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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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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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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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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Am I Eligible for Tax Abatement?

By Top Tax Staff

Property taxes are a significant portion of the cost of owning real estate, usually one percent to three percent of the home’s value to be paid annually. Since property taxes are permanent, anything that can reduce your tax liability will probably perk your ears right up. So, get your ears ready to perk, because the tax reduction term for today is tax abatement.

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