Your Guide to IRS Tax Changes for 2021

By Top Tax Staff

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.

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Do I Qualify for the Earned Income Tax Credit

By Top Tax Staff

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.

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Settling Your IRS Debt: What To Do When You Owe Back Taxes

By Top Tax Staff

If you could not pay your taxes in full, you owe back taxes to the IRS (and possibly to the state you live in if there is a state income tax). The thing about back taxes is that they accrue interest on the unpaid balance from the time of nonpayment until it is completely paid off. So you wind up paying more than the original amount.

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End of Year Tax Tips: Getting Ready for Tax Day 2021

By Top Tax Staff

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.

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A Bank Account Freeze? What Do I Do?

By Top Tax Staff

Have you received an IRS notice of levy on your bank account? That’s another name for an IRS bank account freeze or seizure. It happens when you don’t pay your tax debt.

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Answering Common Questions about Tax Liens

By Top Tax Staff

Some people may be getting more attention than usual from the IRS this year. If you had trouble scraping up enough to pay your taxes in full, you might have heard from the federal government already.

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Natural Disaster Tax Relief - Do You Qualify?

By Top Tax Staff

Don’t you think we should all get natural disaster relief after the year we’ve had? If you made it through 2020, you deserve it. Just label the whole year a disaster and give everyone the tax year off.

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Uh Oh, Did You Miss the Tax Extension Deadline? Here's What to Do Now

By Top Tax Staff

You could be forgiven for missing your tax extension deadline. After all, it's 2020. You could be, but unfortunately, you won't. The IRS wants your return and your tax payment. They waited three extra months, and now they want Uncle Sam's cut.

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What Happens If You Owe More Taxes Than You Can Pay?

By Top Tax Staff

what happens if you cant file your taxes

That number on the line for taxes owed looks awfully big. It looks like more than you feel like you can pay right now. Should you panic?

No, no, you should not.

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Filing Your Taxes: How Late Is Too Late?

By Top Tax Staff

Did you, by chance, forget to file your taxes…say for the last ten years? Or maybe just this year; after all, everything’s been such a mess.

But how late is too late to file? The short answer is never. You can always file late. You just have to understand that it won’t be the same as if you filed on time.

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