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Yahoo
17 minutes ago
- Yahoo
Montana woman discovers husband of 21 years didn't pay his taxes — now IRS is after them. What Dave Ramsey says to do
It's one thing for a spouse to keep a minor secret from their partner — it's another thing to hide an $82,000 tax bill. That's the situation Alice in Montana found herself in when she wrote to The Ramsey Show. Her husband of 21 years failed to pay an $82,000 tax bill from 2021. Now, the IRS is coming after their home, and she wants to know if she should take out a second mortgage to cover the bill or sell it. "I feel blindsided and betrayed," she wrote in. Ramsey's response? "What a mess!" Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Financial infidelity Alice and her husband's finances weren't always smooth, as evidenced by her alluding to a past bankruptcy. However, thanks to a strong 2021 for her husband's real estate business, they wound up owing the IRS $82,000. The money was in the husband's business account, so Alice trusted him to pay them. Instead, he used it to cover other business expenses and a failed side venture without telling her. He also blew off their accountant. Their CPA eventually filed their taxes for them in 2023, sans signatures — an act Ramsey called illegal. 'That's a good way for the CPA to end up in jail,' he quipped. Alice's husband then proceeded to hide IRS notices from her regarding the tax debt. She only found out when she signed for a certificate letter from the IRS saying the agency intends to levy their home for $150,000. Alice turned to Ramsey for guidance: should she buy her husband's share of the house or use a second mortgage to cover the IRS bill? Ramsey assumed that by "buy him out," Alice intended to divorce her husband. After bantering with co-host Rachel Cruze over whether she meant 'bail him' out, Ramsey added that as a nurse, Alice probably had taxes withheld from her paychecks. Now, if Alice and her husband intend to go to marriage counseling, then, between his real estate income and her nursing income, they can pay off the tax debt themselves. But Ramsey added that Alice should sell the house if she's getting a divorce. There was some good news for Alice: she may not be responsible for the taxes in the event of a divorce. "You would file under what's called the innocent spouse provision," he explained. "You were not aware of these taxes; you were not aware of the business activities that created these taxes." Because of this, Ramsey said the IRS shouldn't hold her liable even if her filing status at the time of the debt was married filing jointly. However, he suggested that Alice hire a skilled tax attorney or a knowledgeable CPA to argue her case. Ramsey added that if the house has a lien and is sold, the IRS can only take the money out of the husband's portion if Alice gets approved for innocent spouse relief. But this only works if they get a divorce. Otherwise, Alice and her husband need to work on reestablishing trust. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. How innocent spouse relief works The IRS's innocent spouse relief program is designed to protect people like Alice from liability when their spouses underpay taxes on a joint tax return and they're unaware of it. If you're in a situation like hers, you may be eligible for innocent spouse relief. However, that relief only pertains to taxes on your spouse's income. You cannot claim innocent spouse relief for your income, household employment taxes, business taxes or certain other taxes. You can request innocent spouse relief if: You and your spouse filed a joint tax return Your taxes were underreported in error You did not know about errors on your tax return You reside in a community property state The IRS instructs people to request innocent spouse relief as soon as they become aware that they're on the hook for a tax bill. You must also request innocent spouse relief within two years of receiving a notice from the IRS about a tax bill. The IRS also says that if you didn't sign or consent to file a joint tax return with your spouse, you may be able to limit your responsibility for your spouse's taxes. You can call the number on your tax debt notice to learn more. This situation may apply to Alice, as she stated that their accountant filed their tax return without their signatures or consent. Of course, applying for innocent spouse relief does not guarantee approval. According to Jackson Hewitt Tax Services, in 2021, the IRS received over 26,000 innocent spouse relief requests but only approved about 4,800. Because approval is not guaranteed and there are many nuances involved, it may be best to consult a tax professional with expertise in the area rather than attempt to get relief on your own. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. 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Yahoo
17 minutes ago
- Yahoo
