Solutions to Make Better Decisions with Your Taxes and Money

How to Handle Taxes During and After a Divorce

How to Handle Taxes During and After a Divorce - TaxAct Blog

Going through a divorce changes almost everything about a person’s finances. If couples had joint accounts and jointly held assets and debts, they must divide them up and open new, independent accounts. They need new financial plans and strategies. And they need to start filing tax returns as newly unmarried persons. Here are some things […]

7 FAQs about the Earned Income Tax Credit

7 FAQs about the Earned Income Tax Credit - TaxAct Blog

The Earned Income Tax Credit, or EITC, is a tax credit designed to help low- to moderate- income working individuals and couples get ahead and put more money back in their pockets. It can provide a significant boost to your tax refund each year if you meet certain criteria. For instance, if you are employed, […]

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 member of the U.S. Armed Forces can bring a variety of unique challenges to your financial and family life. You may serve overseas for extended periods of time, travel for training and move frequently. You may also incur special expenses, such as the cost and maintenance of military uniforms. Fortunately, the IRS has […]

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 […]