When you marry, you often share many aspects of your life with your spouse: your home, your finances, and perhaps even your dreams. However, what happens when it comes to tax liabilities? Specifically, are you responsible for your spouse’s back taxes? This question can cause significant stress and confusion. To navigate this issue, it is […]
Article from August 2025
How to Read Your IRS Transcript and Understand Account Codes
If you’ve ever ordered an IRS transcript, you know they can look overwhelming at first glance. Rows of numbers, dates, and abbreviations may leave you wondering what any of it actually means. The good news is that once you understand IRS transcript codes, these records become a powerful tool for tracking your return, refunds, and […]
The Most (and Least) Tax-Friendly States for Retirees
Choosing where to live in retirement can stretch or shrink a nest egg by six figures over time. The most tax-friendly states for retirees aren’t just the ones with no income tax. They’re also the places where Social Security, pensions, IRA/401(k) withdrawals, property, sales, and even estate rules align with your specific income mix and […]
Can the IRS Take My Social Security?
Social Security benefits provide a crucial lifeline to millions of Americans, especially retirees and disabled individuals. Owing back taxes does not prevent you from applying for or receiving these benefits. However, once payments begin, the IRS has the legal authority to seize up to 15% of your monthly Social Security retirement. They can also levy […]
Tax Pros and Cons of Hiring Family in Your Business
Hiring family in your business can feel like a natural choice. Many entrepreneurs start small and lean on spouses, children, or parents to help keep things running. For some, it’s about trust and loyalty, knowing you can count on a family member to care about the business as much as you do. For others, it’s […]