Solutions to Make Better Decisions with Your Taxes and Money

The keys to home ownership when you’re self-employed

People who choose to work for themselves tend to like a certain amount of independence. It takes a lot of gumption to cut ties with the traditional 9-5, and the kind of person willing to take that leap is usually in search of an independent lifestyle. But, it’s hard to be truly independent when you’re chained to […]

Self-Employed? Check Out These Retirement Plans

Being self-employed has its advantages. You don’t have a boss to tell you how many vacation days to take, or what retirement plans you have to choose from. On the other hand, you don’t have a boss to make you take your vacation time (or to pay for it), or to set up retirement plans […]

Filing Income as a Contractor (Didn’t Get Form 1099-MISC)

In the “You Got This” Weekly Series, we will answer a question from our customers found on Facebook, Twitter, TaxACT’s Blog and around the web. Question: In 2013, I worked for a startup and was paid as a contractor. In 2014, I worked for the same company. They ended up bankrupt and never paid me the final 1.5 months […]

How a Summer Job Affects Your Taxes

A summer job is a great way to add some extra money to your bank account. Whether you’re a cash-strapped college student, a teacher trying to stay busy during the summer months or simply have some extra time on your hands, racking up those part time hours can really pay-off. However, before you go out and celebrate […]

You Got This Weekly Series: Should Self-Employment Income from More Than One Business Be Reported as One Income or Separately?

Each week we will answer one of the most frequently asked questions on Facebook, Twitter and TaxACT’s Blog in the “You Got This” Weekly Series. Question: Do self-employed, not as in owning their own business, but as representatives of companies like Avon and Mary Kay, need to report their income separately on their tax return or can the multiple incomes be […]

Schedule C: Reporting Self-Employment Income from Multiple Sources

How to decide if you have one or more Schedule C businesses? Self-employed individuals often have more than one activity going at once. You can report closely related activities together on one Schedule C. If you have unrelated activities, however, you must report them on separate Schedule Cs. Similar activities would include different lines of […]

Tax Tips for 2014 That You Need to Know

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 […]

The Advantages of the Affordable Care Act for the Self-Employed

What advantages does the Affordable Care Act offer to the self-employed? Three significant advantages under the ACA: The potential for an easier shopping experience, The possibility of financial subsidies, and The ability to easily compare one plan against another. Comparing Health Insurance Options Comparing health insurance options from several health insurers will be much different […]

5 Year-End Tax Planning Tips for Self-Employed

As a self-employed person, you have more control over your eventual tax liability than someone who only earns income as an employee. To take full advantage of that extra control, follow these 5 year-end tax planning tips: 1. Estimate your business income It’s absolutely essential that you find out where you stand tax-wise – before […]