Solutions to Make Better Decisions with Your Money

What Are Capital Gains?

What Are Capital Gains? - TaxACT Blog

If you sold something – a house, a car, some stock, or even gold or silver coins – you may have a capital gain or loss.

When we think of taxable income, most of us primarily think of our earned income, such as wages or self-employment income.

We don’t always consider the car we sold on Craigslist, or the stocks we cashed in.

From the perspective of the IRS, however, anytime you sell something, it’s potentially a taxable event. If you live in a state with a state income tax, your state may see it that way, too.

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10 Job-Related Tax Benefits That Could Save You Some Serious Money

10 Job-Related Tax Benefits - TaxACT Blog

There’s more to a good job than a steady paycheck. Full-time employment can earn you all sorts of perks — from employer-sponsored health insurance to generous deductions on your tax return. Here are 10 job-related tax benefits that could save … [Continue reading]

Release Yourself from the Shackles of Credit Card Debt in 2015

How to Eliminate Credit Card Debt in 2015 - TaxACT Blog

Getting financially fit is the second most common New Year’s resolution, after weight loss, of course. For many Americans, getting financially fit means dropping the weight of credit card debt. Even if you’ve already stumbled and screwed up (or … [Continue reading]

6 Things You Should Know About Investing vs. Paying Off Debt

6 Things You Should Know About Investing vs. Paying Off Debt - TaxACT Blog

You know you need to pay off debt. You also need to save for emergencies, education, a house, and retirement. There's only so much money to go around, however. If you try to pay off 100% of your debt before you start to save, that could take too … [Continue reading]

I Am No Accountant, but I Have Always Done My Own Taxes

You Got This - TaxACT Blog

This post originally appeared on TheJuneBride blog. So… we’re getting into tax season… Anybody excited? I thought not. Now, I am no accountant, but I have always done my own taxes. Even as a high schooler working a few hours after school, … [Continue reading]

What Are the Tax Subsidies for the Affordable Care Act?

What Are the Tax Subsidies for the Affordable Care Act? - TaxACT Blog

One of the central objectives of the Patient Protection and Affordable Care Act — also known as the ACA or “Obamacare” — is to make health care coverage more affordable for millions of Americans who previously couldn’t get, or couldn’t pay for, … [Continue reading]

What to Expect When You’re Expecting a Refund [Infographic]

What to Expect When You're Expecting a Refund [Infographic] - TaxACT Blog

You’ve successfully organized your tax documents and receipts to e-file your taxes fast with TaxACT. Congratulations! Now, where's my refund? How the e-file and refund process works is a frequently asked question we get. The short answer is … [Continue reading]

Taxes and the Sharing Economy — Here’s What You Need to Know

Taxes and the Sharing Economy—Here’s What You Need to Know - TaxACT Blog

It’s so easy to make a little cash now. Rent a room on Airbnb. Drive someone around town by Uber or Lyft. Sell used books and DVDs on Amazon, or a piano on eBay™. Tweet this It’s all good – until you get a tax bill you weren’t … [Continue reading]

10 Tax Benefits for College Students

10 Tax Benefits for College Students - TaxACT Blog

College can be expensive, but the IRS offers a number of tax benefits for college students to make higher education more affordable for more Americans. Whether you’re a parent of a college student or paying your own way through school, here are 10 … [Continue reading]

11 Reasons You Won’t Have to Pay a Health Insurance Tax Penalty

11 Reasons You Won’t Have to Pay a Health Insurance Tax Penalty - TaxACT Blog

It’s just about Super Bowl time, and the Oscars aren’t far behind, so maybe you’re making some bets in the office pool. (Of course we would never endorse illegal gambling!) You know, getting some skin in the game for a few bucks. While winning … [Continue reading]

6 Essential Items Military Families Should Know About Taxes

6 Things Military Families Should Know About Taxes - TaxACT Blog

As a member of the U.S. Armed Forces, you have special situations that may affect your tax return. For instance, you may be able to take special deductions, and not all of your income may be taxable. In addition, you may have different state … [Continue reading]

How the Affordable Care Act May Impact Your 2014 Tax Return

How the Affordable Care Act May Impact Your 2014 Tax Return - TaxACT Blog

The 2014 tax year brings some new changes, thanks to the Affordable Care Act, or ACA. You may need to answer more questions as you prepare your return, and you may have to pay more – or less – tax based on the provisions of the ACA. Here’s how … [Continue reading]

How Itemized Deductions Work

How Itemized Deductions Work - TaxACT Blog

The IRS isn’t cruel. It doesn’t want to tax every last cent you earn. In fact, it offers a standard deduction — a gift! — to all taxpayers based on their filing status. For the 2014 tax year, the standard deduction for a single filer under the age … [Continue reading]

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