Tax Matters - The Top Tax Defenders Blog

Editor’s Note: This post was originally published in October 2019 and has been updated for accuracy and comprehensiveness.

You knew you weren’t going to make the tax filing deadline last April, so you requested an extension. But now that second deadline has come and gone. Can you file for another extension?

Marriage involves the merging of many aspects of life, including finances. While this union brings numerous benefits, it also raises questions about potential liabilities, especially when it comes to taxes. If your spouse owes money to the IRS, you might be wondering if you could be held responsible for their tax debt. At Top Tax Defenders, we're here to shed light on the subject and help you navigate the complexities of spousal tax liability.

When tax season rolls around, it's important to know the various methods available for settling your tax bill. We understand that navigating tax payment options can sometimes be confusing. In this post, we'll walk you through the different ways you can pay your taxes, making the process smoother and more convenient for you.

As the cost of higher education continues to rise, student loans have become a reality for millions of individuals pursuing their academic dreams. While managing student loan debt can be challenging, there is a silver lining for borrowers: potential tax deductions that can provide some relief. In 2023, understanding the intricacies of student loan tax deductions is crucial for maximizing your financial benefits. In this post, we'll walk you through the key points of student loan tax deductions, helping you make informed decisions and potentially reduce your tax burden.

As a new business owner, one of the most critical decisions you'll make is choosing the right business structure. Your choice will not only affect your company's legal standing but also its tax responsibilities, liability, and overall financial well-being. In this blog post, we'll delve into the tax implications of different business structures, including sole proprietorship, limited liability company (LLC), and corporation, so you can make an informed decision that aligns with your business goals and don't miss anything when it comes time to pay taxes.

Tax refunds have been 10% smaller than last year’s. The average refund dropped 9.8% from 2022 to $2,910. Why? Why has this happened? 

It is now past Tax Day, and if you're taking stock of their tax liabilities and saying, “Yikes!” - you're not along. Many people are watching as their tax debt keeps growing with interest and penalties and wonder where it all stops.

Do you have a kid going to college? Are you or your spouse taking higher education or continuing education classes? Then you need to take advantage of educational tax credits offered by the federal government.

This year, Tax Day is Tuesday, April 18, 2023.  Are you scrambling to get your federal taxes done before the deadline hits? Don't panic! 

Every year you go through the same thing — filing your taxes. Why? Because you need to know if your employer (or you) paid enough of your wages to the IRS and whether you get a refund.