Solutions to Make Better Decisions with Your Money

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.

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 […]

4 Ways Money Can Buy You Happiness, and Health

4 Ways Money Can Buy You Happiness, and Health - TaxACT

Is there a way to spend your tax return wisely and take a much-needed summer vacation? If you’re among the 75 percent of taxpayers who got a refund from the IRS this year, you might be pleasantly surprised to learn that putting some of that cash toward a life experience that’s personally rewarding and memorable […]

Weekly Favorites: Why Starting To Save At 25 Means An Extra Six Figures In Retirement

TaxACT Weekly Favorites June 27 2014

TaxACT Weekly Favorites:  June 27, 2014 Why Starting To Save At 25 Means An Extra Six Figures In Retirement via Maggie McGrath A picture might be worth a thousand words, but when it comes to the state of retirement savings for the youngest generation of workers in the U.S., the numbers create a picture that […]

Weekly Favorites: Paying Bills — You’re Doing it Wrong, plus more

TaxACT Weekly Favorites June 20 2014

TaxACT Weekly Favorites:  June 20, 2014 Drowning in Student Loan Debt via CNN Money I am my family’s first college graduate. The choices I had were: staying on in the housing projects where I grew up, or student loans. So I took the loans to improve my life. Since I graduated in December, I have […]