Learn about the filing requirements for Form 1040A, including the types of income you can report, from our own TaxAct tax guru.
Itemized and standard deductions can be confusing – especially if you are relatively new to filing a tax return. Some people try to itemize when they are better off using the standard deduction. On the other hand, some taxpayers avoid itemizing because it seems too difficult — even when itemizing deductions could save them money. […]
Income tax deductions are items that reduce your taxable income. But, there’s more to the story. It’s important to be aware that not all deductions are created equal.
Buying a home can help lower your tax bill. In fact, tax breaks for homeownership are a primary motivation for many people to buy their own home. To make sure you get the maximum benefit from your home purchase, however, it’s important to understand the potential tax benefits. Keep these tax considerations in mind when […]