Solutions to Make Better Decisions with Your Taxes and Money

Itemized Deductions vs. Above-the-Line Deductions: What’s the Difference?

Itemized Deductions vs. Above-the-Line Deductions: What’s the Difference? - TaxAct Blog

Income tax deductions are items that reduce your taxable income. But, there’s more to the story. It’s important to be aware that not all deductions are created equal. For instance, some deductions can be taken “above the line” on your tax return. Above-the-line deductions are subtracted from your income before the adjusted gross income (AGI) […]

How to Estimate Your Tax Refund or Balance Due

How to Estimate Your Tax Refund or Balance Due - TaxAct Blog

This year, don’t let your tax results take you by surprise. Instead of spending time worrying about whether you are withholding enough income tax from your paycheck, take a few minutes to do something about it. Be proactive in your tax planning so you can feel confident you’re covered come tax season.

7 Ways Investment Gains and Losses Affect Your Taxes

7 Ways Investment Gains and Losses Affect Your Taxes - TaxAct Blog

If you have substantial investment gains or other income this year, make sure you know how they will affect your taxes, and be prepared to deal with them. If you have investment losses, on the other hand, you also need to know how your tax return may be impacted. You may want to change your […]

7 Ways Being in the Military Affects Your Taxes

7 Ways Being in the Military Affects Your Taxes - TaxAct Blog

Being a part of the U.S. Armed Forces can create special challenges in your financial and family life. You may serve overseas, travel for training and move frequently. You may also have special expenses, such as maintenance of military uniforms. The Internal Revenue Service (IRS) has designed special provisions for service members to help alleviate […]

Racing the Clock: How to Beat the Tax Extension Filing Deadline

How to Beat the Tax Extension Filing Deadline - TaxAct Blog

We’ve all had good reasons for putting off doing our tax returns at one time or another. We were waiting for additional tax information. We weren’t sure how to handle a tax situation. The task seemed too daunting, or we never found the time to quite finish up. Whatever the reason, now is the time […]

Insurance and Your Taxes — What Business Owners Need to Know

Insurance and Your Taxes — What Business Owners Need to Know - TaxAct Blog

We can insure just about anything we choose: our cars, houses, businesses, ability to work – even our lives. While carrying insurance may be expensive, we’re paying for peace of mind. It seems like the only thing more expensive than insurance is not having it when something bad happens. Fortunately, insurance premiums are often deductible […]

How to File Taxes? — The Ultimate Tax Guide for College Students

How to File Taxes? — A Tax Guide for College Students - TaxAct Blog

Whether you’re heading off to college for the first time or well on your way to finishing your degree, being a college student presents special financial challenges. Knowing how college might affect your taxes can help you plan ahead and identify tax benefits that may make your finances a little easier while you’re hitting the […]

7 Best Tax Deductions, Exemptions, and Credits for Families

7 Best Tax Deductions, Exemptions, and Credits for Families - TaxAct Blog

While your children are young you have plenty of expenses. Fortunately, some of those expenses can directly or indirectly turn into deductions, exemptions or credits that may mean big savings on your tax bill. Take a look at the following tax benefits to see which ones could be beneficial for you.

5 Tax Advantages to Getting Married

5 Tax Advantages to Getting Married - TaxAct Blog

If you have plans to get married or recently tied the knot, you may wonder what the impact is on your taxes. You’ve no doubt heard about the “marriage tax” – an unofficial term for various parts of the tax code that can mean you pay more as a married couple than you would as […]