Solutions to Make Better Decisions with Your Money

How the Advanced Premium Tax Credit Impacts 2014 Tax Returns

How the Advanced Premium Tax Credit Impacts 2014 Tax Returns - TaxACT

If you bought health insurance through a government-sponsored marketplace, you may be receiving a tax credit that helps pay for your health insurance premiums. Because the credit is directly sent to your insurance company to offset your premiums, you never see the cash. It would be easy to forget about the credit altogether. If nothing […]

5 Myths about Do-It-Yourself Tax Solutions Debunked

5 Myths about Do-It-Yourself Tax Solutions - TaxACT

Make this the year you start doing your own taxes! Using online tax solutions can save you money compared to a tax professional. It’s also a lot faster, easier and more accurate than preparing your taxes with paper, pencil, and a calculator. If you haven’t tried online tax software yet, check out these myths vs. […]

Are You Uninsured? Find Out If You Qualify for a Health Insurance Penalty Exemption

Are You Uninsured? Find Out If You Qualify for a Health Insurance Penalty Exemption - TaxACT

2014 is the first year that individuals in the U.S. may have to pay a penalty if they don’t have sufficient health insurance under the Affordable Care Act. If you have minimum essential coverage through your employer or that you’ve purchased on your own or through your state’s marketplace, you likely don’t need to worry […]

Answer These 6 Questions before You Co-Sign a Loan for a Family Member

Answer These 6 Questions before You Co-Sign a Loan for a Family Member - TaxACT

What’s the simplest answer to whether you should co-sign a loan for a family member? “No.” That’s what all too many co-signers wish they had said when they were asked to co-sign a loan, even for an adult child or a parent. Co-signing a loan does not always turn out badly, however. There are times […]

Read This Before You Let Your ACA Plan Autorenew for 2015

ACA Plan Autorenew for 2015 - TaxACT

If you are enrolled in a health insurance plan you purchased through the Affordable Care Act exchanges (or marketplaces), your plan is set to autorenew this fall. You don’t have to do anything extra to keep your policy in force for 2015. That’s the good news. The bad news is that if you don’t look […]

How to Update and Correct Your FAFSA before It’s Too Late

How to Update and Correct Your FAFSA before the Deadline - TaxACT

Submit any necessary corrections to the student aid application FAFSA before the deadline this fall. If you filled out the FAFSA (Free Application for Federal Student Aid) earlier this year to apply for student aid, there’s a good chance you need to go back and make corrections to it now. It’s important to make the […]

5 Ways to Avoid Bumping Your Income into a Higher Tax Bracket

Ways to Avoid Bumping Your Income into a Higher Tax Bracket - TaxACT

What can you do to avoid paying higher tax rates when you have a year with more income? If your income level fluctuates from year to year, you may find yourself paying more than you expect at tax time. That’s because when you have higher income, your income may be bumped into another tax bracket, […]

Understand These Tax Breaks When Buying a Home

Tax Breaks for Homeownership - TaxACT

Buying a home can help lower your tax bill. In fact, tax breaks for homeownership are a primary motivation for many people to buy their own home. To make sure you get the maximum benefit from your home purchase, however, it’s important to understand the potential tax benefits. Keep these tax considerations in mind when […]

6 Do’s and Don’ts for an Energy-Efficient Home

Energy-Efficient Home - TaxACT

Fall is coming, and with it higher energy bills. You’re on the right track if you’re already thinking of ways you can save money this winter. Not all measures you can take to have an energy-efficient home are equal, however. Here are some do’s and don’ts to help you get the most from your energy-saving […]

How a Summer Job Affects Your Taxes

How a Summer Job Affects Your Taxes - TaxACT

You had, or still have, a summer job – or you’ve created one for yourself. You’re going to make some spending money, hopefully save for college or other goals, and have some good experiences at the same time. Yay! Before you go out and celebrate with all the money you made from your summer job, […]

How Unemployment Affects Your Taxes

How Unemployment Affects Your Taxes - TaxACT

If you lose your job or otherwise become unemployed, one of the first things you should do is determine how your new financial situation affects your income taxes. Tweet this Take note of these areas that may change: Unemployment benefits are taxable Long ago, unemployment benefits were exempt from income tax. Unfortunately, that’s no longer […]

How Tax Brackets Work: Examples and Myth Busting

Tax Bracket 2014

What tax bracket are you in, and what does that really mean? Your tax bracket, roughly speaking, is the tax rate you pay on your highest dollar of taxable income. Your tax bracket is not the tax rate you pay on all of your income after adjustments, deductions and exemptions.