What is Reasonable Collection Potential (RCP)?
If you owe back taxes and are exploring ways to resolve your debt, understanding reasonable collection potential (RCP) is critical. It is one of the most influential and often misunderstood factors the IRS uses when determining how aggressively to pursue collection and whether to accept less than the full amount owed.
2026 Tax Season Recap IRS Extensions, Penalties, and Key Trends
Wondering what stood out during the 2026 tax season? CEO David King and Chief Tax Officer & Lead Tax Attorney Philip Hwang break down major trends, including the IRS projection of over 20 million taxpayers filing extensions and what that signals for the filing landscape.
Schedule 1, 2, and 3 Explained for Individual Filers
Filing your taxes begins with Form 1040, but for many taxpayers, that form is only part of the full picture. If your financial situation includes anything beyond basic wages and the standard deduction, you’ll likely encounter additional forms known as schedules. These schedules provide the IRS with a more detailed breakdown of your income, taxes, and credits.
Are Home Renovations Tax Deductible?
Homeownership often comes with ongoing upgrades, repairs, and renovation projects, but are these home renovations tax deductible? The answer isn’t as simple as a yes or no. While most renovations aren’t immediately deductible, certain improvements can provide valuable tax benefits through deductions, credits, or reduced capital gains when you sell your home.