Solutions to Make Better Decisions with Your Taxes and Money

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.

7 Personal Spending Pitfalls and How to Avoid Them

7 Personal Spending Pitfalls and How to Avoid Them - TaxACT

When it comes to controlling spending, sometimes everything seems to be working against us. There are so many ways to spend money – and so many reasons it’s difficult not to. It’s possible to take control of your spending, however. Many people have done it. Take a look at these personal spending pitfalls and how […]

Is Cancelled Debt Taxable?

Is Cancelled Debt Taxable? - TaxACT

If a credit card company or other creditor cancels your debt, that’s really good news, right? Such cancellation of debt usually happens when the creditor gives up on collecting the debt, or when the statute of limitations on collecting the debt runs out. Cancellation of debt is not all positive news, however. Aside from the […]

6 Offbeat Ways to Retire Early

6 Offbeat Ways to Retire Early - TaxACT

If you really, really want to retire early, here are some ways to do it. In an ideal world, we’d all save money year after year until we had enough stashed away to maintain us in the style to which we have become accustomed. Then we’d retire, secure in the knowledge that we’re set for […]

Should College Savings Be in My Child’s Name?

Should College Savings Be in My Child's Name? - TaxACT

Should you save for your kids’ college education in your own accounts, or put college savings in each child’s name? Getting started saving for college can seem daunting. You have to decide how to save, how much to save, and how to invest. You may choose a tax-deferred plan or any other investment. Before you […]