Offices of Joon Um

"The agency said that it is taking "urgent" steps to increase compliance such as auditing more high-income taxpayers as well as businesses and partnerships."

Americans failed to pay record $688 billion in taxes in 2021, IRS says. Look for more audits. Americans owe the IRS $688 billion in unpaid taxes, underscoring need for more audits, said IRS Commissioner.

"The Social Security COLA for 2024 is expected to be around 3.2%. That's a big step down from the 2023 benefits increase, which was 8.7%. "

Social Security Raise For 2024 Will Be Much Lower While the benefit increase won't match 2023, the forecast isn't all bad news.

"The late-filing penalty 'can be 10 times as costly as the penalty for not paying,' the IRS said."

It's time to do your taxes. No, really. The final 2022 tax year deadline is Oct. 16. If you asked for an extension to file your 2022 taxes last spring, time is nearly up. The final deadline is Oct. 16. Missing it may mean steep fines.

"... or at least, a lot faster."

Getting a $7,500 tax credit for an electric car will soon get a lot easier Buyers will be able to take advantage of the tax credit at the dealership when purchasing an electric vehicle. And they'll be available even for those who pay little or no taxes.

"Resellers may need to prepare to receive Form 1099-K from the IRS this upcoming tax season, as they likely “easily exceed” the new reporting threshold."

If you resold a Taylor Swift ticket for a profit, prepare to pay taxes. Here's what to know If you resold Taylor Swift tickets for a profit, you'll need to prepare for the tax bill, experts say.

"It’s an understandable impulse that could cause you to make unnecessary — and costly — mistakes."

4 mortgage application mistakes that will cost you money Checking key financial measures like your credit score and DTI ratio can go a long way when saving money on your mortgage.

"This strategic maneuver is aimed at eliminating future tax-related risks, reducing the overall tax burden over time and increasing the value of one's after-tax retirement savings."

Roth IRA Conversions: Benefits and Considerations Beyond Taxes You could pay a lower tax rate now if you convert savings into a Roth IRA, but there could be more complex issues for you to consider.

"Property taxes can vary by nearly $8,000 for the same-priced home..."

These are the U.S. states with the highest property taxes—New York and California aren't in the top 10 Homeowners in New Jersey spend nearly $8,000 more on property taxes than homeowners in Hawaii for a median-priced home in the U.S.

"Typically, you need to make estimated payments if you’re expecting an annual tax liability of $1,000 or more."

IRS: Meet this Sept. 15 deadline to 'avoid a surprise at tax time' The third-quarter estimated tax deadline for 2023 is Sept. 15. Here are some tips to avoid a surprise tax bill next April.

"... you’ll want to think of your financial plan as wanting to marry three things"

I have $800K in my IRA and my broker is charging me $850 a month — and I’m getting less than $200 in interest dividends. What’s my move? Have an issue with your financial adviser or looking for a new one? Email questions or concerns to [email protected].

"This undertaking is an art and a science."

Building a Team of Financial Professionals for Future Planning Learn how to build a team of financial professionals to help plan for your future. Find out who to include and what to look for in a financial advisor, estate planning attorney, and CPA/tax accountant. Discover specialized experts for unique planning needs. Use top financial keywords such as financi...

"Selling a vacation home is different from selling a primary residence when it comes to taxes."

When selling a vacation home, here are the taxes to expect Selling a vacation home is different from selling a primary residence when it comes to the taxes you will need to pay.