Understanding Required Minimum Distributions (RMDs): What You Need to Know
What Are Required Minimum Distributions? Required Minimum Distributions, or RMDs, are the minimum amounts that must be withdrawn each year from certain retirement accounts, including traditional IRAs, 401(k)s, 403(b)s, and
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What Income the IRS (Mostly) Doesn’t Tax
Common Types of Nontaxable Income It’s important to understand that IRS rules change, and many of these exclusions or special treatments carry conditions or limits. Always consult a tax professional
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Etsy Sellers: What Taxes Do You Need to File?
Taxes You’ll Owe as an Etsy Business If you’re running your Etsy shop as a business with the intent to make a profit, you’ll need to plan for several types
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Is Canceled Debt Taxable?
What is Forgiven Debt? Forgiven debt refers to any debt that a creditor cancels or discharges, meaning you’re no longer legally required to repay it. When this happens, creditors typically
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Will My Spouse’s Tax Debt Affect Me?
Am I Responsible for My Spouse’s Tax Debt? Your responsibility for a spouse’s tax debt is tied to two key factors: how you file your taxes and when the debt
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Will the IRS Take My House If I Owe Taxes?
Tax Liens: The Most Common Action If you owe the IRS a significant amount, typically $10,000 or more, the agency may file a tax lien against your property. A lien
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How to Reconstruct Financial Records After a Natural Disaster
Wondering how to reconstruct financial records after a natural disaster? We've put together an easy list to help you find the missing pieces.
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