Solutions to Make Better Decisions with Your Taxes and Money

Welcome to the new TaxAct…and the best deal in tax!

Welcome to the new TaxAct - TaxAct Blog

As you may know, the do-it-yourself (DIY) tax preparation software industry has changed a lot over the past few years. In many cases, these changes have made it difficult for taxpayers to determine which DIY tax product is right for their tax … [Continue reading]

7 Tips for First Time Tax Filers

7 Tips for First Time Tax Filers - TaxAct Blog

You’ve probably heard people complain about having to file their taxes. Perhaps you’re a bit intimidated as a result. With tax season now upon us, the time has come for you to file your very first tax return. Filing your taxes probably isn’t as … [Continue reading]

Taxable vs. Nontaxable Income: What’s the Difference?

Taxable vs. Nontaxable Income: What’s the Difference? - TaxAct Blog

If you receive money, goods or services, you might have to pay tax on the value of what you receive as taxable income. That’s true for money you earn, as well as, any interest and dividends you receive on your investments. Unless the Internal … [Continue reading]

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]