Tax Matters - The Top Tax Defenders Blog

According to the National Student Clearinghouse Research Center, about 15.2 million undergraduate students enrolled in college for the 2023-2024 academic year.  Navigating the financial aspects of sending a dependent to college can be challenging, particularly when it comes to understanding the tax implications. While college expenses for a dependent are not directly tax deductible, there are several tax credits and deductions available that can significantly reduce the financial burden. 

It's that time of year again—tax season. For many individuals and businesses, the looming deadline to file taxes can bring about stress and uncertainty. However, if you find yourself needing more time to gather documents or organize your finances, filing for a tax extension might give you the extra time you need. Let's delve into what a tax extension entails and how you can use an extension to buy yourself a little extra time.

Editor’s Note: This post was originally published in February 2017 and has been updated for accuracy and comprehensiveness.

As the IRS reviews your tax returns each year, they are paying very close attention to the details. They look for any entry that makes this year's return seem markedly different from last year's.

If the IRS finds discrepancies, your return may be be set aside for review or even an audit. Make sure your return is  accepted and processed smoothly by avoiding these common tax filing mistakes this year.

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

No one wants to be audited by the IRS. And while there is no guaranteed way to avoid an audit, there are actions you can take in preparing your taxes to help minimize your chances of being selected for audit.

Editor’s Note: This post was originally published in February 2023 and has been updated in 2024 for accuracy and comprehensiveness.

The IRS is rarely in a forgiving mood, but under the right circumstances, you might be able to earn their forgiveness for part of your tax debt.

So you're getting audited.  You're not alone. According to USA Today, roughly 2 in every 1,000 tax returns of middle-income Americans was flagged for audit in the last fiscal year (2022). Hiring representation is a smart next step.

[Editor’s Note: This post was originally published in May 2018 and has been updated for accuracy and comprehensiveness.]

The IRS expects most taxpayers to file their returns on time every year. When the tax season starts in January, you have close to four months to file and submit your returns before the April 15 deadline.

Experiencing a wage garnishment can be an unsettling and stressful situation. If you've recently received notice that the Internal Revenue Service (IRS) or another government agency plans to garnish your wages to collect unpaid taxes or other debts, you're not alone in feeling concerned or confused about what happens next. Wage garnishment is a significant financial challenge, and it's entirely normal to have questions and worries about the process, its implications, and how to navigate through it. Below, we'll provide you with information to help you better understand what wage garnishment entails, your rights and options, and steps you can take to address this situation and regain control of your financial well-being. If you still have questions, check out part 2 of our wage garnishment FAQs.

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?