Solutions to Make Better Decisions with Your Taxes and Money

About Sally Herigstad

Sally Herigstad is a certified public accountant and personal finance columnist and author of Help! I Can't Pay My Bills, Surviving a Financial Crisis (St. Martin's Griffin). She writes regularly at CreditCards.com, Bankrate.com, Interest.com, RedPlum, and MSN Money. She is an experienced speaker and a member of Toastmasters International. Follow Sally on Twitter.

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 organized. Here’s how you’ll file your business return, based on your business type:

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. Who will know if you avoid all that […]

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 death tax planning altogether, their heirs could be in […]

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 Estates and Trusts.

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 for their own plan. It’s also not an issue for people […]

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, the income tax withheld from wages usually covers your total income tax. If you have significant […]

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.

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 available. While some of the exemptions require you to apply through […]

Tax Implications of Owning Rental Property

Tax Implications of Owning Rental Property - TaxAct Blog

Whether you intended to be a landlord or you fell into it because you had vacant property you couldn’t or didn’t sell, owning rental property is a source of income and it affects your tax return. Knowing the rules can help you maximize the tax advantages of owning rental property and help you create a […]

7 Life Events That Qualify You for Special Enrollment Period

7 Life Events That Qualify You for Special Enrollment Period - TaxACT Blog

Under the Affordable Care Act you can usually only buy a health insurance plan, apply for subsidies to help pay for coverage, or switch plans is during the annual open enrollment period. The purpose of this rule is to keep people from waiting until they are sick or they suspect they may be sick to […]

A Complete Guide to Inheritance Tax

A Complete Guide to Inheritance Tax - TaxACT Blog

Most taxpayers no longer need to worry about the federal estate tax. Unless you expect to leave an estate worth more than $5.43 million or $10.9 million for couples (in 2015), Uncle Sam won’t take his share of the money and other assets you want to leave to your heirs. Inheritance tax, however, is another […]

6 Tax Moves to Make Before the Summer’s Over

6 Tax Moves to Make Before the Summer’s Over - TaxACT Blog

It’s summer, and the last thing you probably want to think about is taxes. However, now is actually a perfect time to do a mid-year checkup. So in-between firing up the grill, hitting the pool and taking family vacations, take a few minutes to do these simple things to save you time and money at […]

How Annual Bonuses Are Taxed — 7 Common Questions Answered

How Annual Bonuses Are Taxed - TaxACT Blog

Everybody loves an annual bonus. Not everyone understands how bonuses affect their tax returns, however, or even what is considered to be a bonus by the Internal Revenue Service (IRS). Sometimes, when people receives an annual bonus from their employer, they are surprised at how small it is after tax. They may even wonder if […]

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