Quick answer Check your tax transcripts directly from the IRS. Look for confirmation emails or mail from your tax preparer. Review your bank account for any tax payments or refunds. Confirm if you received your tax refund or paid any outstanding balance. If you’re still unsure, contact your accountant for proof of filing. What to…
Quick answer The Social Security Administration (SSA) can pay a one-time death benefit of \$255 to a surviving spouse or child. To claim, you typically need the deceased’s Social Security number and proof of death. A surviving spouse or child who was living with the deceased, or was eligible for benefits on the deceased’s record,…
Quick answer Understand that the W-4 form tells your employer how much federal income tax to withhold from your paycheck. The goal is to have your withholding match your actual tax liability as closely as possible to avoid owing a large sum or getting a huge refund. Use the IRS Tax Withholding Estimator for the…
This guide explains how to handle tax filings when you have connections to two states, a situation that can arise from working remotely, owning property in multiple locations, or having recently moved. Understanding the rules is crucial to avoid penalties and ensure you’re paying taxes correctly. Quick answer Determine your domicile (legal residence) to know…
Quick answer Delay claiming Social Security benefits until at least age 70 to earn delayed retirement credits. Work for at least 35 years, as your benefit is based on your highest-earning years. Understand how spousal and survivor benefits work to potentially increase household income. Consider the impact of taxes on your Social Security benefits. If…
It’s a common misconception that if you have taxes withheld from your paychecks, you’ll always get a refund. However, there are many situations where you might find yourself owing taxes when you file your return. Understanding why this happens is the first step to better tax planning and avoiding surprises. Quick answer Insufficient Withholding: Your…
TitleMax is a company that offers title loans, a type of secured loan where you use your vehicle’s title as collateral. This means if you can’t repay the loan, the lender can repossess your car. Understanding how these loans work is crucial before you consider one, as they often come with high interest rates and…
Quick answer Student tax credits can significantly reduce your tax liability, potentially leading to a refund. The most common education credits are the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The AOTC is worth up to $2,500 per eligible student, with a refundable portion of up to $1,000. The LLC is…
Quick answer FSAs can significantly reduce your taxable income, lowering your overall tax bill. Savings depend on your tax bracket and the amount you contribute. Contributions are typically made pre-tax, meaning the money is deducted from your paycheck before federal, state, and FICA taxes are calculated. You can save hundreds or even thousands of dollars…
Quick answer Act immediately upon receiving any notice of intent to garnish your wages. Review the original debt and the legal process that led to the garnishment. Explore options like negotiating a settlement with the creditor or setting up a payment plan. Consider filing for bankruptcy as a last resort to halt all collection actions….