Solutions to Make Better Decisions with Your Taxes and Money

Owe Taxes This Year? Here Are 5 Ways to Lower Next Year’s Tax Bill

Owe Taxes This Year? Here Are 5 Ways to Lower Next Year’s Tax Bill - TaxACT Blog

You’ve finished your taxes. You may have expected a refund, or maybe you knew you’d have taxes to pay when you filed your return. Either way, writing more than a small check to the Internal Revenue Service is an experience you’d rather not repeat. What can you do to avoid it in the future? Check […]

5 Shortcuts to Creating a Budget That Sticks

5 Shortcuts to Creating a Budget That Sticks - TaxACT Blog

We know we need budgets. They’re absolutely essential to good management of our finances. Creating a budget is also the last thing most of us want to do. We may have no idea where to start. The idea of budgeting sounds like the stuff of ledger books tracking every dime we spend, or worse yet, […]

Small Business Week — 7 Strategies for Saving and Tax Planning

Small Business Week - TaxACT Blog

National Small Business Week Edition. National Small Business Week, organized by the Small Business Administration, recognizes the contributions of entrepreneurs and small business owners across the nation for the critical impact they have on the overall economy and job creation. “National Small Business Week is a chance to honor our nation’s 28 million small businesses and […]

Keep More Money in Your Pocket with the 2014 Earned Income Tax Credit (EIC)

2014 Earned Income Tax Credit (EIC) Guide — TaxACT

The 2014 Earned Income Tax Credit, or EITC (also know as EIC), is a credit designed for lower income working individuals and families. It is intended as an additional reward for working, thus the words “earned income.” If you don’t have children, you must earn a relatively low income to qualify for the EITC. For […]

Your Complete Guide to Filing Form 1041, U.S. Income Tax Return for Estates and Trusts

Your Complete Guide to Filing Form 1041 - TaxACT

IRS Form 1041 is an income tax return for estates and trusts, similar to Form 1040 for individuals. If you are the executor for an estate, you may be required to file Form 1041 – U.S. Income Tax Return for Estates and Trusts. Form 1041 must be filed for the person who died in addition […]

5 Ways to Avoid Bumping Your Income into a Higher Tax Bracket

Ways to Avoid Bumping Your Income into a Higher Tax Bracket - TaxACT

What can you do to avoid paying higher tax rates when you have a year with more income? If your income level fluctuates from year to year, you may find yourself paying more than you expect at tax time. That’s because when you have higher income, your income may be bumped into another tax bracket, […]

6 Do’s and Don’ts for an Energy-Efficient Home

Energy-Efficient Home - TaxACT

Fall is coming, and with it higher energy bills. You’re on the right track if you’re already thinking of ways you can save money this winter. Not all measures you can take to have an energy-efficient home are equal, however. Here are some do’s and don’ts to help you get the most from your energy-saving […]

7 Personal Spending Pitfalls and How to Avoid Them

7 Personal Spending Pitfalls and How to Avoid Them - TaxACT

When it comes to controlling spending, sometimes everything seems to be working against us. There are so many ways to spend money – and so many reasons it’s difficult not to. It’s possible to take control of your spending, however. Many people have done it. Take a look at these personal spending pitfalls and how […]

Is Cancelled Debt Taxable?

Is Cancelled Debt Taxable? - TaxACT

If a credit card company or other creditor cancels your debt, that’s really good news, right? Such cancellation of debt usually happens when the creditor gives up on collecting the debt, or when the statute of limitations on collecting the debt runs out. Cancellation of debt is not all positive news, however. Aside from the […]

Should College Savings Be in My Child’s Name?

Should College Savings Be in My Child's Name? - TaxACT

Should you save for your kids’ college education in your own accounts, or put college savings in each child’s name? Getting started saving for college can seem daunting. You have to decide how to save, how much to save, and how to invest. You may choose a tax-deferred plan or any other investment. Before you […]

10 Essential Tips to Successfully Merge Finances as a New Couple

10 Essential Tips to Successfully Merge Finances as a New Couple - TaxACT

What’s the best way to start handling finances as one household? Fifty years ago, merging finances may have seemed simpler. Most people got married younger, chances were higher that only one spouse worked, and divorce was less common. Now, when you become a couple, you’re more likely to work and have your own incomes. You […]

Filed an Extension? What to Do Now

Filed an Extension? What to Do Now - TaxACT

April 15 has come and gone. If you didn’t quite finish your tax return, you should have filed Form 4868, Application for Automatic Extension of Time to File, to the IRS. This automatic extension gives you another six months to file your tax return – no questions asked. Your tax return is now due October […]

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