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. […]

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 […]

Need More Time? File for a Tax Extension

Need More Time? File for a Tax Extension - TaxACT

Do you need just a little more time to gather the information for your income tax return? Or, truth be told, have you not even started yet? Don’t worry – it’s easy to get an extension to file your return. You just need to tell the IRS you need more time, using Form 4868, Application […]

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. […]

5 Last-Minute Tax Tips

5 Last-Minute Tax Tips - TaxACT

You’re almost ready to file your return. Is there anything you should do before you send it to the IRS? The following are 5 tax tips to ensure your taxes are in good order: Make sure your return is correct The best thing you can do to make sure your tax return is correct is […]

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 […]

10 Tax Tips for the Self-Employed

10 Tax Tips for the Self-Employed

As a self-employed person, do you ever envy your employed friends at tax time? Having your own business definitely increases the amount of recordkeeping you have to do for tax purposes. When you’re digging through boxes of business receipts, it’s easy to envy people who only have to enter income from a W-2 form. However, […]

Moving Expenses Tax Deduction: What’s Deductible and Nondeductible?

Moving Expenses Tax Deduction: What’s Deductible and Nondeductible?

Did you move because of a change in work location last year? 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. It’s important to know what you’ll be able to deduct before […]

Long-Term Capital Gains: How Much Tax Will I Owe?

Long-Term Capital Gains: How Much Tax Will I Owe?

Did you sell a house, some investments, or even a car this year that you may need to report as the sale of a capital asset? If you sold an asset, possibly at a profit, you’ll generally pay less tax on the gain than you would pay on ordinary income, such as wages. You must […]

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 […]

Weekly Favorites: Tax Savings for Parents, 3 Tax Mistakes Parents Make, The Fiscal Cliff Fix

Weeky Favorites: February 22, 2013 by TaxACT

Weekly Favorites: February 22, 2013 Tax Savings for Parents: Tax Credits and Deductions Parents Need to Know via TaxACT Uncle Sam offers several family-oriented tax benefits. Determining which ones you qualify for can be confusing because of rules about filing status, itemized deductions and income levels. Continue reading… 3 Tax Mistakes Parents Make That End […]