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The Pros and Cons of Mobile Tax Applications

By Top Tax Staff

Every year, as the end of tax season approaches, last minute filers are looking for the easiest and fastest ways to file and submit their returns. Instead of going to a CPA or a tax prep service, many are using mobile applications. Discover the pros and cons of tax apps and whether they can help you file your taxes on time this year.

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Key Facts about the Earned Income Tax Credit (EITC) for 2017

By Top Tax Staff

The IRS offers a variety of credits and deductions designed to ease people's tax burdens. Out of all of them, the Earned Income Tax Credit, or EITC, many times proves to be the most lucrative. You can determine if you can use the EITC on your tax returns this year by learning the key facts regarding this credit and for what purpose the IRS makes it available.

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Six Options if You Cannot Afford to Pay Your Taxes

By Top Tax Staff

Filing your taxes could leave you with an IRS bill that you cannot afford right now. Rather than ignoring what you owe or exhausting your bank account to pay it, you may be able to settle your IRS debt through other means. These six options allow you to file your taxes even if you cannot afford to pay your taxes by the yearly April deadline.

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Tax Advantages Found with a Health Savings Account

By Top Tax Staff

Taxpayers generally want to owe the IRS as little money as possible after filing their taxes. They use a number of different options to offset their tax liabilities and lower the amount that they are expected to pay to the government each year.

One of the newest ways to lower your tax burden involves opening a Health Savings Account, or HSA. An HSA offers you several unique benefits about which you should know before you prepare your tax return this year.

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The Pros and Cons of Using Tax Return Apps and Software

By Top Tax Staff

The new tax year ushers in the release of new tax preparation software and apps that all promise to make filing your taxes fast and easy. As tempting as it may be to try out one of these programs, you also must wonder if doing so would be in your own best interest. You can choose between using a tax preparation program or app or hiring a tax pro to do your taxes by learning more about each option.

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The Difference between Taxable and Tax-Free College Scholarships

By Top Tax Staff

Scholarships are valuable resources to help pay for college. Depending on the type that you receive, however, you may have to pay taxes on these academic awards. You can prepare your tax returns and comply with the IRS by learning the difference between tax-free and taxable scholarships.

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Criteria for Avoiding Obamacare Penalties This Tax Season

By Top Tax Staff

The Affordable Care Act's individual mandate requires that you purchase and keep a minimum level of health insurance for you and your family throughout the tax year. If you refuse or fail to buy this coverage, you could be fined when you file your tax returns. You can prepare your returns and protect your finances by knowing how you can avoid Obamacare penalties this tax season.

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What You Need to Know About Corporate Taxes in 2017

By Top Tax Staff

The new presidential administration has many small business owners wondering what to expect when filing taxes this year. You can prepare for filing your business's returns and also paying what you might owe the IRS by learning about some of the more important changes that lie ahead for the 2017 tax season.

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Your Guide to Understanding Tax Brackets

By Top Tax Staff

The IRS uses a progressive tax system to determine how much money each citizen owes at tax time. This system involves using a series of brackets that indicate at what percentage each level of income is taxed. A number of misconceptions exist about tax brackets and the reasons for why they are used today. You can clear up any confusion and prepare to file your taxes better by learning the basics of tax brackets.

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Understanding the 2017 Obamacare Penalties

By Top Tax Staff

The Affordable Care Act will play a significant role in how you file taxes this year. If you do not have the lowest level of health insurance or failed to buy coverage at all last year, you could incur fines that take away from your refund or increase what you owe the IRS. Find out if you have to pay Obamacare fines this year or if you are exempt by learning more about the 2017 Affordable Care Act penalties.

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