The Latest Breaking News from IRS

Moving in with your adult children during retirement can be a win-win. You save money, they have help around the house, and everyone enjoys more...

For retirees depending on federal aid programs like Medicaid, Supplemental Security Income (SSI), or certain housing benefits, the type of retirement plan you choose can make or break your eligibility. What many don’t realize is that some accounts or payout structures can suddenly push your income or assets over the…

Tax season can feel like a relief when you see that refund number pop up. But before you start planning how to spend it, there’s something you need to know. The fine print on your tax refund isn’t just legal jargon—it can affect how much money you actually get, how…

Retirement is a big milestone, but the date you choose to retire can have a bigger impact on your taxes than you might think. Many people focus on saving enough money or picking the right investments, but they forget how much timing matters. The wrong retirement date can push you…

Imagine this: a relative tosses you the keys to a shiny, practically new car. No payments. No paperwork hassles. Just yours—free and clear. Sounds like a dream, right?

When most retirees think about tax savings, they focus on the standard deductions or common exemptions they’ve always claimed. But in retirement, the rules change—and...

If you rent out a room on Airbnb, share your car on Turo, or list storage space on Neighbor, you might be missing out on serious income without even realizing it. Many rental side hustle earners forget that certain tax breaks and deductions apply to their earnings. The result? You’re…

Downsizing your home can be a smart financial move, but waiting too long can cost you in ways you might not expect. While selling a larger property often frees up cash and reduces maintenance costs, there are specific tax perks tied to timing. If you miss the right window, you…

For many retirees, managing finances means keeping a close eye on every expense, and Medicare is often a significant part of the budget. While most people are familiar with their Part B and Part D premiums, a lesser-known acronym could drastically increase those costs. The Income-Related Monthly Adjustment Amount, or…

There are some wedding expenses that are tax-deductible, and you don’t want to miss out on savings.

Tax season can be stressful. You want to get every deduction you deserve, but you also want to avoid trouble with the IRS. Many people turn to financial advisors for help, trusting their expertise. But not every tip is a good one. Some well-meaning advice can actually put you in…