Tag: tax returns

Navigating Taxes After Loss: A Guide for Grieving Families
July 29, 2025 Off

Navigating Taxes After Loss: A Guide for Grieving Families

By The Admiral Staff

Losing a parent brings emotional challenges, but also potential IRS tax issues that can be costly and complicated. Key points include: outstanding debts don’t disappear, final and estate tax returns are required, executors can be personally liable, joint accounts and property with tax liens can be affected, unreported income triggers scrutiny, inherited IRAs have mandatory withdrawals, and Social Security overpayments must be returned. Additionally, gifts over a certain amount may trigger gift tax, and life insurance payouts can inflate an estate’s

Second Stimulus Showdown: 8 Ways It Differs From the First Check
January 27, 2021 Off

Second Stimulus Showdown: 8 Ways It Differs From the First Check

By The Admiral Staff

The second stimulus check, sent in late December 2020, differs from the first in several key ways. Payments are smaller ($600 vs. $1,200), but are being distributed faster. Dependent children now qualify for $600 (up from $500), and income phaseouts are lower, impacting eligibility for more people. The IRS is using 2019 tax returns for eligibility, and unlike the first round, those owing child support