Solutions to Make Better Decisions with Your Money

7 Common Questions about Cost Basis

7 Common Questions about Cost Basis - TaxACT

What is cost basis, and how do you go about finding it? You’re making great progress on your tax return, when suddenly you need to enter something called a “cost basis” for an asset. If only that were as simple as remembering what you paid for the asset. Here are 7 questions and answers about […]

How Much of My Mortgage Payment is Tax Deductible?

How Much of My Mortgage Payment is Tax Deductible - TaxACT

How much of your monthly mortgage payment is tax deductible? The short answer is more than you might think, but not as much as you might hope. Depending on how your mortgage is set up, your monthly payment likely includes principal, interest, taxes, and insurance, also known by the acronym PITI. Let’s take a look […]

10 Essential Tips to Make Filing a FAFSA Easy

10 Essential Tips to Make Filing a FAFSA Easy - TaxACT

Filing a FAFSA (Free Application for Federal Student Aid) is an important step when getting ready for college. These tips can make filing the application for financial aid easier. If you or someone in your household is planning to go to college, you’ve probably heard of FAFSA, or Free Application for Federal Student Aid. The FAFSA […]

6 Things to Know About Pre-Existing Conditions and Health Insurance

6 Things to Know About Pre-Existing Conditions and Health Insurance - TaxACT

You’ve heard by now that health insurance companies can no longer deny you coverage because you have a pre-existing condition, thanks to the Affordable Care Act (ACA). That sounds like good news, and for many people it is. It’s not quite that simple, however. Make sure you understand the new rules for pre-existing conditions:

Obamacare Open Enrollment Ends March 31, 2014

Obamacare Open Enrollment Ends March 31, 2014 - TaxACT

That’s the deadline. If you haven’t yet signed up for health insurance, there’s no day like today. Despite the record snowfalls and wind chills gripping the country, January was a hot month for healthcare. More than 1.1 million people signed up for coverage through state and federal marketplaces, according to a recent Department of Health […]

Baby Boomers Playing Catch-Up: Retirement Strategies Worth Considering

Baby Boomers Playing Catch-Up—Retirement Strategies Worth Considering - TaxACT

Talk about a case of bad timing: the baby boomer generation started hitting retirement age during one of the worst economic disasters in modern-day history. The oldest boomers started turning 65 in 2011, as the economy struggled to recover from the devastating market crash and recession that began with the financial crisis of 2008. Middle-class […]

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,” […]

Young People and Retirement Saving: Time Is On Your Side

Young People and Retirement - TaxACT

“Time is on my side” the old pop lyric says, and truer words have never been spoken when it comes to young people and retirement saving. Getting an early start is the best thing you can do for yourself, even if you’re not able to contribute much. When you’re in your 20s and 30s, you’ve […]

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 […]

Our Top Ten Most Read Blog Posts of 2013

Top Ten Post

From the very first post in 2013 (The Difference Between Form 1040, 1040A and 1040EZ) to the most recent (Persisting Myths About Health Care Reform), the TaxACT blog has touched a wide variety of topics. Though with varying topics, they all point back to one consistent theme; providing personal finance and tax tips you can actually […]

Older Americans and Seniors – What the ACA Means for You

Older Americans and Seniors – What the ACA Means for You - TaxACT

What does the Affordable Care Act mean for older Americans? If you’re 65 or older and on Medicare, you can keep your plan. Medicare’s basic structure hasn’t changed, although the Affordable Care Act (ACA) makes some important benefit improvements. If you’re too young for Medicare and don’t have access to health insurance through an employer, […]

The Debt Diet: Practical Ways to Reduce Spending

The Debt Diet: Practical Ways to Reduce Spending - TaxACT

Do you need to go on a debt diet? My last son weighed almost eleven pounds and I gained an astonishing fifty pounds while expecting him. When I asked the doctor how to lose that baby fat, his answer was pretty simple: diet and exercise. Maybe it was simple for him, but it didn’t sound […]

Unemployed: What the Affordable Care Act Means For You

Unemployed: What the Affordable Care Act Means For You - TaxACT

Have you been struggling with access to health insurance since losing your job? Are you concerned that your COBRA coverage may run out soon? Daunted by the cost of obtaining a continued health insurance policy under HIPAA? Fear not – with the rollout of the new health insurance exchanges, or marketplaces, under the Affordable Care […]