Solutions to Make Better Decisions with Your Money

How Tax Brackets Work: Examples and Myth Busting

Tax Bracket 2014

What tax bracket are you in, and what does that really mean? Your tax bracket, roughly speaking, is the tax rate you pay on your highest dollar of taxable income. Your tax bracket is not the tax rate you pay on all of your income after adjustments, deductions and exemptions.

5 Little Known Ways to Successfully Live on Irregular Income

5 Tips for Living on an Irregular Income

Are you among the millions of Americans who piece together a living by freelancing, contracting, or running side hustles? The so-called “gig economy” has shed light on a growing class of workers who don’t collect a steady, guaranteed paycheck from a single employer. Perhaps they run an Etsy shop while bartending on weekends. They might […]

5 Questions Typically Asked about Filing an Amended Tax Return

5 Questions Typically Asked about Filing an Amended Tax Return - TaxACT

Everybody makes mistakes – there are no exceptions. If you discover an error or something you missed on your return after you filed it, don’t panic. Fortunately, most mistakes in life can be fixed, and your tax return is no exception.

Weekly Favorites: Stop Overpaying the IRS, and more

TaxACT Weekly Favorites March 14 2014

TaxACT Weekly Favorites:  March 14, 2014 Stop Overpaying the IRS via Kay Bell on Bankrate.com The average federal tax refund so far this filing season is $3,034. The Internal Revenue Service says that most taxpayers get refunds each year. The size of the average tax refund is probably the main reason that so many intentionally have […]

6 First-Time Tax Filing Tips

6 First-Time Tax Filing Tips - TaxACT

The way people sometimes talk about tax return preparation, you’d think filing your tax return is the root canal of personal finance. If this is your first time filing, you may be dreading the experience. You may be in for a surprise. Preparing a tax return doesn’t have to be difficult. In fact, as a […]

IRS Accepting 2013 Returns Beginning January 31, 2014

IRS Accepting 2013 Returns Beginning January 31, 2014 - TaxACT

The IRS announced they will begin processing individual income tax returns starting on January 31, 2014. That doesn’t mean you need to wait. TaxACT is now accepting e-filed tax returns! Here are 4 tips for getting your guaranteed max refund fast with TaxACT:

Weekly Favorites: Your November Financial To-Dos, plus more

Weekly Favorites November 8 2013 - TaxACT

TaxACT Weekly Favorites:  November 8, 2013 Your November Financial To-Dos via LearnVest The holidays, end-of-year tax planning, winter travel … for many of us, this will be the busiest season of the year. All the more reason to make sure your finances are in good shape through the next few weeks. Who wants to worry […]

Weekly Favorites: Donation Rules, Old-School Money Tips, Credit Card Rewards as Taxable Income

TaxACT Weekly Favorites June 14, 2013

TaxACT’s Weekly Favorites:  June 14, 2013 Tax Deductible Donation Rules via Bankrate Just what is tax-exempt status? As the name indicates, it means organizations granted such status by the Internal Revenue Service don’t have to pay taxes on any profits. Continue reading…  Listen to Your Father! Old-School Money Tips for Today via Credit.com This month […]

Will Credit Card Rewards Soon Be Classified as Taxable Income?

Will Credit Card Rewards Soon Be Classified as Taxable Income? - TaxACT

What’s considered taxable income? Just about anything you can think of, according to this list on the IRS website. However one thing you will find notably absent are credit card rewards. At least for now, but will that soon change? The reason credit card rewards have typically not been counted as taxable income is because […]

Weekly Favorites: Mortgage Deductions, Family Loans, Tax Rules on Early Retirement Plan Withdrawals

TaxACT Weekly Favorites

TaxACT’s Weekly Favorites: May 17, 2013 Where The Mortgage Deduction Really Pays via CNN Money The mortgage interest deduction is one of the most expensive tax breaks on the books, but its benefits are distributed unevenly across the country, according to a new report by the Pew Charitable Trusts. Continue reading… Family Loans: Does The IRS […]

Family Loans: Does The IRS Care If I Lend My Kids Money?

Family loans: Does the IRS care if I lend my kids money? by TaxACT

You might lend your kids money from the time they are little – to buy a bicycle, to get that first car, or to buy a house. Does the IRS have anything to do with these family loans? For small loans, the answer is “no.” The IRS isn’t concerned with most personal loans to your […]

Weekly Favorites: Online Sales Tax Closer, 8 Job Search Tax Deductions, 5 Tax Tips for Cinco de Mayo

TaxACT Weekly Favorites May 10, 2013

Weekly Favorites: May 10, 2013 Online Sales Tax closer via Bankrate Collection of sales tax on all online purchases is halfway done. On May 6, the Senate passed the Marketplace Fairness Act, which would force online retailers nationwide to collect sales tax on purchases based on the rates in the buyer’s home city, county and […]

Gift Tax: Do I have to pay gift tax when someone gives me money?

Gift Tax: Do I have to pay gift tax when someone gives me money? - TaxACT

Surprise – Mom and Dad gave you a nice check! Maybe it’s enough for dinner, or maybe it’s more of an “early inheritance.” Either way, do you need to worry about paying tax on your gift? Annual limits before the IRS takes notice First, a gift must be quite substantial before the IRS takes notice. […]