Tax Matters - The Top Tax Defenders Blog

In 2003, the IRS launched a program called Free File. Since then, it has served nearly 57 million taxpayers, saving them an estimated $1.7 billion. So why aren’t more people using it? Maybe a little lack of awareness and a little computer coding got in the way. Here’s what you need to know.

Holding profits in offshore tax havens isn’t a new thing. Any time a business or individual can find a way to lower taxes, they will do it. When those profits are kept outside of the US, they aren’t available or used to invest in the business. They just sit there. 

Every so often, the IRS itself is audited to make sure it’s following all the rules, regulations, and laws effectively and efficiently. Most businesses should do something similar to make sure nothing falls through the cracks. But when it’s the IRS, the results of resolving an audit issue can have ripple effects.

Sometime before the big, jeweled ball drops on January 1, 2020, you should take some time to maximize your tax savings, not only for 2019 but as a tribute to yourself for 2020. There are only a few weeks left. You need to fit it in between all the holiday prep and celebrations.

Well, 65 might be the new 50 to you, but to Uncle Sam, it means you're elderly. Embrace it! Being considered elderly could have a positive effect on your taxes, as in you may not need to pay as much in taxes as that 64-year-old whippersnapper.

Once again, in 2017, the federal government pledged to simplify the income tax code. And they did…sort of. The Tax Cuts and Jobs Act of 2017 had a lot to unpack. Some things changed. A few stayed the same. It’s a lot to digest, even after filing in 2019. Now seems like a good time to put some of the changes in tax law in one place, plus highlight a few items that differ for filing in April 2020.

It’s October. Do you know what that means? If you filed for a tax extension earlier this year, it’s time to file your taxes. And If you haven't spent the last few months doing so, you need to get all your supporting documentation together, get your taxes calculated, and file the whole thing by the middle of this month to avoid penalties and additional interest.

The Tax Cuts and Jobs Act of 2017 created significant changes in exemptions, deductions, and credits for your federal taxes. One change you may not have noticed is the way alimony is treated.

If you weren’t one of the taxpayers caught off-guard by a smaller than expected tax refund last spring, or worse, received an unexpected tax bill, the IRS has a tool for you.

It seems as though the IRS doesn’t let a day go by without making announcements sure to put fear into the American taxpayer. Including the ones in this post, the IRS has launched 59 campaigns to date.