This article was published by the IRS. A tax credit reduces the amount a person owes in income taxes dollar-for-dollar. Some tax credits are even refundable, meaning if a person's tax bill is less than the amount of a refundable credit, they can get the difference back in their refund. The One, Big, Beautiful Bill has [...]
If you owe money to the IRS but are unable to pay the full amount, you may be eligible to settle your tax debt for less than you owe. It's called an Offer in Compromise, or OIC. This is an agreement between you as the taxpayer and the IRS that settles a tax debt for less [...]
This article was published by the IRS. Most people aren’t thinking about taxes when there’s summer fun to be had, but there’s some common activities that could impact taxpayers in the next filing season. Let’s look at a few. Summer day camp If a taxpayer is sending a child to summer day camp, the cost may [...]
This article was published by the IRS. Preparedness for a potential emergency or disaster starts at home. Whether it’s for personal or business, emergency preparedness plans are crucial and can give a head start to recovery should they be affected by an event. Here are some things taxpayers can do to help protect their financial records. [...]
We observed World Elder Abuse Awareness Day in June. In that same spirit, let's recognize and celebrate older adults and the value they bring to society. Elder abuse is a worldwide problem, and it's up to all of us to prevent it. Our government agencies can help advance the lives of older adults. For example, the [...]
