Recent Posts
401(k) Hardship Withdrawals Are At Record Highs: What They Really Cost YouJune 16, 2026 - 7:36 pmFinancial experts warn that while 401(k) hardship withdrawals can provide emergency access to funds, they often come at a high cost. Alternatives such as 401(k) loans, credit cards, or home equity financing may be less damaging in the long run.
Still Waiting On Your Tax Refund? The IRS Says Relief May Be Coming This MonthJune 8, 2026 - 5:43 pmTwo groups are more likely to still be waiting for their tax refund: taxpayers who filed under extended deadlines and those whose refunds were delayed because of missing banking information. The delays also come during a tax season that has seen significantly larger refunds. However, according to the IRS, relief may be on the way this month.
Tax Season May Be Over, But Many Seniors Are Still Getting Hit With Surprise Bills They Didn’t See ComingJune 1, 2026 - 8:14 pmAcross the country, seniors are opening IRS notices, learning they owe additional taxes, or discovering penalties they never expected. The issue often stems from the increasingly complex nature of retirement income. Social Security benefits, pensions, retirement account withdrawals, investment earnings, and Medicare-related costs.
IRS Raises 2026 Tax Brackets And 401(k) Contribution Limits, As House Backs Taxpayer Rights BillMay 25, 2026 - 1:07 pmFor 2026, the IRS has raised federal income tax bracket thresholds and standard deductions to reflect inflation. The IRS also raised retirement contribution limits for 2026. Meanwhile, the House passed a bipartisan bill to pause refund deadlines and protect judicial review during IRS collection actions.
IRS Sending More ‘Math Error’ Letters To Taxpayers: Don’t Panic — Here’s WhyMay 18, 2026 - 9:10 pm“Math Error Notices” are sent when the IRS believes a tax return contains a mathematical or clerical mistake. That could include simple calculation errors, missing information, incorrect tax credits, or income figures that do not match IRS records. What is changing now is the level of detail the IRS must provide.
IRS May Owe You A Refund For COVID-Era Fines. Here’s How To ApplyMay 11, 2026 - 7:41 pmThe IRS issued penalties for late tax filings, unpaid taxes, or missed estimated tax payments between January 2020 and July 11, 2023 during the COVID-19 pandemic. Millions of taxpayers may be eligible for refunds from those fines. However, relief is not automatic for most taxpayers and a claim must be submitted for a refund or penalty abatement by July 10.
Five Things To Know About Trump’s New Retirement Plan — Including A $1,000 Government MatchMay 4, 2026 - 6:58 pmRoughly 54 million Americans lack access to an employer-sponsored retirement plan. And for most people personal discipline is not enough to build long-term savings. An executive order from President Trump aims to change that. Here are five key takeaways.
This New Tax Plan Could Wipe Out Federal Income Taxes For MillionsApril 27, 2026 - 6:14 pmThe Working Americans’ Tax Cut Act could eliminate federal income taxes for millions and reduce them for many more. While still just a proposal, it highlights a growing push to use tax policy to address rising living costs.
Tax Professionals ‘Horrified’ By IRS Decision To Destroy Data On 30 Million Filers
The IRS destroyed data for an estimated 30 million filers in March 2021, according to the Treasury Inspector General for Tax Administration The decision, prompted by a backlog of paper filings, has sparked anger in the tax community. CLICK ON THE HEADLINE FOR MORE
Over 60 Million Tax Returns Could Be Completed Automatically, Study Shows
The IRS may have the ability to automate nearly half of tax returns, according to a paper from the National Bureau of Economic Research. The findings show the agency could correctly auto-fill an estimated 62 million to 73 million returns with information it already has, covering 41% to 48% of taxpayers. CLICK ON THE HEADLINE FOR MORE
Child Tax Credit: Advocates Propose New Way To Expand Monthly Payments For Parents
CTC legislation wasn’t renewed in 2022, which means that eligible households have not received payments this year. The Center on Budget and Policy Priorities reported that making the expanded CTC permanent would reduce childhood poverty, but lawmakers haven’t yet continued the expanded credit. To make up for the lack in federal benefits, CBPP policy analysts are urging state governments to create their own child tax credits. CLICK ON THE HEADLINE FOR MORE