Solutions to Make Better Decisions with Your Money

You Got This Weekly Series: Can Work-Related Driving Expenses Be Deducted On My Tax Return?

You Got This - TaxACT

Each week we will answer one of the most frequently asked questions on Facebook, Twitter and TaxACT’s Blog in the “You Got This” Weekly Series. Question: If I drive 65 miles one way to my job and have tolls to pay there and back, what is deductible on my taxes? Hilary via Facebook Response:

Weekly Favorites: Stop Overpaying the IRS, and more

TaxACT Weekly Favorites March 14 2014

TaxACT Weekly Favorites:  March 14, 2014 Stop Overpaying the IRS via Kay Bell on Bankrate.com The average federal tax refund so far this filing season is $3,034. The Internal Revenue Service says that most taxpayers get refunds each year. The size of the average tax refund is probably the main reason that so many intentionally have […]

Check Your Tax Return Status Anytime, Anywhere

Check Your Tax Return Status Anytime, Anywhere - TaxACT

The hard part is done. You’ve filed your taxes. Now you want to know – was your return accepted and when should you expect that refund from the IRS? TaxACT has a free app for that – Tax Return Status by TaxACT. Who Can Use Tax Return Status by TaxACT?

You Got This Weekly Series: Should Self-Employment Income from More Than One Business Be Reported as One Income or Separately?

You Got This - TaxACT

Each week we will answer one of the most frequently asked questions on Facebook, Twitter and TaxACT’s Blog in the “You Got This” Weekly Series. Question: Do self-employed, not as in owning their own business, but as representatives of companies like Avon and Mary Kay, need to report their income separately on their tax return or can the multiple incomes be […]

Weekly Favorites: Taxes From A To Z (2014): B Is For Basis, and more

TaxACT Weekly Favorites - 3/7/2014

TaxACT Weekly Favorites:  March 7, 2014 7 Tricky Tax Return Questions—Answered! via Bottom Line Publications Each new year brings tricky changes in the tax code, creating confusion when it comes time to fill out tax forms and do tax planning. Last year’s soaring stock prices and rising real estate values could further complicate these tasks […]

7 Homeowner Tax Breaks

2013 Homeowner Tax Breaks - TaxACT

Owning a home has long been a great way to save on your taxes. That’s still true. Take a look at the following ways that owning a home can still give you a break on your taxes.

You Got This Weekly Series: Do I Have to Pay Capital Gains Tax on the Sale of My Home?

You Got This - TaxACT

Each week we will answer one of the most frequently asked questions on Facebook, Twitter and TaxACT’s Blog in the “You Got This” Weekly Series. Question: I have used TaxACT for five years and prepaid for 2013 taxes. I live on a fixed income (Social Security/Disability) and had to sell my home or it would have been foreclosed on. I did […]

Weekly Favorites: Beware These 5 Terrible Tax Surprises, and more

TaxACT Weekly Favorites

TaxACT Weekly Favorites:  February 28, 2014 Beware These 5 Terrible Tax Surprises via Bankrate You’ve always followed the sage advice of the late singer-songwriter Jim Croce: You don’t tug on Superman’s cape, you don’t spit into the wind, and you don’t try to pull a fast one on the Internal Revenue Service. OK, maybe that last […]

6 Ways to Pay Your Income Tax Bill

6 Ways to Pay Your Income Tax Bill - TaxACT

If you owe taxes on your income tax return, the IRS gives you multiple payment options. 1. Automatic payment If you bank online, you can set up a payment to the IRS just like you do with other bills. If you’re filing early, you can set the payment up to be paid anytime before the […]

Can You Claim Your Parents as Dependents?

Can You Claim Your Parents as Dependents? - TaxACT

You know you can claim your kids on your tax return. What if you also support mom and dad? If you pay some or all of your parents’ expenses, you may qualify for dependency exemptions for them, just as you do for your children. Benefits of claiming your parents as dependents

You Got This Weekly Series: Can I Write-Off Dental Payments?

You Got This - TaxACT

Each week we will answer one of the most frequently asked questions on Facebook, Twitter and TaxACT’s Blog in the “You Got This” Weekly Series. Question: Can I use dental payments as a tax write-off and how much would I have to pay in for this to make a difference? Susie via Facebook

Most Common Tax Forms

Most Common Tax Forms - TaxACT

By the first or second week of February, you should have received informational statements from every employer you worked for last year. You should have also have received statements from places that paid you or to whom you made tax-related payments. By keeping these forms handy and grouping them by type, you can make preparing […]

Schedule C: Reporting Self-Employment Income from Multiple Sources

Schedule C: Reporting Self-Employment Income from Multiple Sources - TaxACT

How to decide if you have one or more Schedule C businesses? Self-employed individuals often have more than one activity going at once. You can report closely related activities together on one Schedule C. If you have unrelated activities, however, you must report them on separate Schedule Cs. Similar activities would include different lines of […]