The Latest Breaking News from IRS

GOBankingRates decided to put ChatGPT to the test and ask it how to avoid paying taxes.

Small businesses are central to the U.S. economy, yet many new entrepreneurs still face complex procedures when dealing with government.

Many retirees add children or spouses as joint owners to simplify transfers. It feels like an easy way to avoid probate. But joint ownership can...

Divorce isn’t just emotionally exhausting—it’s a financial minefield, and the bill doesn’t stop with your lawyer’s invoice. Many people walk into the process thinking it’s all about splitting assets and signing papers. But hidden beneath the surface are sneaky, stress-inducing costs that can balloon even the most “amicable” separations into…

Everyone knows about credit card late fees and overdraft charges, but lurking just outside the spotlight are a set of financial penalties that can nuke a bank account in record time. They’re sneaky, they’re expensive, and they show up in places most people never think to check.

Open-enrollment windows and HSA rules mean Q3 conversations let individuals choose higher-deductible plans paired with Health Savings Accounts, capturing deductible HSA contributions that compound tax benefits.

Jeff and his wife are in their early 70s, comfortably retired in Indiana with a net worth of about $2.3 million. But now they're facing a painful decision: Should they sell off property or mutual funds to bail out their son, who owes more than $200,000 to the IRS?

Don’t assume Social Security withholding is enough. Some retirement income may require a quarterly estimated tax payment by the September 15 deadline.

Required minimum distributions (RMDs) are unavoidable once you hit a certain age. But many retirees make costly mistakes that turn retirement accounts into penalty magnets....