Solutions to Make Better Decisions with Your Taxes and Money

Financially Preparing to be a Stay-at-Home Parent

Financially Preparing to be a Stay-at-Home Parent - TaxAct Blog

Hoping to live on one income while you or your spouse stays home with the kid(s)?

This used to be commonplace but now many households include two working parents. Interestingly though, stay-at-home parenting is no longer mainly women’s work.

The number of American fathers who do not work outside the home reached 2 million in 2012, compared to 1.1 million in 1989, reports the Pew Research Center.

We talked to Bethany and Scott Palmer, founders of The Money Couple and co-authors of books including “The Five Money Personalities,” to get their tips on financially preparing to be a stay-at-home parent.

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What Tax Forms Do I Use to File My Business Return?

What Tax Forms Do I Use to File My Business Return? - TaxAct Blog

Starting a new business and keeping it going through its first year is a great accomplishment. Congratulations! When you file a federal income tax return for your business, the paperwork and forms you will use depend on how your business is … [Continue reading]

Do I Have to Pay Nanny Tax?

Do I Have to Pay Nanny Tax? - TaxAct Blog

If you pay someone to come to your house and take care of your children, you may wonder if you need to pay the “nanny tax.” Many household workers expect to be paid in cash, either because they are unbanked or don’t want to have taxes withheld. … [Continue reading]

What’s the Difference between Estate Taxes and Inheritance Taxes?

What's the Difference between Estate Taxes and Inheritance Taxes? - TaxAct Blog

As of 2015, you can have an estate worth up to $5.43 million before you need to worry about federal estate taxes taking a bite out of the money and other assets you leave to your heirs. Therein lies the problem. If taxpayers stop worrying about … [Continue reading]

9 FAQs about IRS Form 1041, U.S. Income Tax Return for Estates and Trusts

9 FAQs about IRS Form 1041, U.S. Income Tax Return for Estates and Trusts - TaxAct Blog

If you are connected to an estate, trust or bankruptcy estate, or if you receive a Schedule K-1 from a Form 1041, you need to file Form 1041. Here are some answers to common questions you may have about Form 1041, U.S. Income Tax Return for … [Continue reading]

How Do the Affordable Care Act Subsidies Work?

How Do the Affordable Care Act Subsidies Work? - TaxAct Blog

Under the Affordable Care Act (ACA), you must have a minimum level of health insurance coverage or pay a penalty, unless you meet one of the exceptions. That’s easy for people who get coverage through work, or who can afford to pay big premiums … [Continue reading]

How to Calculate and Make Estimated Tax Payments

How to Calculate and Make Estimated Tax Payments - TaxAct Blog

If you’re like most taxpayers, you receive salary and wages from your employer and never have to worry about making estimated tax payments. Even if you receive additional income, such as interest and dividends, stock gains, or freelance income, … [Continue reading]

6 Common Small Business Tax Deductions

6 Common Small Business Tax Deductions - TaxAct Blog

Tax deductions are a great benefit for the average taxpayer, but they can bring even greater tax benefits to a small business owner, contractor or freelancer. Expensing business costs can help reduce taxes so you can put more money toward building … [Continue reading]

Insurance Considerations for Freelancers, Entrepreneurs and Small Business Owners

Insurance Considerations for Freelancers, Entrepreneurs and Small Business Owners - TaxAct Blog

Taking the leap to becoming a freelancer, entrepreneur or small business owner is huge. If you’ve recently done it, congratulations! There is no doubt you have a long to-do list, but you need to make sure getting insurance is a high … [Continue reading]

What to Do with Your Side Hustle Income

What to Do with Your Side Hustle Income - TaxAct Blog

A side hustle (or side gig or freelance job) can help people achieve financial goals and obtain a level of job security. Developing a second skill set to bring in money can not only help you build a nest egg in addition to your current salary, but … [Continue reading]

What You Need to Know before Taking out a Loan

What You Need to Know before Taking out a Loan - TaxAct Blog

Before you apply for any kind of financing, it’s important to understand how loans work so you know which type is best for your situation. Here are some common questions and answers about loans. … [Continue reading]

The Ultimate Guide to Treating Yourself—Without Blowing Your Budget

The Ultimate Guide to Treating Yourself—Without Blowing Your Budget - TaxAct Blog

"Treat yourself" and "YOLO" (you only live once) have become popular mantras to justify all kinds of discretionary spending. But how can you splurge on yourself without feeling guilty? Or worse, wiping out your bank account in the … [Continue reading]

Your Complete Guide to Form 8965 — Health Coverage Exemptions

Your Complete Guide to Form 8965 — Health Coverage Exemptions - TaxACT Blog

What you need to know about Form 8965 Did you know that if you weren’t covered by a qualified health insurance plan last year you could face a penalty when filing your tax return? Fortunately, you may qualify for one of the many exemptions … [Continue reading]

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