Solutions to Make Better Decisions with Your Money

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. […]

Weekly Favorites: Survive a Tax Audit, 8 Money Secrets for Moms, Tips for Those Who Owe Money to IRS

TaxACT Weekly Favorites: April 19, 2013

Weekly Favorites: April 26, 2013 How To Survive A Tax Audit via CNN Money Tax season has finally wrapped up, but audit season is just about to begin. The chances of being dealt an audit are low — about one in 100. But if you happen to be selected, you can take certain steps to make the […]

Tax Do-Overs: Filing an Amended Return

Tax Do-Overs: Filing an Amended Return - TaxACT

It happens. Just when you think tax season is over and you can forget it, you discover a mistake or omission on your income tax return. You probably need to fix it by filing an amended return with the IRS. When to file an amended return You should file an amended return whenever you discover […]

Post-Filing Tax Tips

Post Filing Tax Tips - TaxACT

Yay – you’ve filed your tax return! Now what? Follow these tax tips: Keep track of the status of your return You are responsible for making sure your return is accepted if you file electronically. You can have TaxACT send you an email notification when this happens. You can also check your e-file status any […]

10 Tips for Taxpayers Who Owe Money to the IRS

10 Tips for Taxpayers Who Owe Money to the IRS - TaxACT

Have you received a letter from the IRS stating that you owe them money? Sooner or later, chances are that you’ll get mail from the Internal Revenue Service. Nobody likes to get that thick envelope full of notices. Before you let that letter ruin a perfectly good day, however, take note of these tips: 1. […]

To Itemize or Not to Itemize: 4 Questions to Ask Yourself

To Itemize or Not to Itemize: 4 Questions to Ask Yourself - TaxACT

Have you ever itemized your tax deductions? In 2009, almost two-thirds of tax filers claimed the standard deduction, which for married couples filing jointly, was $11,400. Those who itemized in that category, however, averaged a whopping $32,000 in deductions. While you may not personally enjoy an increase that large, it’s worth investigating. To itemize your […]

Weekly Favorites: Tax Scams of 2013, Tips for Using Form 1099-B, Bets are Taxable, 7 Things to Check When Filing Taxes

TaxACT Weekly Favorites: March 29, 2013

Weekly Favorites: March 29, 2013 Don’t Fall for These Dirty Dozen Tax Scams of 2013 via Don’t Mess With Taxes It’s tax-filing season, so you know what that means. It’s also peak tax scam season. In addition to collecting Americans’ tax returns (and money) this time of year, the Internal Revenue Service also keeps an eye […]

5 Tips When Using Form 1099-B for Stocks and Other Investments

5 Tips When Using Form 1099-B for Stocks and Other Investments

Have you received Form 1099-B from your brokerage regarding the sale of your stocks and other investments? Brokerages and other financial institutions are required to send you Form 1099-B if you sold stocks or other investments in your account. They also must send copies of the forms to the IRS. The IRS matches the information […]

Owe Money to the IRS? Use These 4 Steps to Pay off Your Tax Bill

Owe Money to the IRS? Use These 4 Steps to Pay off Your Tax Bill - TaxACT

What should you do if you finish your taxes and discover you owe more taxes than you can afford to pay? It’s bad enough not to get a tax refund you may have been expecting. Finding out you owe a lot of money is worse. The last thing you want is to get into trouble […]

How to Avoid Owing Money to the IRS

How to Avoid Owing Money to the IRS - TaxACT

Want to make sure you never owe a big tax bill – or any bill at all – when you file your income taxes? Judging by the amount the average American has over withheld from his or her pay, we’re scared to death of owing the IRS even the smallest amount at tax time. That’s […]

Weekly Favorites: Moving Expenses Tax Deduction, What Is Sequestration, $917 Million Unclaimed Taxes, Capital Gains Tax

Weekly Favorites: March 15, 2013 - TaxACT

Weekly Favorites: March 15, 2013 Moving Expenses Tax Deduction: What’s Deductible and Nondeductible? via Sally Herigstad In this tough economy, many Americans are moving to find work. They can offset some of the expense of packing up for greener pastures by taking a tax deduction for moving expenses. Continue reading… What Is Sequestration – Definition […]

Weekly Favorites: Bump Your Take-Home Pay Up, Ways to Make Money From Home, IRS Accepting More Forms Next Week

Weekly Favorites March, 1 2013 - TaxACT

Weekly Favorites: March 1, 2013 Payroll Tax Cut: How to Bump Your Take-Home Pay Back Up by Sally Herigstad When the temporary payroll tax deduction ended in December, our social security tax deductions went back up to 6.2% of our gross pay.2% more of your pay may not seem like a huge amount. But on […]

4 Tips for Using Tax Preparation Software Effectively: Your Own Virtual Accountant

4 Tips for Using Tax Preparation Software Effectively: Your Virtual Accountant

Can tax preparation software help you find deductions, pay less tax, and stay out of trouble with the IRS as well as a live person sitting in front of you can? For most taxpayers, today’s tax preparation software can do a great job on all of the above. In fact, tax preparation software has a […]