Tag: TaxTips | zests.ai

#TaxTips

nkent

What Can the IRS Actually Take?

Ever wondered what happens if you ignore those IRS tax bills? Turns out, the IRS can actually take your stuff—think cars, boats, and even your favorite watch—if you don’t pay up. They’ll even auction it off to cover your bill! But don’t panic: everyday essentials like your couch and clothes are safe up to a certain value. If you get a scary letter, act fast—setting up a payment plan can save your stuff from the auction block. #Business #MakeMoney #TaxTips

nkent

Retirement Rules Just Got a Makeover

If you’re eyeing retirement, heads up: you can now wait until age 73 (and soon 75!) before you have to start pulling money from your 401(k) or IRA. That means more time for your nest egg to grow and less stress about tax penalties. Plus, Roth 401(k)s are now RMD-free, just like Roth IRAs. Translation: more control over your cash, fewer surprise tax bills. Perfect for anyone who wants to stretch their savings or leave a little extra for the grandkids! #RetirementHacks #MoneyMatters #TaxTips #Business #MakeMoney

Denise Kemp

How to Double Dip on Rental Reno Tax Breaks

Ever gutted a rental and tossed out the old kitchen or roof? Here’s a money hack: you can write off the value of the stuff you rip out, not just the shiny new upgrades. It’s called Partial Asset Disposition (PAD), and if you do a Cost Segregation Study before and after your remodel, you could double your tax deductions. Most landlords skip this and leave serious cash on the table. Next time you renovate, snap pics and keep receipts—you’ll thank yourself at tax time! #RealEstateHacks #TaxTips #RentalProperty #MoneyMoves #LandlordLife #RealEstate

James Cook

How I Lost $15K Paying Mom’s Taxes

Ever tried to help your parents and ended up in a mess? One woman paid $15,000 to a local tax service to settle her 93-year-old mom’s IRS bill—only to find out the IRS never got a dime. Turns out, the tax company took her cash (via Zelle and Cash App!), then ghosted her. Lesson: Always double-check who you’re paying, and stick to official payment methods. Don’t let your good deed turn into a money pit! #MoneyMistakes #TaxTips #FamilyFinance #ScamAlert #Finance

tranrobert

Want to save on capital gains tax when selling your home?

Selling a house can be exciting, but the taxes can sting—especially if you don’t plan ahead. Did you know that if you sell your home within a year, your capital gains tax will be much higher? But don’t worry! If you’ve lived in your home for at least two years, you could qualify for up to $500K in tax exclusions (for married couples). And if you’ve owned it for over a year, the tax rate drops significantly! Be smart, plan ahead, and time your sale to keep more of your profits. #TaxTips #HomeSelling #RealEstateSavings

Christine Baxter

How the Rich Play the Tax Game

Ever wonder how the rich seem to keep more of their money? Turns out, it’s not all secret islands and movie-villain moves. Most wealthy folks use everyday tools like retirement accounts, investments, and trusts to lower their tax bills—just like you might with your 401(k). The real drama? They’ve got teams to help them play the game, while most of us are figuring it out over coffee. Pro tip: Some of these strategies are available to everyone, so it pays to learn the rules! #MoneyHacks #TaxTips #PersonalFinance #Finance

Joseph Livingston

Did Your Tax Bracket Just Change?

Heads up: The IRS is bumping up tax brackets and the standard deduction for 2025 to keep up with inflation. Translation? You might keep a bit more of your paycheck next year, unless Congress shakes things up again. The standard deduction is getting a nice boost, so single filers get $15K and couples filing together get $30K. But that $10K cap on state and local tax deductions isn’t going anywhere. Time to check if your tax plans need a refresh! #TaxTips #MoneyHacks #IRS #Finance

James Cook

Don’t Let Roth Conversions Sneak Up on You

Thinking about moving your 401(k) money into a Roth IRA? Before you hit that transfer button, double-check your tax bracket! If you convert too much at once, you could end up paying way more in taxes than you expected—like filling up your gas tank in a pricey state. Timing is everything: sometimes waiting until you’re in a lower tax bracket (like after you retire) can save you big bucks. Always peek at the long-term, not just this year’s bill! #MoneyHacks #RetirementReady #TaxTips #RothIRA #PersonalFinance #Finance

Kathryn Olsen

Retirees Might Get a Tax Break Bonus

Heads up if you’re 65 or older: Congress is cooking up a new tax break that could mean an extra $4,000 off your taxable income. That’s on top of your usual deduction, so more cash could stay in your pocket. But here’s the catch: it’s only for four years and only if you make under $75k (single) or $150k (married). If you’re living on Social Security, every dollar helps—just don’t spend your savings yet, since this is still just a proposal! #RetirementHacks #TaxTips #MoneyMatters #SocialSecurity #PersonalFinance #Finance