawal rules are undergoing a significant change. Starting in 2025, you may need to adjust your financial strategy to avoid a hefty tax penalty. What’s Changing for Inherited IRAs in 2025? The IRS has finalized its guidance for […]
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If you plan on selling investments in 2025, you need to know about one of the most powerful tax-saving tools available: the 0% long-term capital gains tax bracket. Yes, you read that right. It’s possible to realize significant profits from your stocks, real estate, or other assets and pay a federal income tax rate of […]
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A Required Minimum Distribution (RMD) is the minimum amount you must withdraw annually from tax-deferred retirement accounts, like a traditional IRA, once you reach a certain age. Understanding these rules is crucial for managing your retirement income and avoiding steep penalties. This guide breaks down everything you need to know about RMDs in 2025, from […]
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Getting a notice from the IRS can be stressful, but an IRS audit doesn’t have to be a catastrophe. An audit is simply a review of your financial information to ensure you’ve filed your tax return correctly according to tax law. Understanding the process is the first step to navigating it with confidence. This guide […]
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Major life changes like a divorce, separation, or the death of a spouse can significantly impact your tax situation. If you experienced one of these events in 2024, your filing status, deductions, and overall tax refund will likely change. This guide explains the key tax implications you need to know for the 2024 tax year. […]
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Did you purchase an electric vehicle in 2024 but were unable to claim the up to $7,500 clean vehicle tax credit due to a dealership error? You’re not alone. A significant number of buyers missed out because their dealer failed to file the necessary paperwork in time. Thankfully, the Internal Revenue Service (IRS) has now […]
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If you use payment apps like PayPal, Venmo, or Stripe, or sell on online marketplaces, a major tax reporting change is here for the 2024 tax year. The IRS has significantly lowered the reporting threshold for Form 1099-K, meaning millions more Americans will receive this form in 2025. This guide breaks down what the new […]
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Tax-loss harvesting is a powerful and often underutilized investment strategy. By strategically selling investments that have decreased in value, you can significantly reduce your tax liability on investment gains and potentially your ordinary income. This comprehensive guide will walk you through what tax-loss harvesting is, how it works, and how to implement it effectively to […]
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