How Long Can The IRS Collect Back Taxes?
The IRS Collection Process and Timeline When you fail to pay your taxes on time, the IRS doesn’t immediately seize your assets. The collection process begins with a series of
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Major Tax Changes Coming in 2026 Under the “One Big Beautiful Bill Act” (OBBBA)
Higher Standard Deductions For 2026 The standard deduction is increasing again under OBBBA, helping to simplify filing and reduce taxable income for millions of Americans. Filing Status 2025 Standard Deduction
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The Widow’s Penalty: How Losing a Spouse Can Raise Your Taxes
What Is the Widow’s Penalty? The widow’s penalty refers to the higher taxes and reduced benefits that often affect surviving spouses after their partner’s death. When a widow or widower
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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 Required Minimum Distributions, or RMDs, are the minimum amounts that must be withdrawn each year from certain retirement accounts, including traditional IRAs, 401(k)s, 403(b)s, and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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