What Happens If You Miss Your Required Minimum Distribution (RMD)?
Missing an RMD deadline can trigger a steep 25% IRS excise tax, but you might qualify for a waiver. Learn how to correct the mistake and file Form 5329.
Latest in Tax Deductions
Can You Be Taxed Twice on the Same IRA Contribution?
Learn how IRA basis works, why Form 8606 matters, and how taxpayers can avoid paying tax twice on nondeductible Traditional IRA contributions.
Federal Judge Voids Trump's IRS Settlement and Orders Sanctions Over 'Bad Faith' Litigation
A federal judge struck down the controversial IRS settlement involving President Donald Trump, nullifying a proposed $1.77 billion 'anti-weaponization fund' and sweeping immunity clauses.
IRS Finally Automates Penalty Relief: What This Means for Taxpayers in 2026
In a major 2026 update, the IRS has finally introduced an automatic process for penalty relief. If you have a clean history of filing and paying on time, you may no longer need to beg for forgivenessβthe system will do it for you.
Freelancers: You Could Be Missing Thousands in Tax Deductions Without Schedule C
Schedule C isn't just a form that tells the IRS how much you oweβitβs the golden ticket for independent contractors, freelancers, and small business owners to claim game-changing tax deductions.
Charitable Contributions You Think You Can Claim but Can't
Many taxpayers overestimate their tax-deductible charitable contributions. Learn the strict IRS rules about what actually qualifies, including non-deductible time, quid pro quo gifts, and organization types.
One Big Beautiful Bill Explained: 10 Tax Changes Every Taxpayer Should Understand in 2026
The One Big Beautiful Bill Act (OBBBA) is one of the most significant U.S. tax laws enacted since the 2017 Tax Cuts and Jobs Act (TCJA). Here is what you need to know.
IRS Advisory Panel Calls for Stable Funding, AI Expansion, and Simpler Tax Rules in 2026 Report
The Electronic Tax Administration Advisory Committee urges Congress to provide reliable multiyear IRS funding, embrace artificial intelligence with safeguards, and eliminate unnecessary filing requirements in its 2026 Annual Report.
Student Loan Interest Deduction: How to Write Off Your Debt Payments
Paying off student loans? You might be able to deduct up to $2,500 of your interest payments from your taxable income. Here is everything you need to know.
Medical Expense Deduction: What Qualifies and the 7.5% Rule
You can deduct medical expenses that exceed 7.5% of your adjusted gross income β but only if you itemize. Knowing what qualifies can mean a significant deduction.