Solutions to Make Better Decisions with Your Taxes and Money

Understanding the Difference between Itemized Deductions and the Standard Deduction

Understanding the Difference between Itemized Deductions vs  the Standard Deduction - TaxAct Blog

Itemized and standard deductions can be confusing – especially if you are relatively new to filing a tax return. Some people try to itemize when they are better off using the standard deduction. On the other hand, some taxpayers avoid itemizing … [Continue reading]

Pros and Cons of Refinancing Your Home

Pros and Cons of Refinancing Your Home - TaxAct Blog

The decision to refinance your home can be a tough one. Not only can the process of refinancing seem like a lot of work, it’s often hard to know who to trust as some lender’s advertised offers sound too good to be true. But, when mortgage rates are … [Continue reading]

Self-Employed? Check Out These Retirement Plans

Self-Employed? Check Out These Retirement Plans - TaxAct Blog

Being self-employed has its advantages. You don’t have a boss to tell you how many vacation days to take, or what retirement plans you have to choose from. On the other hand, you don’t have a boss to make you take your vacation time (or to pay for … [Continue reading]

Partnership and Corporation Tax Tips and Reminders for Second Half of 2016

Partnership and Corporation Tax Tips and Reminders for Second Half of 2016 - TaxAct Blog

It’s hard to believe, but the year is almost half over already. If you have a partnership or corporation, here’s what you need to know to keep up with the Internal Revenue Service (IRS) while you work toward your business success for 2016. … [Continue reading]

5 Things You Should Know About Crowdfunding and Taxes

5 Things You Should Know About Crowdfunding and Taxes - TaxAct Blog

Crowdfunding platforms, such as Kickstarter, open a whole new world in business financing, but can end up being a confusing world for tax purposes. The proceeds aren’t like sales in the traditional sense, and the people who contribute are not … [Continue reading]

Energy Efficient Home Improvement Tax Credits

Energy Efficient Home Improvement Tax Credit - TaxAct Blog

Remembering to turn off the lights on Earth Day may help bring attention to energy usage and our commitments to being responsible consumers, but that’s not where it ends. If you want to make a permanent difference in how much energy you use on a … [Continue reading]

7 Things to Know When Filing an Amended Tax Return (Form 1040X)

Things toThings to Know When Filing an Amended Tax Return (Form 1040X) - TaxAct Blog Know When Filing an Amended Tax Return (Form 1040X) - TaxAct Blog

From time to time, we all need a “do over” – even when it comes to our tax returns. Fortunately, if you’ve made a mistake on your original return or missed claiming a deduction or credit, the IRS has a solution. It’s called Form 1040X, Amended U.S. … [Continue reading]

7 FAQs about Tax Extensions

7 FAQs about Tax Extensions - TaxAct Blog

For many of us, there just doesn’t seem to be a convenient time to gather all of our tax documents and sit down to prepare a return. And, before we know it, the tax filing deadline is upon us. That’s when filing Form 4868, Automatic Extension of … [Continue reading]

What Happens If I Don’t File My Taxes?

What Happens If I Don’t File My Taxes? - TaxAct Blog

It’s easy to put off filing your taxes. Life is jam packed with places to be and things to do. Finding time to organize your tax information and complete your return may seem hard. If you’re like many people, it’s not terribly hard to find reasons … [Continue reading]