In 2025, Many Are Realizing Their Parents' Financial Advice Doesn't Fit Anymore. College At Any Cost And Avoiding Stocks? Maybe Not So Smart
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. For decades, advice like 'just get a degree' or 'buy a house as soon as you can' was seen as a sure path to financial stability. But in 2025, many are rethinking those old lessons. On Reddit's r/Frugal forum, a recent post asking which financial tips from older generations no longer apply sparked hundreds of honest, frustrated, and eye-opening replies. Loyalty Is Dead? Person after person pointed out how outdated the 'just work hard and stay loyal' mindset has become. 'Work hard and your employer will notice and take care of you' simply doesn't hold up today, one person wrote. Another added, 'Loyalty rarely gets rewarded anymore, and switching jobs every few years often leads to better pay and opportunities.' Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. One person got the advice to "Work hard and you'll be fine." But they say, 'I'm not fine. And I'm overworked!' The Degree Dilemma 'It doesn't matter what your degree is in, just get a degree and there will be plenty of jobs available when you graduate,' one commenter recalled hearing growing up. But today, many feel that was a setup. 'The Millennial experience was being told we have to go to college; find something you enjoy doing and expect jobs in it; don't worry about loans,' another wrote. 'Then being yelled at when we come out with debt, dumb degrees, and shitty jobs.' Another person said honestly: 'The pamphlet the college gave out said philosophy majors can make six figures!! We're long overdue for a class action on the absolute lies that were sold.' Even science, technology, engineering and mathematics fields, or STEM, long considered safe bets, aren't immune. People noted tech layoffs, unstable biotech sectors and private equity gutting hospitals and clinics. 'Gen Alpha kids are f*****,' one reply concluded. Trending: If there was a new fund backed by Jeff Bezos offering a ? Homeownership No Longer Feels Like A Guarantee Buying a house used to be the gold standard of financial stability. Parents often said things like, 'Decide where you want to work, then buy a house near it,' assuming long-term job security. But that advice doesn't hold up when jobs are unstable and layoffs are common. As one person put it, 'You can't guarantee you'll get a job in the [same part of town where you buy a home]. Not to mention, what happens if/when you get laid off?' Homeownership itself is out of reach for many in the younger generations, even when they finally do own a home. 'My area is notorious for taxing homeowners a lot,' one commenter said, pointing to how repairs, property taxes and surprise expenses can drain savings. Another person shared: 'We are about to pay off our house but the costs to maintain it are nutty... maybe we sell it and pay rent.'The Pension Is Gone, And 401(k)s Aren't Magic One of the original poster's main points was about pensions. 'My dad told me to just get a job with a good pension,' they wrote, noting how rare that is now. Several replies echoed the reality: pensions barely exist outside of government jobs. And even then, they're often not as generous as people assume. Still, some people said the advice wasn't all bad—just outdated. 'Just replace 'get a good job with a good pension' with 'get a job with a good 401(k) match,' and it works,' one commenter suggested. Advice like 'don't spend more than 1/3 of your income on rent' also came up—and was mostly met with eye-rolls. 'It's still good advice,' one person said, 'but whether it's possible is a different matter.' 'Older folks think the best way to get the best deal on a car is to walk in with a sack of cash,' one person said. But in reality, most dealerships these days make their money from financing. Many believe that the economic landscape has shifted too much to make their parents' advice work. Wages haven't kept up with inflation, the cost of living has skyrocketed, and industries that once offered security have become unstable. Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. Imagn Images This article In 2025, Many Are Realizing Their Parents' Financial Advice Doesn't Fit Anymore. College At Any Cost And Avoiding Stocks? Maybe Not So Smart originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
18 minutes ago
- New York Post
Goodbye to DEI, crushed by the weight of its own hypocrisies
