No one wants to hear they owe taxes, but life happens. In fact, in 2020, over 11 million people collectively owed the IRS more than $125 billion in back taxes. If you find yourself in that number, it’s critical to know your options and how to exercise them. First, act quickly If you find out […]
Last week we discussed building generational wealth, and we mentioned starting a 529 plan for your child’s tuition. If your child can graduate college debt-free, that gives them a considerable advantage in entering the workforce. But there is much more to the 529 plan than what was covered in the generational wealth article. So, this […]
So, you want to buy your first house, but the market has been white-hot, and it just wasn’t within reach. But higher interest rates have cooled the market (at least a bit) and you’ve been saving for a down payment. A few more rate hikes and a few more dollars in your savings account and […]
If you’re a small business owner, you’ve probably been hearing and reading news about a possible recession in the U.S. economy. Every day seems to bring new speculation, and the headlines grow more and more sensational. So, you should be worried, right? Well, not exactly. We haven’t officially entered into a recession, at least not […]
It’s that time of year. The beach and the mountains are calling. You might be getting invitations to weddings in far-flung locales. And in the middle of the year, most of us are itching for a break from the daily routine. So, our internet browser entries are full of vacation searches that our bank account […]
Admittedly, many articles on this blog regarding taxes are cautionary. However, that’s prudent since the goal is to help you navigate events like audits and avoid pitfalls like liens against your personal property. But it’s not all doom and gloom with the IRS. A tax refund can be a bright spot in your year and […]
The average American isn’t very good with money. At least not according to the latest statistics from Bankrate.com. Their recent article stated that U.S. consumer debt stands at $14.96 trillion (yes, that trillion, with a “T”). The average American is $92,727 in debt. To be fair, much of this debt is wrapped up in home […]
This time of year, unfortunately, many taxpayers receive a “lien notice” in their mailboxes. But, what does a lien even mean? According to the IRS, a federal tax lien is the government’s legal claim against your property when you neglect or fail to pay tax debt. The lien protects the government’s interest in all your […]
While it might seem that celebrities come with special treatment or privileges, the IRS would not agree. Even some of the biggest stars have run into trouble when it comes to their taxes. Charlie Sheen The Two and a Half Men star ran into his tax trouble back in 2018. It was uncovered in court […]
Student loan debt will impact the lives of millions of Americans. Take a look at the numbers: The amount of student loan debt carried by the graduates of the class of 2017 averaged to $39,400 per student, and the total amount of debt carried by Americans was more than $1.48 trillion. Starting this year (2019), […]