Solutions to Make Better Decisions with Your Taxes and Money

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 Blog

Updated for Tax Year 2014 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 […]

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 […]

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