President Donald Trump's executive orders banning diversity, equity and inclusion-related racial and gender preferencing have ostensibly doomed the DEI industry. But DEI was already on its last legs. Half of all Americans no longer approve of racial, ethnic or gender preferences. Advertisement DEI had enjoyed a surge following the death of George Floyd and the subsequent 120 days of nonstop rioting, arson, assaults, killings and attacks on law enforcement during the summer of 2020. In those chaotic years, DEI was seen as the answer to racial tensions. DEI had insidiously replaced the old notion of affirmative action — a 1960s-era government remedy for historical prejudices against black Americans, from the legacy of slavery to Jim Crow segregation. But during the Obama era, 'diversity' superseded affirmative action by offering preferences to many groups well beyond black Americans. Advertisement Quite abruptly, Americans began talking in Marxist binaries. On one side were the supposed 65 to 70% white majority 'oppressors' and 'victimizers' — often stereotyped as exuding 'white privilege,' 'white supremacy' or even 'white rage.' They were juxtaposed to the 30 to 35% of 'diverse' Americans, the so-called 'oppressed' and 'victimized.' Advertisement Yet almost immediately, contradictions and hypocrisies undermined DEI. First, how does one define 'diverse' in an increasingly multiracial, intermarried, assimilated and integrated society? DNA badges? The old one-drop rule of the antebellum South? Superficial appearance? To establish racial or ethnic proof of being one-sixteenth, one-fourth, or one-half 'non-white,' employers, corporations and universities would have to become racially obsessed genealogists. Advertisement Yet refusing to become racial auditors also would allow racial and ethnic fraudsters — like Sen. Elizabeth Warren and the would-be mayor of New York, Zohran Mamdani — to go unchecked. Warren falsely claimed Native American heritage to leverage a Harvard professorship. Mamdani, an immigrant son of wealthy Indian immigrants from Uganda, tried to game his way into college by claiming he was African American. Second, in 21st-century America, class became increasingly divergent from race. Mamdani, who promises to tax 'affluent' and 'whiter' neighborhoods at higher rates, is himself the child of Indian immigrants, the most affluent ethnic group in America. Why would the children of Barack Obama, Joy Reid or LeBron James need any special preferences, given the multimillionaire status of their parents? In other words, one's superficial appearance no longer necessarily determines one's income or wealth, nor defines 'privilege' or lack thereof. Third, DEI is often tied to questions of 'reparations.' The current white majority supposedly owes other particular groups financial or entitlement compensation for the sins of the past. Advertisement Yet in today's multiracial and multiethnic society, in which over 50 million residents were not born in the United States and many have only recently arrived, what are the particular historical or past grievances that would earn anyone special treatment? What injustices can recent arrivals from southern Mexico, South Korea or Chad claim, knowing little about, and experiencing no firsthand bias from, Americans, the United States, or its history? Is the DEI logic that when a Guatemalan steps one foot across the southern border, she is suddenly classified as a victim of white oppression and therefore entitled to preferences in hiring or employment? Fourth, does the word 'minority' still carry any currency? Advertisement In today's California, the demography breaks down as 40% Latino, 34% white, 16% Asian American or Pacific Islander, 6% black, and 3% Other — with no significant majority and fewer whites than the Latino 'minority.' Are Latinos the new de facto 'majority' and 'whites' just one of the four other 'minorities?' Do the other minorities, then, have grievances against Latinos, given that they are the dominant population in the state? Fifth, when does DEI 'proportional representation' apply, and when does it not? Are whites 'overrepresented' among the nation's university faculties, reportedly 75% white, when they comprise only about 70% of the population? Advertisement Or, are whites 'underrepresented' as college students, making up just 55% of them, and thus in need of DEI action to bump up their numbers? Black athletes are vastly overrepresented in lucrative and prestigious professional sports. To correct such asymmetries, should Asians and Hispanics be given mandated quotas for quarterback or point-guard positions to ensure proper athletic 'diversity, equity and inclusion'? Sixth, DEI determines good and bad prejudices, as well as correct and incorrect biases. 'Affinity' segregationist graduations — black, Hispanic, Asian and gay — are considered 'affirming'. Advertisement But would a similar affinity graduation ceremony for European-Americans or Jews be considered 'racist'? Is a Latino-themed, de facto segregated house on a California campus considered 'enlightened,' while a European-American dorm would be condemned as incendiary? In truth, DEI long ago became corrupt, falling apart under the weight of its own paradoxes and hypocrisies. It is a perniciously divisive idea — unable to define who qualifies for preference or why, who is overrepresented or not, or when bias is acceptable or unjust. And it is past time that it goes away. Victor Davis Hanson is a distinguished fellow of the Center for American Greatness.
