Tax Matters - The Top Tax Defenders Blog

Raising a baby can put a dent in your budget. Fortunately, the IRS makes available numerous exemptions that could save you money on your taxes. Before you file your taxes for the first time as new parents, you should learn about these helpful tax credits that could lower your tax debt and could possibly lead to the IRS owing you a refund.

The IRS may be the last agency you think of when you need help during a financial crisis. However, it offers programs that could relieve your monetary hardship and give you extra time to get caught up with your IRS tax debt. When you experience financial challenges because of your delinquent taxes, you may benefit by taking advantage of one of the IRS hardship programs.

Despite your best intentions to file on time and with the utmost of care, you may still slip up when filing your taxes. This one-time mistake could cost you hundreds or even thousands of dollars in IRS penalties, fines, and interest.

The IRS advises people to keep copies of their tax returns. Still, if you have misplaced your copies or you would like to have extras on hand, you have the right to request them from the government. Before you contact the IRS to ask for a copy of any of your tax records, however, you should understand why you have the right and what process the IRS asks that you abide by when making your request.

When you owe back taxes to the IRS, you put any assets or income you possess at risk of being levied or seized. If you do not have money or property that the IRS can claim now, you could face a tax lien or seizure of your assets in the future if your financial status improves or if you receive an inheritance. Before you inherit money, you may prepare yourself financially by knowing how an IRS debt could impact any trust fund that has been established for you.

Hiring a lawyer can be expensive. If you retain legal counsel to help you maintain or secure income, however, you may be allowed to deduct your legal expenses on your taxes. You may be able to pursue legal action and recoup some or all of your money by knowing under what circumstances the IRS will allow you to claim attorney fees on your tax return.

An old adage says that nothing in life is certain except death and taxes. Taxes are especially unavoidable when you consider the many ways that people are coaxed into paying them. These seven wacky tax laws demonstrate how taxes abound in everyday life and on what common items people willingly pay them.

Packing up and moving to a new home can take its toll on your budget. You may be distressed at having to spend so much money relocating to a new city for your job. However, the IRS permits you to recoup some of these costs by claiming them as deductions on your taxes. Before you file your return, however, you should learn under what circumstances you can deduct moving expenses on your taxes.

An Offer in Compromise, or OIC, can relieve people from significant tax burdens. However, the IRS considers each OIC individually and has the ability to turn down offers for various reasons. Rather than accept the refusal as the IRS' final determination, you can use these tactics to appeal the denial of your Offer in Compromise.

Small business owners have the unique obligation to report and pay their taxes quarterly. While the IRS wants this process to be relatively straightforward and simple, you still may be confused about what is actually expected of you at the end of every quarter. You can learn how to file the 941 employment tax form and avoid expensive fines and penalties by keeping these tips in mind.