Solutions to Make Better Decisions with Your Money

8 Kinds of Debt You Can’t Lose in Bankruptcy

8 Kinds of Debt You Can't Lose in Bankruptcy by TaxACT

When people go through a financial crisis, sometimes bankruptcy is the best or only solution. For example, when someone has insurmountable debts, often due to one-time events such as divorce, catastrophic illness, or business failure, bankruptcy may be the best way to overcome debt that person has no way of ever paying back. By “bankruptcy,” […]

10 Ways to Say No to Spending

10 Ways to Say No to Spending - TaxACT

You don’t need complicated strategies to save lots of money in the new year. If you’re like most people, you just need to say “no” to unnecessary expenditures – the ones that drain your bank account and give you precious little in return. Here are 10 ways you can say no to spending money on […]

Tax Tips for 2014 That You Need to Know

Tax Tips for 2014 You Need to Know - TaxACT

For most people, the biggest change in 2014 is the individual mandate for purchasing health insurance. If you’re a high-income taxpayer, you may also pay higher tax rates and new taxes. If you qualify for certain tax breaks, you’ll be glad to know most of them are extended through 2014 or beyond. See if any […]

5 Capital Gains Mistakes that Could Cost You

5 Capital Gains Mistakes that Could Cost You

What you should know before you sell. If you’re thinking about selling assets, such as stock, you’d better plan ahead. A little planning now can save you lot of capital gains tax later when you file your return. Here are some mistakes to avoid and what you can do to keep from paying higher capital […]

6 First-Time Tax Filing Tips

6 First-Time Tax Filing Tips - TaxACT

The way people sometimes talk about tax return preparation, you’d think filing your tax return is the root canal of personal finance. If this is your first time filing, you may be dreading the experience. You may be in for a surprise. Preparing a tax return doesn’t have to be difficult. In fact, as a […]

Tax Benefits: Education Tax Credits Mean More Money In Your Pocket

Tax Benefits: Education Tax Credits Mean More Money In Your Pocket

You can still get tax benefits for higher education expenses. If you or your family members attend or are planning to attend postsecondary school in 2013, you can count on education tax credits to help you defray the cost. American Opportunity Credit (formerly the Hope Credit) One tax benefit is not only extended, it’s also […]

What’s At Stake If You Miss the Deadline to Get Health Insurance?

What's At Stake If You Miss the Deadline to Get Health Insurance

The deadline to get health insurance is approaching. If you don’t have access to employer-provided health insurance and you don’t qualify for Medicaid or Medicare, you need to make sure you have health insurance that meets the requirements of the Affordable Care Act (ACA) by January 1, 2014. If you don’t get qualified health insurance […]

4 Tax Planning Strategies for College Students

4 Tax Planning Strategies for College Students - TaxACT

Start your tax planning early! As a busy college student, it’s easy to put off thinking about taxes until it’s time to file. That could cost you, however. You can only do so much about lowering your tax bill when you’re preparing your return. To make sure you’re not paying more tax than you should, be […]

Gift Tax: The Tax Implications of Supporting Adult Children

Gift Tax: The Tax Implications of Supporting Adult Children - TaxACT

Do you currently have your adult child(ren) living under your roof? If you support your adult children, or even give them a helping hand now and then, you’re not alone. In today’s tough job market, getting a good career started can take a little longer than planned. The last thing you need when you’re trying […]

6 Little-Known Ways to Pay Fewer Taxes

6 Little-Known Ways to Pay Fewer Taxes - TaxACT

You probably keep track of your itemized deductions, including mortgage interest and charity deductions. You may get a credit for childcare expenses, or take advantage of any of a number of common tax breaks. The tax code is complex, and there’s bound to be something that can lower your tax bill. What could you be […]

Renting vs Buying a Home

Renting vs Buying a Home - TaxACT

It used to be the American Dream wasn’t quite complete unless it included a small piece of land with a house they could call home. Part of retirement planning was to pay off that home and live in it in their old age. Times have changed! Today’s society is more mobile. We buy and sell […]

What the Capital Gains Tax Hike Means For You

What the Capital Gains Tax Hike Means For You - TaxACT

Are you thinking about selling a capital asset at a gain in 2013? A 5% difference in tax rates makes a huge difference in your after-tax rate of return on an investment. That’s how much your capital gains rate may go up in 2013. The highest rate on capital gains is now 20% – up […]

Not Having a Last Will: The Big Mistake Most Americans Make

Not having a Last Will The big mistake most Americans make

Do you have a last will and testament? Despite being told the importance of having a last will, more than half of all Americans die without one. Making a will is not usually difficult, and it can cost less than many people spend on their cable bill for one month. So why don’t more people […]