Tax Matters - The Top Tax Defenders Blog

Business owners typically hope to yield more profits than losses each year. When they do lose more money than they gain, they incur what is known as a net operating loss, or NOL. NOLs can have different tax implications for business owners because the IRS typically will refund some or all of the losses. It is important that they understand how to determine any NOLs their businesses sustained and what to do with these losses after they file taxes.

After you submit your tax return, you may wonder what you should do with all of the documents needed to file your taxes. You realize that some paperwork should be kept on hand for while, but you may not know what documents to keep and for how long you should retain them. You can simplify your record keeping and avoid compiling heaps of unneeded paperwork by using these guidelines after filing your taxes each year.

Like many taxpayers, you may wonder what it is going to cost you to file your taxes this year. The expense associated with filing a return can depend on a number of different factors. You may be able to anticipate your own expenses by knowing what circumstances most commonly affect taxpayers' tax filing costs.

People who work as employees have the good fortune of their employer withholding and paying in taxes for them. All they have to typically do is await their W-2s in the mail each year, file a simple 1040 form, and await any refund that might be owed to them.

You need your W-2 to file your income taxes. Your employer has until January 31 to get it into the mail to you. It typically will arrive in your mailbox just a few days later.

Scammers and hackers are always on the lookout for the perfect opportunity to steal people's private information. As people rush to file taxes and cash in on substantial refunds they are often unaware that they leave themselves open to scams that could jeopardize their identities and their tax returns.

It is perfectly legal to keep money in an overseas bank account. In fact, many Americans do simply because they work and live abroad.

While it is legal to open and maintain international bank accounts, it is illegal to avoid reporting this money to the IRS. You can obey current U.S. tax laws and still keep your overseas accounts by keeping in mind these tips about reporting this money to the IRS.

The IRS collects more than $2 trillion in tax revenue each year. Despite this massive sum of money, the IRS will at some point notice if you do not report your own income to the government.

The Affordable Care Act, also known as Obamacare, now requires all eligible U.S. citizens and residents to have health insurance. Failure to purchase health insurance from your employer, a private insurer, or through the Healthcare.gov exchange could result in the IRS monetarily penalizing you and your family.