IRS

Covers IRS rules and programs, including tax credits, filing status, and how to contact the agency.

We're Adopting A Child: How The Adoption Tax Credit And Employer Assistance Programs Work

by thevsuman | 1 October 2026

You can claim the adoption tax credit and exclude employer-provided adoption assistance in the same tax year, but you cannot double-dip by claiming both for the exact same qualified costs....

Finance

What Happens To My Taxes If I Cancel Or Settle A Large Debt After A Financial Hardship

by thevsuman | 1 October 2026

In most cases, yes, canceled debt is considered taxable income by the IRS, but if you were legally insolvent immediately before the settlement, you can exclude the canceled amount up...

Finance

Can A Single-Member LLC Be Taxed As An S-Corp

by thevsuman | 1 October 2026

Yes, a single-member LLC can elect S-Corp status by filing IRS Form 2553, as long as the owner is a U.S. citizen or resident and meets all other eligibility requirements....

Finance

I'm Now A Widow Or Widower: How Long Can I Use The Qualifying Surviving Spouse Filing Status

by thevsuman | 1 October 2026

You can use the Qualifying Surviving Spouse filing status for two tax years following the year your spouse died, provided you have a dependent child living with you and you...

Finance

Married Filing Jointly vs. Separately: How Do We Decide What's Best

by thevsuman | 1 October 2026

You should file separately only if it lowers your total tax or protects one spouse from the other's financial issues, like unpaid taxes or income-driven student loan payments. For most...

Finance

My Spouse Passed Away: A Step-by-Step Guide To Filing A Final And Estate Tax Return

by thevsuman | 1 October 2026

Yes, you must file a final personal tax return (Form 1040) for your spouse for the year they died, and you may need to file a separate estate income tax...

Finance

We Had A Baby: A Checklist For Maximizing Child-Related Tax Credits And Deductions

by thevsuman | 1 October 2026

The two most valuable immediate actions are claiming the Child Tax Credit (up to $2,000 per qualifying child) and the Child and Dependent Care Credit if you pay for daycare...

Finance

We're Getting Divorced: Who Claims The Kids, The House, And The Deductions

by thevsuman | 1 October 2026

Divorce tax deductions aren't based on who the state judge favors but on cold IRS math: the custodial parent, the one the child sleeps with most nights, claims the child...

Finance

What Is Imputed Income And How Does It Show Up On A Pay Stub

by thevsuman | 1 October 2026

That extra amount is likely 'imputed income,' which is the cash value of a non-cash fringe benefit your employer provided. It isn't extra cash in your pocket, but it's added...

Finance

What Is The Difference Between An Employee And An Independent Contractor

by thevsuman | 1 October 2026

The core difference is behavioral and financial control: an employee works how, when, and where you direct using your tools, while an independent contractor controls their own process and delivers...

Finance

What Is Net Investment Income Tax And Who Pays It

by thevsuman | 1 October 2026

The net investment income tax (NIIT) is a 3.8% surtax on certain passive investment income that you pay only if your modified adjusted gross income exceeds the filing-status limits set...

Finance

What Is The Difference Between Short-Term And Long-Term Capital Gains Tax

by thevsuman | 1 October 2026

The difference is the holding period: short-term capital gains tax applies to assets held for one year or less and is taxed as ordinary income, while long-term capital gains tax...

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IRS

We're Adopting A Child: How The Adoption Tax Credit And Employer Assistance Programs Work

What Happens To My Taxes If I Cancel Or Settle A Large Debt After A Financial Hardship

Can A Single-Member LLC Be Taxed As An S-Corp

I'm Now A Widow Or Widower: How Long Can I Use The Qualifying Surviving Spouse Filing Status

Married Filing Jointly vs. Separately: How Do We Decide What's Best

My Spouse Passed Away: A Step-by-Step Guide To Filing A Final And Estate Tax Return

We Had A Baby: A Checklist For Maximizing Child-Related Tax Credits And Deductions

We're Getting Divorced: Who Claims The Kids, The House, And The Deductions

What Is Imputed Income And How Does It Show Up On A Pay Stub

What Is The Difference Between An Employee And An Independent Contractor

What Is Net Investment Income Tax And Who Pays It

What Is The Difference Between Short-Term And Long-Term Capital Gains Tax

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