Solutions to Make Better Decisions with Your Taxes and Money

What Is Form W-2 and How Does It Work?

If you work for an employer, then your employer withholds income taxes from each of your paychecks. That’s because both federal and most state governments collect income tax year-round, not just on April 15 (April 18 for tax year 2015). Every January or early February, you should receive a form W-2 from your employer that […]

Filing Income as a Contractor (Didn’t Get Form 1099-MISC)

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: In 2013, I worked for a startup and was paid as a contractor. In 2014, I worked for the same company. They ended up bankrupt and never paid me the final 1.5 months […]

Your Complete Guide to Employee Stock Options and Tax Reporting Forms

Employers often compensate employees with benefits other than just a pay check. Stock options and stock purchase plans are becoming increasingly popular. Here are some of the more common employee stock options and plans, and the necessary tax reporting forms, to make tax time less stressful. Employee stock options and plans

Education Tax Credits and Deductions — Too Good to Be True?

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: I am a graduate student and I receive nearly full remission of tuition and fees from my university as part of my compensation for my teaching assistantship. My 1098-T shows that I “paid” […]

If Income from ESPP/ISO Shares Sold Appears on W-2, Do I Need to Adjust Basis from Form 1099-B?

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: After entering my info into Form 1099-B, I think I’m getting double taxed on the sale of my employee stock options and ESPP shares. I haven’t adjusted the basis from what is shown […]

How to Maximize Tax Deductions and Credits

Paying income taxes is the civic duty of all Americans, with the money helping to pay for national defense, highways, schools and police departments, among other things. While we’re happy to pay our fair share, no one wants to pay too much income tax. That’s where tax deductions and credits come into play. U.S. Congress […]

I Ran a Successful Crowdfunding Campaign, How Do I Need to File This for Tax Purposes?

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: I ran a successful crowdfunding campaign last year for a medical need (service animal) for my disabled daughter. It wouldn’t be covered by insurance. It’s a long process and we’ve paid a portion […]

10 Tax Deductions Every Current and Future Retiree Should Know

You’ve finally reached your 66th birthday, and it’s time to say goodbye to the daily grind and set off on a life of retirement ease. Or so we think. In truth, retirement for most of us will require careful budgeting and smart financial planning to make our savings last for two or three more decades. […]

Is a 401(K) Really the Right Way to Save for Retirement?

The 401(k) retirement plan, first popularized in the 1980s, is an excellent way to put aside money for retirement. Like other retirement plans — traditional IRA or Roth IRA — a 401(k) invests your money in a customized mix of individual stocks, money-market funds and bonds to maximize your return. But which type of retirement […]