IRS Payment Plans Could Help You Deal with a Large Tax Bill
The IRS offers multiple installment payment plans to help taxpayers who can’t cover large tax bills in full. Taxpayers must file their return or request a six‑month extension to avoid the harsher failure‑to‑file penalty, then can choose a short‑term plan (up to $100,000 debt, 180 days, no fee) or a long‑term installment agreement. Direct Debit agreements cost $22 online, while other long‑term plans charge $69 online, with higher fees for phone or in‑person applications. Lower‑income filers may qualify for reduced or waived fees, but interest and penalties continue to accrue until the balance is paid.
Tax-Free Family Vehicle Transfers en Route to Wyoming This Summer
Wyoming enacted a law, effective July 1, 2024, that eliminates state sales and use tax on motor‑vehicle transfers between qualifying family members. The exemption applies only to genuine sales or gifts, and the donor must have paid the original tax when...
April 1 Is RMD Deadline for Some. No Fooling.
The first required minimum distribution (RMD) for individuals who turned 73 in 2025 must be taken by April 1, 2026, after which annual RMDs are due by December 31 each year. Missing the deadline triggers a 25% excise tax, reducible to 10% if...
Don’t Miss These 10 Often-Overlooked Tax Breaks
Tax season is approaching, and many filers overlook valuable deductions and credits that could significantly lower their 2025 tax bill. The article lists ten often‑missed tax breaks, ranging from the Earned Income Tax Credit and Child and Dependent Care Credit...
4 Tax Moves to Consider This March
March offers a strategic window to boost tax‑saving accounts before the April 15 deadline. Taxpayers can max out IRA contributions, benefit from inflation‑adjusted Roth phase‑out ranges, and contribute to HSAs for triple tax advantages. Families can claim the Child and...
How Would Trump’s New Retirement Plan Fit with Existing Saver’s Credit and Coming Saver’s Match?
President Trump’s administration floated a new private‑sector retirement account that would mirror the federal employee plan and add a $1,000 annual government match. The proposal arrives as the existing Saver’s Credit still offers a tax credit of up to $1,000...
Super Bowl LX’s Super Tax Windfall for California Is Most Extreme Jock Tax Example
The Super Bowl LX at Levi’s Stadium generated a massive jock‑tax windfall for California, which levies a 13.3% top rate on nonresident earnings for roughly ten duty days. Seattle Seahawks quarterback Sam Darnold faces a $202,102 tax bill, while Patriots...