“People see a complex structure and think, ‘This is what rich people do to reduce their taxes,’ ” says Bryan Skarlatos, a criminal tax attorney with Kostelanetz. “But a complex structure with no business purpose is often a sign of fraud to the IRS.” 

While taxes may not be the most romantic topic, understanding the financial advantages of marriage can help couples make informed decisions that can positively impact their joint finances.

Here’s a statistic to remember next year, as Congress debates extending President Trump’s 2017 tax cuts: The top 1% of income-tax filers provided 40.4% of the revenue in 2022, according to recently released IRS data. The top 10% of filers carried 72% of the tax burden. Self-styled progressives will never admit it, but U.S. income taxes are already highly progressive.

Boomerang children are threatening their parents’ retirement.

The phenomenon—where an adult child who has graduated high school or college and lived independently returns to live at home—has been on the rise. According to Thrivent’s 2024 Boomerang Kids survey, 46% of parents have had their adult children ages 18 to 35 back home to live with them at some point, up from 35% last year.

The Small Business Administration would be mandated to send many loans made under the Covid Economic Injury Disaster Loan program to the Treasury Department for collections under legislation put forth by the Senate Small Business Committee.

People near retirement age are eligible for a specific type of loan they can borrow against. Known as a “reverse mortgage,” this type of loan can be great for people 62 or older who perhaps can no longer make payments on their home, or require a sum of money to use right now, without wanting to sell their home.