Tax Matters - The Top Tax Defenders Blog

Tax resolution — it sounds like something you make before a new year only for taxes, doesn’t it? Actually, tax resolution services are what you need if you have to resolve an issue with the IRS.

So you can’t pay your taxes. Don't start worrying about getting in trouble with the IRS yet. Did you know the IRS will let you set up a payment plan? That’s right, the IRS has lay-away! Well, not quite. You don’t get anything back when you pay your bill off except for the knowledge you are in good standing with the feds. 

There are times when you can do your taxes yourself, and there are times when it’s prudent to hire someone to help you.  It comes down to how complicated your taxes are and your comfort level in dealing with them.

If you haven’t filed your income taxes for a while, you are probably wondering what to do now. Should you continue your habitual non-tax filing behavior? Or should you throw yourself on the mercy of the IRS?

COVID-19 has been at the center of our lives for more than a year. To help with the financial impact of the pandemic, the federal government has passed several laws aimed at providing financial aid to those struggling. But how do these laws affect your taxes? How can you take advantage of new financial relief options?

The American Rescue Plan Act or ARPA was signed on March 11, 2021, and provides around $1.9 trillion in federal spending.

Is there anything that didn’t happen in 2020?

Toilet paper hoarding? Check.

Wild and crazy Presidential Elections? Check.

Murder Hornets? Check.

When did anyone have time to think about taxes, even if they had a job or a business that survived the lockdowns? At least Uncle Sam said you don’t have to file until May 17th.

Tax law changes all the time. Each year has something new to learn about how much you owe, how much you can save, and what impact the new law will have on your financial life.

Tax credits are like “found money” that turns up when you fill out your tax form. Unlike deductions, credits are awarded dollar for dollar. In other words, if you are eligible for a $300 tax credit, you get $300 off your tax bill—kind of like a sale at the grocery store.

It may have seemed like forever, but 2020 is finally coming to an end. With that comes your chance to get ready for Tax Season, even though it isn't as wonderful as the December holidays.

We have put together 14 tips to get ready for tax time and get into shape for 2021.