IRS Audits: What Raises a Red Flag?

By Top Tax Staff

No one is excited about being audited by the IRS. Even though the IRS has been slammed like everyone else, there is still a chance your return will get flagged for an audit.

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What the American Rescue Plan Act Means for Your Taxes

By Top Tax Staff

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

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Your Checklist for the May 17th Tax Filing Deadline

By Top Tax Staff

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.

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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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