Solutions to Make Better Decisions with Your Taxes and Money

5 Things You Didn’t Know Were Taxable

5 Things You Didn’t Know Were Taxable - TaxAct Blog

When you think of taxable income, the first things that come to mind are most likely wages, including self-employment income, and perhaps capital gains and interest income. As you prepare your taxes, however, you may discover additional types of taxable income that could take you by surprise. Check to see if any of the following […]

Roth vs. Traditional 401(k) – What’s the difference?

Roth vs. Traditional 401(k) – What’s the difference? - TaxAct Blog

When you start working at a new company, you typically have a few decisions to make within those first few days on the job. And one of those decisions may be whether you want to sign up for a Roth 401(k) or a traditional 401(k) plan. You understand having a retirement plan in place is […]

6 Things You Should Know About the Alternative Minimum Tax (AMT)

6 Things You Should Know About the Alternative Minimum Tax (AMT) - TaxAct Blog

Don’t let the alternative minimum tax catch you by surprise. The Alternative Minimum Tax (AMT) was created in 1969 to keep a small number of wealthy taxpayers from using tax loopholes to avoid paying any tax at all. Instead of closing the loopholes, Congress came up with a plan to calculate a person’s tax two […]

A Quick and Easy Guide to Filing an Income Tax Return for an Estate (Form 1041)

How to File an Income Tax Return for an Estate (Form 1041) - TaxAct Blog

If you’re the personal representative for someone who is recently deceased, you may need to file Form 1041, Income Tax Return for Estates and Trusts, for their estate. However, not every estate requires an estate tax return. Sometimes, all you need to do as a personal representative is make sure an individual income tax return […]

5 Popular Money-Saving Tax Deductions

5 Popular Money-Saving Tax Deductions - TaxAct Blog

You can spend a lot of time determining which tax deductions will benefit you most throughout the year – and usually, that’s time well spent. For example, if you’re in the 25 percent tax bracket, every dollar you find in deductions may save you close to 25 cents in taxes. Let’s take a look at […]

Understanding IRS Forms 1095-A, 1095-B and 1095-C

Understanding IRS Forms 1095-A, 1095-B and 1095-C - TaxAct Blog

Aside from Form W-2 and the usual tax documents that find their way into your mailbox during tax season, this year, you may also receive new forms related to the Affordable Care Act. But, what you are you supposed to do with them? To help clear up any confusion as you file your 2015 tax […]

5 Popular Tax Credits — Do You Qualify?

5 Popular Tax Credits — Do You Qualify? - TaxAct Blog

There’s a good reason why people love tax credits. Unlike tax deductions, which lower your taxable income, tax credits lower your tax bill dollar for dollar. However, not every tax credit is the same. There are two different categories – nonrefundable and refundable. Most tax credits are nonrefundable, which means they are subtracted from your […]

5 Tax Tips Millennials Can Use to Get a Bigger Refund

5 Tax Tips Millennials Can Use to Get a Bigger Refund - TaxAct Blog

Tips to get your maximum refund and put more money back in your pocket. You’ve heard the term “Millennials” used to describe people born sometime between 1980 and 2000. If your birthday fits into that time period, there’s a good chance you may be filing your first tax return. You also may have faced some […]

7 Tax Filing Tips Parents Need to Know

7 Tax Filing Tips Parents Need to Know - TaxAct Blog

The Internal Revenue Service (IRS) offers many deductions and credits that benefit parents and other taxpayers who claim dependents. To take advantage of these tax breaks, here are seven tax filing tips you need to know.