Topic: Tax Penalties

2 chapters across the catalog

Bruce in California describes a $25,000 tax bill resulting from his wife's disability payments after she returned to work. Tyler Bennett explains that the $25,000 income threshold for taxing Social Security and disability benefits has not been indexed for inflation since the 1990s. He offers to help Bruce negotiate the penalties and interest attached to the bill.

The discussion covers the IRS's increased focus on seizing cryptocurrency assets and the common misconception that a tax extension provides more time to pay. Bennett warns that failing to pay by the April deadline results in penalties and interest, even if an extension to file is granted.