Tax Matters - The Top Tax Defenders Blog

The new tax year ushers in the release of new tax preparation software and apps that all promise to make filing your taxes fast and easy. As tempting as it may be to try out one of these programs, you also must wonder if doing so would be in your own best interest. You can choose between using a tax preparation program or app or hiring a tax pro to do your taxes by learning more about each option.

Scholarships are valuable resources to help pay for college. Depending on the type that you receive, however, you may have to pay taxes on these academic awards. You can prepare your tax returns and comply with the IRS by learning the difference between tax-free and taxable scholarships.

The Affordable Care Act's individual mandate requires that you purchase and keep a minimum level of health insurance for you and your family throughout the tax year. If you refuse or fail to buy this coverage, you could be fined when you file your tax returns. You can prepare your returns and protect your finances by knowing how you can avoid Obamacare penalties this tax season.

The new presidential administration has many small business owners wondering what to expect when filing taxes this year. You can prepare for filing your business's returns and also paying what you might owe the IRS by learning about some of the more important changes that lie ahead for the 2017 tax season.

The IRS uses a progressive tax system to determine how much money each citizen owes at tax time. This system involves using a series of brackets that indicate at what percentage each level of income is taxed. A number of misconceptions exist about tax brackets and the reasons for why they are used today. You can clear up any confusion and prepare to file your taxes better by learning the basics of tax brackets.

The Affordable Care Act will play a significant role in how you file taxes this year. If you do not have the lowest level of health insurance or failed to buy coverage at all last year, you could incur fines that take away from your refund or increase what you owe the IRS. Find out if you have to pay Obamacare fines this year or if you are exempt by learning more about the 2017 Affordable Care Act penalties.

Editor’s Note: This post was originally published in February 2017 and has been updated for accuracy and comprehensiveness.

As the IRS reviews your tax returns each year, they are paying very close attention to the details. They look for any entry that makes this year's return seem markedly different from last year's.

If the IRS finds discrepancies, your return may be be set aside for review or even an audit. Make sure your return is  accepted and processed smoothly by avoiding these common tax filing mistakes this year.

Taxpayers who anticipate big refunds each year often look forward to the start of tax filing season. They know that within a few weeks that they will have a refund that totals hundreds or even thousands of dollars.

Going up against the IRS can be a difficult if not impossible task. It has scores of attorneys, auditors, and agents on staff who all know the tax code and have the power to hold you accountable for any taxpayer infraction.