Solutions to Make Better Decisions with Your Taxes and Money

How to Handle Taxes During a Financial Hardship

How to Handle Taxes During a Financial Hardship - TaxAct Blog

The Internal Revenue Service (IRS) is probably the last place you expect to find help during financial hardships. However, thanks to certain provisions of the IRS code, help is out there. Many people are unaware that the IRS has a “hardship … [Continue reading]

What You Need to Know about the Child Tax Credit

What You Need to Know about the Child Tax Credit - TaxAct Blog

Raising children is expensive. Fortunately, the Internal Revenue Service (IRS) offers many tax benefits, such as the Child Tax Credit, to help working families make ends meet. Here is what you should know about this potentially valuable credit. … [Continue reading]

How to Handle Taxes During and After a Divorce

How to Handle Taxes During and After a Divorce - TaxAct Blog

Going through a divorce changes almost everything about a person’s finances. If couples had joint accounts and jointly held assets and debts, they must divide them up and open new, independent accounts. They need new financial plans and … [Continue reading]

7 FAQs about the Earned Income Tax Credit

7 FAQs about the Earned Income Tax Credit - TaxAct Blog

The Earned Income Tax Credit, or EITC, is a tax credit designed to help low- to moderate- income working individuals and couples get ahead and put more money back in their pockets. It can provide a significant boost to your tax refund each year if … [Continue reading]

Itemized Deductions vs. Above-the-Line Deductions: What’s the Difference?

Itemized Deductions vs. Above-the-Line Deductions: What’s the Difference? - TaxAct Blog

Income tax deductions are items that reduce your taxable income. But, there’s more to the story. It’s important to be aware that not all deductions are created equal. For instance, some deductions can be taken "above the line" on your tax return. … [Continue reading]

How to Estimate Your Tax Refund or Balance Due

How to Estimate Your Tax Refund or Balance Due - TaxAct Blog

This year, don’t let your tax results take you by surprise. Instead of spending time worrying about whether you are withholding enough income tax from your paycheck, take a few minutes to do something about it. Be proactive in your tax planning so … [Continue reading]

7 Ways Investment Gains and Losses Affect Your Taxes

7 Ways Investment Gains and Losses Affect Your Taxes - TaxAct Blog

If you have substantial investment gains or other income this year, make sure you know how they will affect your taxes, and be prepared to deal with them. If you have investment losses, on the other hand, you also need to know how your tax return … [Continue reading]

7 Ways Being in the Military Affects Your Taxes

7 Ways Being in the Military Affects Your Taxes - TaxAct Blog

Being a part of the U.S. Armed Forces can create special challenges in your financial and family life. You may serve overseas, travel for training and move frequently. You may also have special expenses, such as maintenance of military … [Continue reading]

Racing the Clock: How to Beat the Tax Extension Filing Deadline

How to Beat the Tax Extension Filing Deadline - TaxAct Blog

We’ve all had good reasons for putting off doing our tax returns at one time or another. We were waiting for additional tax information. We weren’t sure how to handle a tax situation. The task seemed too daunting, or we never found the time to quite … [Continue reading]