Ashlea Ebeling
speaker
2,002 appearances
38 recordings
1 series
first heard Jul 2022
last heard Feb 2025
Ashlea Ebeling’s voice in public audio — every appearance, attributed to the second.
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One day is considered a month.
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That's what's kind of really crazy.
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So if you're one day late and owe $10,000, the late filing penalty is already $500.
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Right.
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And for taxpayers with lower balances, it can actually even be harsher.
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If your return's more than 60 days late, there's a minimum penalty rule for late filing the lesser of $485 or 100% of the taxes owed.
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So imagine a taxpayer owes $1,000 and files late on June 16th.
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They would face a failure to file penalty of $485, nearly half of their tax bill.
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The consequences can get even more severe with time.
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So the IRS can garnish your wages or levy one of your bank accounts or Social Security, some other income stream in as little as nine months after filing if you haven't paid.
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And the best way to avoid that is to get into a payment plan with the IRS.
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Taxpayers can try to get penalties waived by calling the IRS to ask for a first-time penalty abatement, and those are granted pretty regularly.
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You have to be in good faith and have paid on time in past years and all, but definitely try for the first-time penalty abatement.
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The other option is harder to get.
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That's sending in a Form 843 and a letter citing reasonable cause for your failure to file or pay.
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WSJ Your Money Briefing · Don’t Delay Having the Talk About Family Inheritance · 10 Apr 2024
podcast
No matter what your wealth is, even if you don't think there's wealth there, there could be some wealth in house, there's wealth in possessions.
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The main point, too, the talk isn't just about dollars and estate planning documents.
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It's about your family.
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It's about plans to give to charity, education savings, how these things are important to your family.
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Well, it's all about death and money.
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Showing 901–920 of 2,002 · page 46 of 101
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