Solutions to Make Better Decisions with Your Taxes and Money

5 Things You Should Know About Crowdfunding and Taxes

5 Things You Should Know About Crowdfunding and Taxes - TaxAct Blog

Crowdfunding platforms, such as Kickstarter, open a whole new world in business financing, but can end up being a confusing world for tax purposes. The proceeds aren’t like sales in the traditional sense, and the people who contribute are not stockholders. So, how should you handle income from a crowdfunding project?

It’s important to report crowdfunding income correctly, or the IRS is likely to make sure you do.

Here’s what you need to know to stay out of trouble with the IRS – and other taxing authorities.

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Energy Efficient Home Improvement Tax Credit

Energy Efficient Home Improvement Tax Credit - TaxAct Blog

Remembering to turn off the lights on Earth Day may help bring attention to energy usage and our commitments to being responsible consumers, but that’s not where it ends. If you want to make a permanent difference in how much energy you use on a … [Continue reading]

7 Things to Know When Filing an Amended Tax Return (Form 1040X)

Things toThings to Know When Filing an Amended Tax Return (Form 1040X) - TaxAct Blog Know When Filing an Amended Tax Return (Form 1040X) - TaxAct Blog

From time to time, we all need a “do over” – even when it comes to our tax returns. Fortunately, if you’ve made a mistake on your original return or missed claiming a deduction or credit, the IRS has a solution. It’s called Form 1040X, Amended U.S. … [Continue reading]

7 FAQs about Tax Extensions

7 FAQs about Tax Extensions - TaxAct Blog

For many of us, there just doesn’t seem to be a convenient time to gather all of our tax documents and sit down to prepare a return. And, before we know it, the tax filing deadline is upon us. That’s when filing Form 4868, Automatic Extension of … [Continue reading]

What Happens If I Don’t File My Taxes?

What Happens If I Don’t File My Taxes? - TaxAct Blog

It’s easy to put off filing your taxes. Life is jam packed with places to be and things to do. Finding time to organize your tax information and complete your return may seem hard. If you’re like many people, it’s not terribly hard to find reasons … [Continue reading]

Tax Deductions for Non-business Bad Debts

Tax Deductions for Non-business Bad Debts - TaxAct Blog

Have you ever lost money to a loan you'll never collect? If you answered yes, the good news is you’re not alone. Many of us have lent money to a friend or relative at some point. And while initially the intent may be have been good, there are … [Continue reading]

Expert Tips & Ideas for Entrepreneurs & Business Owners

Expert Tips & Ideas for Entrepreneurs & Business Owners - TaxAct Blog

Thinking about starting a business? Are you an established business owner looking for new ideas and trends? Or maybe you’re ready to expand your business? … [Continue reading]

Estimated tax payments and retirement – what you need to know

Estimated tax payments and retirement – what you need to know - TaxAct Blog

If you’ve been an employee all your working life, you’re probably used to having income tax withheld from your pay. When it comes time to retirement, however, you might be surprised to find you may need to make estimated tax payments on your … [Continue reading]

When Does Capital Gains Tax Apply?

When Does Capital Gains Tax Apply? - TaxAct Blog

You sold your house, an investment property or something else of value. When do you tell the IRS? When you sell a valuable asset, such as real estate, the IRS definitely wants to know about it. In fact, for the sale of many assets the IRS finds … [Continue reading]