Solutions to Make Better Decisions with Your Money

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 […]

7 Common Questions about Cost Basis

7 Common Questions about Cost Basis - TaxACT

What is cost basis, and how do you go about finding it? You’re making great progress on your tax return, when suddenly you need to enter something called a “cost basis” for an asset. If only that were as simple as remembering what you paid for the asset. Here are 7 questions and answers about […]

7 Homeowner Tax Breaks

2013 Homeowner Tax Breaks - TaxACT

Owning a home has long been a great way to save on your taxes. That’s still true. Take a look at the following ways that owning a home can still give you a break on your taxes.

Can You Claim Your Parents as Dependents?

Can You Claim Your Parents as Dependents? - TaxACT

You know you can claim your kids on your tax return. What if you also support mom and dad? If you pay some or all of your parents’ expenses, you may qualify for dependency exemptions for them, just as you do for your children. Benefits of claiming your parents as dependents

8 Kinds of Debt You Can’t Lose in Bankruptcy

8 Kinds of Debt You Can't Lose in Bankruptcy by TaxACT

When people go through a financial crisis, sometimes bankruptcy is the best or only solution. For example, when someone has insurmountable debts, often due to one-time events such as divorce, catastrophic illness, or business failure, bankruptcy may be the best way to overcome debt that person has no way of ever paying back. By “bankruptcy,” […]

Tax Tips for 2014 That You Need to Know

Tax Tips for 2014 You Need to Know - TaxACT

For most people, the biggest change in 2014 is the individual mandate for purchasing health insurance. If you’re a high-income taxpayer, you may also pay higher tax rates and new taxes. If you qualify for certain tax breaks, you’ll be glad to know most of them are extended through 2014 or beyond. See if any […]