Can the IRS Seize Joint Bank Accounts? What You Need To Know Can the IRS seize joint bank accounts? The short answer is yes—under certain conditions, the IRS can access funds in a shared account, even if the tax debt belongs to just one account holder. That’s why it’s crucial to know how joint ownership…
January 29, 2025 Managing debt on a low income can feel challenging, but with the right steps, you can take control and work towards financial stability. If you’re looking for ways to get out of debt on a low income, this guide will walk you through practical, step-by-step strategies to reduce debt while making the most of your…
Have you ever gotten a perk from your job—like health benefits for a family member or a company car—and thought, “Wait, does this count as income?” You’re not alone. That’s where imputed income comes in. It’s one of those financial terms that sounds more complicated than it is, but it can affect your taxes and even how…
Yes, the IRS can seize a financed car if you owe back taxes and have not made arrangements to pay your debt. However, the process is not as simple as it sounds. The IRS will assess the value of the car and calculate whether it will provide significant value after paying off any remaining loan…
Passive income can seem like the ultimate financial freedom-earning money while you sleep! But how is passive income taxed? Understanding the rules set by the IRS is crucial to manage your finances effectively. Let’s explore what qualifies as passive income, its taxation, and practical tips to ensure you’re on the right track. Need tax help?…
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