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.
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 […]
Need help deciding between college savings plans with a tax-saving edge? Here are the tax benefits for three basic plans specifically designed for college savings: 1. Qualified Tuition Program (529 Plan) You’ve no doubt heard of Qualified Tuition Programs, commonly known as 529 plans. It’s a popular way to save for college, and you can […]
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 […]
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 […]
Are you among the millions of Americans who piece together a living by freelancing, contracting, or running side hustles? The so-called “gig economy” has shed light on a growing class of workers who don’t collect a steady, guaranteed paycheck from a single employer. Perhaps they run an Etsy shop while bartending on weekends. They might […]
April 15 has come and gone. If you didn’t quite finish your tax return, you should have filed Form 4868, Application for Automatic Extension of Time to File, to the IRS. This automatic extension gives you another six months to file your tax return – no questions asked. Your tax return is now due October […]
To view the Donation Assistant by TaxACT infographic, click here. Making charitable donations makes a difference to those in need and can save you money at tax time. Donation Assistant by TaxACT is a free mobile app that helps track goods and money you donated to charitable organizations. Your donations can then be easily imported […]