Solutions to Make Better Decisions with Your Money

Keep More Money in Your Pocket with the 2014 Earned Income Tax Credit (EIC)

2014 Earned Income Tax Credit (EIC) Guide — TaxACT

The 2014 Earned Income Tax Credit, or EITC (also know as EIC), is a credit designed for lower income working individuals and families. It is intended as an additional reward for working, thus the words “earned income.” If you don’t have children, you must earn a relatively low income to qualify for the EITC. For […]

The Filing Extension Deadline Is Here—5 Tips for Finishing Your Return

The Filing Extension Deadline Is Here—5 Tips for Finishing Your Return - TaxACT

Way back in April, you hadn’t quite finished your income tax return. You filed for an automatic six-month extension of time, until October 15, to file your return. October is here – and perhaps your tax return is right where you left it, six months ago. No problem. With these tips, you should have no […]

Your Complete Guide to Filing Form 1041, U.S. Income Tax Return for Estates and Trusts

Your Complete Guide to Filing Form 1041 - TaxACT

IRS Form 1041 is an income tax return for estates and trusts, similar to Form 1040 for individuals. If you are the executor for an estate, you may be required to file Form 1041 – U.S. Income Tax Return for Estates and Trusts. Form 1041 must be filed for the person who died in addition […]

How the Advanced Premium Tax Credit Impacts 2014 Tax Returns

How the Advanced Premium Tax Credit Impacts 2014 Tax Returns - TaxACT

If you bought health insurance through a government-sponsored marketplace, you may be receiving a tax credit that helps pay for your health insurance premiums. Because the credit is directly sent to your insurance company to offset your premiums, you never see the cash. It would be easy to forget about the credit altogether. If nothing […]

5 Myths about Do-It-Yourself Tax Solutions Debunked

5 Myths about Do-It-Yourself Tax Solutions - TaxACT

Make this the year you start doing your own taxes! Using online tax solutions can save you money compared to a tax professional. It’s also a lot faster, easier and more accurate than preparing your taxes with paper, pencil, and a calculator. If you haven’t tried online tax software yet, check out these myths vs. […]

Read This Before You Let Your ACA Plan Autorenew for 2015

ACA Plan Autorenew for 2015 - TaxACT

If you are enrolled in a health insurance plan you purchased through the Affordable Care Act exchanges (or marketplaces), your plan is set to autorenew this fall. You don’t have to do anything extra to keep your policy in force for 2015. That’s the good news. The bad news is that if you don’t look […]

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.