The Inflation Reduction Act was proposed by the Biden administration as a way to combat rising inflation. However, many experts are concerned that the bill’s tax reform provisions will result in higher taxes for American taxpayers. Here’s what you need to know about the Inflation Reduction Act and how it could impact your wallet. The…
So what does a Volleyball dad do on Friday night? Normally this dad is spending the evening with his wife and daughter (maybe the daughter is a teenager) and just relaxing, but tonight was different. Our daughter, who plays volleyball for the Yucaipa High School Junior Varsity team, was asked to play with the Varsity…
Did you know that the IRS can garnish your wages if you owe them money? It’s true. If you’re one of the unfortunate few who find yourself in this situation, it can be a real shock. wage garnishments can happen without warning and leave you scrambling to figure out how to make ends meet. Fortunately,…
Are you a non-filer? Do you know what that means? It means that you have not filed a federal income tax return for a given year, even if you were required to do so. The penalties for not filing can be steep, including fines and even criminal prosecution. But there is hope! If you’re a…
I’m going to talk about what to do when you get an IRS letter in the mail. This can be a really scary experience, but don’t worry, I’m going to walk you through everything and make it easy for you. Don’t panic! If you receive a letter from the IRS, there are still steps you…
It isn’t easy to make predictions, especially about the future. But there is one prediction we’re confident in making: you will have substantial out-of-pocket expenses for health care after you retire. Personal finance experts estimate that an average retired couple age 65 will need at least $300,000 to cover health care expenses in retirement. You…
Tax law has an amazing break for unconventional homeowners. You can deduct your mortgage interest payments even when the deed to the house and the mortgage are in someone else’s name. Here’s what happened to Sue Davis. Sue could not personally qualify for a home loan. Her parents stepped in to help. They bought the…
You have heard the horror stories about mail sent to the IRS that remains unanswered for months. Reportedly, the IRS has mountains of unanswered mail pieces in storage trailers, waiting for IRS employees to process them. Because the understaffed IRS is having so much trouble processing all the documents it receives, you need to protect…
Working at a tender age is an American tradition. What isn’t so traditional is the notion of kids contributing to their own IRA, especially a Roth IRA. But it should be a tradition because it’s a really good idea. Here’s what you need to know about IRAs for kids. Let’s start with the Roth IRA…
