IRA Withdrawals that Avoid the 10% Tax Penalty The reason withdrawals from an Traditional Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for...
How will the IRS Contact Me? Ask Ashley Question: I got an email from the IRS. Is it real? Ashley L Madden, CPA, CFP® View Ashley’s Bio If you get an email from what appears to be the Internal Revenue Service, it is probably a scam. What Do I Need To Look Out...
Selling Real Estate Owned by a Decedent Ask Ashley Question: My sister and I are in the process of selling my father’s house, will we owe taxes when we sell the house? Ashley L Madden, CPA, CFP® View Ashley’s Bio Scenario My father passed away in late 2019...
I.R.S. Delays Tax Filing, Payment Deadlines Less than one month ahead of the traditional date, the I.R.S. has delayed the deadline for filing and paying taxes. The new deadline is May 17, 2021.¹,²,³ The delay follows continued disruption from the COVID-19 pandemic and...
How Income Taxes Work The Internal Revenue Service estimates that taxpayers and businesses spend 8.1 billion hours a year complying with tax-filing requirements. To put this into perspective, if all this work were done by a single company, it would need about four...
