Most Americans don’t look forward to Tax Day. A recent Wallet Hub survey found that nearly a third of taxpayers would rather serve on jury duty than do their taxes. Nearly one in eight taxpayers would rather talk to their kids about sex than do taxes, while one in 20 would rather drink expired milk. You get the point: tax season can be stressful, and many taxpayers would prefer to skip right over it. However, with the April 15 deadline looming, taxpayers and tax professionals must put aside time to get those returns done and out the door to the…

As consumer confidence falters, government layoffs dominate the news and recession warning signs start blinking, it’s smart to think about what you might do if you need additional cash. Nearly half of adults don’t have three months of emergency savings, according to the Federal Reserve’s latest survey on the Economic Well-Being of U.S. Households. And there are indications—such as a rising credit card delinquency rate—that more folks are having problems paying their bills today than when the Fed did that survey more than a year ago. One source Americans consider tapping in an emergency or when they’re otherwise short of…

Life could soon get more difficult for Social Security beneficiaries who are overpaid—even if the mistake isn’t their fault. The Social Security Administration (SSA) announced yesterday that it would resume attempting to recover overpayments through the Treasury Offset Program (TOP)—attempts that had been suspended since March 2020 due to COVID. That program allows the Treasury to withhold tax refunds, among other payments. Those subject to offsets prior to March 2020 could see them resume quickly. Moreover, beginning next week, the Social Security Administration (SSA) will officially notify Social Security beneficiaries that in the future it will withhold 100% of benefits…

As the April 15 tax filing deadline approaches, U.S. persons with foreign financial accounts must be aware of their obligation to file the Report of Foreign Bank and Financial Accounts, commonly called the “FBAR”. The filing deadline is April 15, the same due date as one’s U.S. income tax return, but there is an automatic extension to October 15 if the initial FBAR deadline is missed. No separate extension request is required. For tax year 2024, the FBAR must be filed by April 15, 2025, with the automatic extension pushing the final due date to October 15, 2025. Importance of…

Investment markets have been falling. The most profitable investments of the last few years are in bear markets (down 20% or more) while many others are in corrections (down 10% or more). Investors who held the assets during the sharp climbs of the law few years are looking to take some profits before they disappear. Many put off selling assets held in taxable accounts, because they didn’t want capital gains taxes to diminish their profits. Fortunately, there are strategies that can reduce capital gains taxes First, a little refresher. After selling an asset, the gain is the amount realized on…

Recent reductions in the federal workforce combined with general unease about the economy in the private sector means that some Americans are experiencing job losses. If you lose your job for reasons other than cause, you may be eligible to collect unemployment benefits. How much you can collect depends on where you live—there is no federal unemployment program. Each state manages its own unemployment insurance program and pays its own benefits. (If you live in a state different from where you worked, file for unemployment in the state where you worked.) To qualify for benefits, many states require that you…

A former U.S. Postal Service employee has been found guilty of stealing checks, including tax refund checks, from customers on his route. Hachikosela Muchimba, 44, of Washington, D.C., allegedly pocketed over $1.6 million in stolen checks, according to U.S. Attorney Edward R. Martin, Jr., and Special Agent in Charge Kathleen Woodson, of the U.S. Postal Service-Office of the Inspector General. According to court documents, Muchimba was a mail carrier employed by the Postal Service from February 2020 until he was placed on an off-duty (without pay) status in March 2023. His assigned mail route was Route 23 at the Friendship…

Americans continue to lose money from fraud at alarming rates. According to a recent Federal Trade Commission (FTC) report, they reported losing more than $12.5 billion from fraud in 2025 (an increase of 25% from the prior year). The actual losses are almost certainly much higher. In addition to the loss itself, Americans suffer from confusion concerning whether they may claim deductions as a result of the fraud. Indeed, there are a multitude of complex tax issues that arise from theft losses, such as timing and the limitations imposed on these losses after passage of the Tax Cuts and Jobs…

Many of the tax cuts in the Tax Cuts and Jobs Act (TCJA) of 2017 are set to expire this year. If you’re a parent, you may be wondering what the Child Tax Credit (CTC) looks like for 2025. As lawmakers wrestle with tax policy, the CTC sits at a crossroads—caught between the TCJA, stalled efforts for reform in 2024, and a political landscape with an uncertain appetite for extension. The 2025 Status Quo For tax year 2025, the CTC remains unchanged from its TCJA-enhanced version. That means parents can still claim $2,000 per qualifying child under age 17, enjoy…

Ah, tax season. The annual ritual of number crunching, receipt hoarding, and caffeine-fueled panic as the April deadline creeps closer. If the thought of filing your taxes on time makes you break out in hives, don’t worry—you’ve got an escape route. For many, the dread of tax season is often amplified by the looming deadline, adding extra stress. For those in need, Form 4868 is the unsung hero of spring, granting you an automatic six-month extension to file your tax return. But before you pop the champagne and push your filing worries to October, let’s unpack what the Form 4868…