Solutions to Make Better Decisions with Your Taxes and Money

New Affordable Care Act tax scam: what you need to know

Every year scam artists devise new schemes to defraud millions of people.  In recent years, it seems one of the most popular systems to target is the IRS. Unfortunately, fraudsters are at it once again – posing as the IRS in an attempt to steal taxpayers’ hard-earned money. To keep your bank account and private […]

Tax facts for members of the Sharing Economy, including Uber and Lyft drivers

The business of sharing your car with a total stranger or using it to run various errands is becoming a multi-billion dollar marketplace and many people are taking advantage of this new-age way to earn a buck. In fact, between 2012 and 2015, 10.3 million people made money through platforms such as Uber, Lyft and […]

3 Ways to Avoid a Gift Tax

If you give away generous sums of money to a friend or family member, you may be required to pay a gift tax to the IRS.  However, with a little planning, you can afford to be quite generous before you have to break out Form 709 to report the amount and be on the line […]

Understanding the Difference between Itemized Deductions and the Standard Deduction

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 because it seems too difficult — even when itemizing deductions could save them money. […]

5 Things You Should Know About Crowdfunding and Taxes

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 stockholders. So, how should you handle income from a crowdfunding project? It’s important to report […]

What IRS Forms 1095-A, 1095-B and 1095-C mean for you

*Updated for tax year 2016 Aside from Form W-2 and the usual tax documents that find their way into your mailbox during tax season, you may also receive a version of Form 1095, which is related to the Affordable Care Act. While many of us already understand what these forms mean, others are still trying to decipher what to […]

How to File an Amended Tax Return with Form 1040X

No matter how carefully you gather the information for your income tax return, sometimes you find something after you file that should have been included. Perhaps you remember you spent money on energy saving equipment for which you should have received a credit. Or, you received a Form 1099-MISC and forgot to enter the income […]

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 […]

Owe Too Much Tax? 4 Ways to Lower and Pay Your Tax Bill

For some people, not getting a big income tax refund is a terrible disappointment. The only thing worse is having to pay even a small amount to Uncle Sam at the end of the year. When you finish your taxes and discover you owe a small amount of tax, however, you should consider that you’ve […]