Solutions to Make Better Decisions with Your Taxes and Money

I Didn’t Pay Quarterly Taxes — How Do I Figure out the Penalty?

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: I did my wife’s taxes for the first time this year and it turns out she/we should have been paying quarterly taxes and haven’t been. We owe about $750 in taxes. From what […]

Filing Income as a Contractor (Didn’t Get Form 1099-MISC)

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: In 2013, I worked for a startup and was paid as a contractor. In 2014, I worked for the same company. They ended up bankrupt and never paid me the final 1.5 months […]

Education Tax Credits and Deductions — Too Good to Be True?

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: I am a graduate student and I receive nearly full remission of tuition and fees from my university as part of my compensation for my teaching assistantship. My 1098-T shows that I “paid” […]

If Income from ESPP/ISO Shares Sold Appears on W-2, Do I Need to Adjust Basis from Form 1099-B?

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: After entering my info into Form 1099-B, I think I’m getting double taxed on the sale of my employee stock options and ESPP shares. I haven’t adjusted the basis from what is shown […]

I Ran a Successful Crowdfunding Campaign, How Do I Need to File This for Tax Purposes?

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: I ran a successful crowdfunding campaign last year for a medical need (service animal) for my disabled daughter. It wouldn’t be covered by insurance. It’s a long process and we’ve paid a portion […]

I Am No Accountant, but I Have Always Done My Own Taxes

This post originally appeared on TheJuneBride blog. So… we’re getting into tax season… Anybody excited? I thought not. Now, I am no accountant, but I have always done my own taxes. Even as a high schooler working a few hours after school, I handled my very own 1040-EZ (with some smart parents and a tax […]

You Got This Weekly Series: What are the Tax Benefits of Purchasing a Home?

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 am thinking of buying a new home. What are the tax benefits? Anna via Facebook Answer: Purchasing a home is a major life decision and there are numerous things to consider in your decision-making process. […]

You Got This Weekly Series: The Tax Implications of Investing in a Business

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 invested enough to fund the expected expenses in my son’s golf business to cover 3 years as did one other investor. The account can be drawn from to cover travel, food, anything that promotes […]

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

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: