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10 Common Tax Mistakes That Could Cost You

10 Common Tax Mistakes That Could Cost You - TaxACT Blog

The U.S. tax code runs nearly 4 million words. But even though the tax rules are complex, most of the mistakes that taxpayers make are fairly simple.

Here are 10 of the most common tax mistakes that trip us up and how to avoid them:

Not filing on time

The IRS estimates that 20 percent of taxpayers wait until a week before the April 15 filing deadline to file their income tax forms.

Filing for an extension will give you more time to file your forms, but you still need to pay any taxes owed by April 15. If not, the IRS will charge you interest.

If you need to file for an extension, you can calculate your taxes owed and file Form 4868 free with TaxACT Free Federal Edition.

Then sign in to finish and file whenever you’re ready by the Oct. 15 extension filing deadline.

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You Still Have Time to Maximize Your Refund with These Six Year-End Moves

Six Year-End Strategies to Boost Your Tax Savings - TaxACT Blog

Regardless of the outcome of the IRS open date, you still have time to maximize refunds, and get a head start on your return to be first in line to get your refund. Here are six things you can do now to increase your tax savings: … [Continue reading]

How to Fill out Form W-4 to Keep More Money in Your Pocket

How to Fill out Form W-4 - TaxACT Blog

One of the smartest things you can do for your personal finances is to make sure you are having the right amount of tax withheld from your paycheck. If you have too much withheld, as most Americans do, you’re not making the best use of your … [Continue reading]

You Still Have Time to Make Retirement Plan Contributions

Retirement Plan Contributions - TaxACT Blog

If you’ve been planning to put money into a retirement plan for 2014, but it hasn’t quite happened yet, take heart. You still have time. The most convenient way to make retirement plan contributions is throughout the year. If you can have … [Continue reading]

5 Tax Tips Every Parent Should Know

5 Tax Tips Every Parent Should Know - TaxACT Blog

When you’re a busy parent, time flies fast! If you can find time to check out a few tax tips, the money you save may be well worth your while. Take a look at these tax tips especially for the child-rearing years: Check your child’s Social … [Continue reading]

7 Ways to Stretch Your Holiday Dollars during Black Friday and Cyber Monday

Black Friday and Cyber Monday Shopping Strategies - TaxACT Blog

Stores are making a big push to get bargain hunters to come in during the entire holiday season—beyond Black Friday and Cyber Monday. With the rush to grab shoppers with new sites and apps, it’s easier than ever to save money. But there is a … [Continue reading]

5 Steps for Paying Yourself First — the Money Habit that Builds Wealth

5 Essential Steps for Paying Yourself First - TaxACT Blog

“I just don’t have enough money to save some each month.” If I had a dollar for every time someone lamented how he or she couldn’t possibly save money, then I would never need to save money out of my own paycheck. Unfortunately, this … [Continue reading]

3 Reasons to Trade in Your COBRA Policy for an ACA Plan

3 Reasons to Trade in Your COBRA Policy for an ACA Plan - TaxACT Blog

Losing your job or making a career transition is stressful — and can knock you for a loop like a punch to the solar plexus. Then there's the added pressure of securing health insurance until you land a new job, or a new employer's coverage kicks … [Continue reading]

How to Live Up to Your Own Version of Frugality

How to Live Up to Your Own Version of Frugality - TaxACT

The penny-pinching, side-hustling lifestyle slowly started creeping into mainstream American society around the same time Macklemore and Ryan Lewis’s anthem “Thrift Shop” dominated the airwaves. Considering most millennials graduate college … [Continue reading]

How Skipping the ACA Open Enrollment Could Cost You

How Skipping the ACA Open Enrollment Could Cost You - TaxACT Blog

The Thanksgiving holiday is always a time to reflect and remind ourselves what we're grateful for: family, friends, a good job . . . okay and those door-busting Black Friday deals. In the spirit of the season, you're probably thanking your lucky … [Continue reading]

Working Millennials — Here’s What You Need to Know about Tax Planning

Complete Tax Planning Guide for Working Millennials - TaxACT Blog

Your twenties and thirties are an exciting time. Your career is taking shape, you may be purchasing a home. You may even be starting a side business or starting to invest. As you start to make more money, you may discover you're also paying … [Continue reading]

Complete Tax Planning Guide for New Parents

Complete Tax Planning Guide for New Parents - TaxACT Blog

Having children changes everything - even your tax planning. Whether you're a new parent or you're in the busy middle years of raising kids, it's important to understand tax issues so you can plan ahead. Here are some tax issues, from Adoption … [Continue reading]

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