Solutions to Make Better Decisions with Your Taxes and Money

When Does Capital Gains Tax Apply?

When Does Capital Gains Tax Apply? - TaxAct Blog

You sold your house, an investment property or something else of value. When do you tell the IRS? When you sell a valuable asset, such as real estate, the IRS definitely wants to know about it. In fact, for the sale of many assets the IRS finds … [Continue reading]

HSA, FSA or HRA — How Your Health Plan Affects Your Taxes

HSA, FSA or HRA — How Your Health Plan Affects Your Taxes - TaxAct Blog

It’s important to understand the type of health account you have or could have, so you can take full advantage of any tax benefits. Three common types of tax-advantaged health accounts are health savings accounts (HSA), health flexible spending … [Continue reading]

5 Things You Didn’t Know Were Taxable

5 Things You Didn’t Know Were Taxable - TaxAct Blog

When you think of taxable income, the first things that come to mind are most likely wages, including self-employment income, and perhaps capital gains and interest income. As you prepare your taxes, however, you may discover additional types of … [Continue reading]

Roth vs. Traditional 401(k) – What’s the difference?

Roth vs. Traditional 401(k) – What’s the difference? - TaxAct Blog

When you start working at a new company, you typically have a few decisions to make within those first few days on the job. And one of those decisions may be whether you want to sign up for a Roth 401(k) or a traditional 401(k) plan. You … [Continue reading]

6 Things You Should Know About the Alternative Minimum Tax (AMT)

6 Things You Should Know About the Alternative Minimum Tax (AMT) - TaxAct Blog

Don’t let the alternative minimum tax catch you by surprise. The Alternative Minimum Tax (AMT) was created in 1969 to keep a small number of wealthy taxpayers from using tax loopholes to avoid paying any tax at all. Instead of closing the … [Continue reading]

Millennials and debt — a shift in mindset

Millennials and debt — a shift in mindset - TaxAct Blog

Millennials are special – and not just because we were all raised getting gold stars. The generation is refusing to adhere to the American society’s traditional checklist of life events. This is partly thanks to the average graduate’s $30,000 of … [Continue reading]

A Quick and Easy Guide to Filing an Income Tax Return for an Estate (Form 1041)

How to File an Income Tax Return for an Estate (Form 1041) - TaxAct Blog

If you’re the personal representative for someone who is recently deceased, you may need to file Form 1041, Income Tax Return for Estates and Trusts, for their estate. However, not every estate requires an estate tax return. Sometimes, all you … [Continue reading]

Easily Report Business Income & Maximize Deductions with TaxAct 2015

Easily Report Business Income & Maximize Deductions with TaxAct 2015 - TaxAct Blog

Did you earn income in 2015 as an independent contractor, from a side job or from a business that you own? Even if the amount is small, the IRS considers you a sole proprietor and requires you to itemize your operational income and expenses on … [Continue reading]

5 Popular Money-Saving Tax Deductions

5 Popular Money-Saving Tax Deductions - TaxAct Blog

You can spend a lot of time determining which tax deductions will benefit you most throughout the year – and usually, that’s time well spent. For example, if you’re in the 25 percent tax bracket, every dollar you find in deductions may save you … [Continue reading]