[Editor's Note: This article was published in August 2023, but has been updated in August 2026 for accuracy and comprehensiveness.]
As the cost of higher education continues to rise, student loans have become a reality for millions of individuals pursuing their academic dreams. While managing student loan debt can be challenging, there is a silver lining for borrowers: potential tax deductions that can provide some relief.
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The IRS just made one of the most taxpayer-friendly changes in decades. Under the new Automatic Exemption from Penalty (AEP) program, the IRS will automatically waive certain failure-to-file, failure-to-pay, and failure-to-deposit penalties for taxpayers with a clean three-year compliance history, no phone call, no letter, no request required.
[Editor's Note: This article was originally published in November 2011 but has been updated for accuracy and comprehensiveness in 2026.]
If you owe back taxes and have been carrying that weight for years, maybe even a decade, you've probably asked yourself: Can the IRS collect forever? The short and encouraging answer is no. Federal law sets a clear deadline on how long the IRS can pursue you for unpaid taxes. But as with most things involving the IRS, the details matter enormously.
[Editor's Note: This article was originally published in October 2015, but has been updated most recently as of May 2026 for accuracy and comprehensiveness.]
When you owe multiple creditors, you may find it difficult to keep up on payments and get your accounts paid off in full. Despite your best efforts to pay, your creditors may choose to garnish your wages.
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Receiving a notice from the IRS that you've been selected for an audit is unsettling, but it doesn't have to be. An audit is not an accusation of wrongdoing. In most cases, it's simply the IRS requesting documentation to verify information on your return. How you respond, what you bring, and whether you have professional representation can make a significant difference in the outcome.
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Realizing you owe taxes (especially right after Tax Day) can feel overwhelming. For many people, the instinct is to avoid the problem, wait until there’s more money available, or hope it won’t escalate quickly.
Unfortunately, the IRS doesn’t work that way.
[Editor's Note: This article was originally published in June 2012 but has been updated for accuracy and comprehensiveness.]
Currently Not Collectible (CNC) status means the IRS has determined you cannot afford to pay your tax debt due to financial hardship. As a result, the IRS temporarily stops collection efforts such as wage garnishments and bank levies, though your balance will continue to accrue interest and penalties.
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If you owe back taxes and can’t pay, file on time, pay what you can, stay current on this year's taxes and explore IRS options like installment agreements or an Offer in Compromise to avoid penalties and collection actions.
Every year, taxpayers face the same question: should you file your taxes as soon as possible, or is it smarter to wait until closer to the deadline? The short answer is that filing early is best for most people, but waiting can make sense if your income is complex, documents aren’t complete, or you need extra time to plan strategically. Ultimately, the key isn’t speed. It’s accuracy, timing, and managing risk.
[Editor's Note: This article was originally published in February 2014 but has been updated for accuracy and comprehensiveness.]
If your tax refund was lower than expected (or you ended up owing the IRS) you may not be withholding the right amount of federal tax from your paycheck. On the other hand, if your refund was unusually large, you could be having too much tax withheld, reducing your take-home pay throughout the year.
