Can the IRS Take My Social Security?
When you have unpaid taxes, many beneficiaries fear that the IRS could step in and take a portion of their much-needed Social Security payments. It’s an unsettling thought, but it raises an important question: can the IRS take your Social Security? The answer, unfortunately, is yes—but it’s not as simple as it might seem. Here’s an overview of the IRS’s authority to garnish Social Security benefits, limits, protections, and ways to resolve tax debts without losing a significant chunk of your income.
Avoid IRS Penalties: Key Tax Deadlines!
Taxpayers who unknowingly fail to pay their tax burden to the IRS could wind up drowning in additional interest and penalties that are tacked on to their overall tax balance. CEO David King and Lead Tax Attorney Philip Hwang provide helpful insight on upcoming tax due dates and how taxpayers can resolve their tax liability and avoid these harsh penalties with the IRS.
2025 IRS Tax Inflation Adjustments
The IRS has announced its annual inflation adjustments for 2025, impacting a wide range of tax provisions. These adjustments are designed to prevent taxpayers from being pushed into higher tax brackets due to inflation. We’ve discussed the updated tax brackets and standard deductions in a previous post. Here’s a breakdown of the other most significant changes for 2025.
How to Prepare for the New 1099-K Thresholds in 2025
The IRS will enforce a new reporting threshold for 1099-K forms starting in 2025. The change will impact gig workers, freelancers, and small business owners, particularly those operating in the gig economy or e-commerce. Understanding these updates and planning accordingly can help avoid surprises come tax season. Let’s break down what’s changing with the 1099-K threshold, why it matters, and what you should do to prepare.