Solutions to Make Better Decisions with Your Taxes and Money

3 Ways to Avoid a Gift Tax

3 Ways to Avoid a Gift Tax - TaxAct Blog

If you give away generous sums of money to a friend or family member, you may be required to pay a gift tax to the IRS.  However, with a little planning, you can afford to be quite generous before you have to break out Form 709 to report the amount and be on the line to pay extra money.

Here are three easy ways to steer clear of the gift tax.

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5 Things You Can Learn from Your Tax Return

5 Things You Can Learn from Your Tax Return - TaxAct Blog

If you already stashed away your tax return, you may want to dig it back out. There are a variety of things you can discover by reviewing each form and understanding the significant impact your taxes can have on your financial health. Now is a … [Continue reading]

Understanding the Difference between Itemized Deductions and the Standard Deduction

Understanding the Difference between Itemized Deductions vs  the Standard Deduction - TaxAct Blog

Itemized and standard deductions can be confusing – especially if you are relatively new to filing a tax return. Some people try to itemize when they are better off using the standard deduction. On the other hand, some taxpayers avoid itemizing … [Continue reading]

Pros and Cons of Refinancing Your Home

Pros and Cons of Refinancing Your Home - TaxAct Blog

The decision to refinance your home can be a tough one. Not only can the process of refinancing seem like a lot of work, it’s often hard to know who to trust as some lender’s advertised offers sound too good to be true. But, when mortgage rates are … [Continue reading]

Self-Employed? Check Out These Retirement Plans

Self-Employed? Check Out These Retirement Plans - TaxAct Blog

Being self-employed has its advantages. You don’t have a boss to tell you how many vacation days to take, or what retirement plans you have to choose from. On the other hand, you don’t have a boss to make you take your vacation time (or to pay for … [Continue reading]

Partnership and Corporation Tax Tips and Reminders for Second Half of 2016

Partnership and Corporation Tax Tips and Reminders for Second Half of 2016 - TaxAct Blog

It’s hard to believe, but the year is almost half over already. If you have a partnership or corporation, here’s what you need to know to keep up with the Internal Revenue Service (IRS) while you work toward your business success for 2016. … [Continue reading]

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 … [Continue reading]

Energy Efficient Home Improvement Tax Credits

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]