Most Recent Manage Money News

Tax Differences Between HSAs and FSAs 

Tax Differences Between HSAs and FSAs 

Key Takeaways  HSAs offer long-term tax advantages through a triple tax benefit: tax-deductible contributions, tax-free growth, and tax-free withdrawals for...

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Top Strategies to Pay Off Back Taxes Faster 

Top Strategies to Pay Off Back Taxes Faster 

Key Takeaways  Start with accuracy and compliance. The fastest way to pay off tax debt begins with confirming your exact...

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Penalty Abatement: What Counts as “Reasonable Cause”? 

Penalty Abatement: What Counts as “Reasonable Cause”? 

Key Takeaways  Reasonable cause penalty abatement allows the IRS to remove penalties when a taxpayer exercised ordinary business care and prudence but...

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Qualifying Spouse Filing Status: Rules, Benefits & Timeline

Qualifying Spouse Filing Status: Rules, Benefits & Timeline

Key Takeaways Qualifying surviving spouse filing status allows a surviving spouse to use married filing jointly tax rates and the...

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Can I Have a Passport If I Owe Back Taxes?

Can I Have a Passport If I Owe Back Taxes?

A passport is an essential travel document that allows individuals to explore new horizons, visit foreign lands, and experience diverse...

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What Happens If You Owe the IRS But Move Out of the Country? 

What Happens If You Owe the IRS But Move Out of the Country? 

Key Takeaways  If you owe the IRS and move out of the country, your tax debt and filing obligations do...

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Filing Taxes as a Professional Athlete 

Filing Taxes as a Professional Athlete 

Key Takeaways  Professional athletes face unique tax complexity due to multi-state income, short career spans, high earnings, endorsements, and increased...

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Marginal Tax Rate vs. Effective Tax Rate: What’s The Difference? 

Marginal Tax Rate vs. Effective Tax Rate: What’s The Difference? 

Key Takeaways  Marginal tax rate vs effective tax rate measures different things: the marginal rate applies to your last dollar...

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What Is a Tax Settlement? Options, Process & Eligibility

What Is a Tax Settlement? Options, Process & Eligibility

Key Takeaways: Tax Settlement Overview: Resolve IRS debt for less than the full amount through programs like Offer in Compromise,...

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Do You Have to Pay Taxes on Scholarships?

Do You Have to Pay Taxes on Scholarships?

Key Takeaways  Scholarships and grants are generally tax-free when applied to qualified education expenses, including tuition, required fees, books, and course-related supplies or equipment.  Non-qualified...

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