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You probably know that claiming income tax deductions reduces your taxable income. But did you know that not all deductions are created equal? Let’s learn about the advantages of above-the-line deductions vs. itemized deductions. At… Read more: Itemized Deductions vs. Above-the-Line Deductions

Updated for 2025. Stock options and stock purchase plans are a popular way for employers to pad an employee’s compensation outside of a paycheck. However, the Internal Revenue Service (IRS) still requires you… Read more: Your Complete Guide to Employee Stock Options and Tax Reporting Forms

Updated for tax year 2025. As a self-employed taxpayer, do you ever envy your traditionally employed friends at tax time? Having your own business as a freelancer or independent contractor definitely increases the record-keeping… Read more: 14 Tax Tips for Self-Employed People

Did you receive Form 1099-Q this tax year? The Internal Revenue Service (IRS) requires payers to send you this tax form if you took distributions from a tax-advantaged education investment account such as… Read more: Form 1099-Q: What It Is and How to Use It

Updated for tax year 2025. If you’ve been an employee all your working life, you’re probably used to having income tax withheld from your pay. However, when it comes time to retire, you… Read more: Estimated Tax Payments and Retirement: What You Need to Know

Updated for tax year 2025. If you’re planning to start a farm or already running one, you should know that tax laws for farms can be more complicated than you might think. Even… Read more: Cows, Farming, and Taxes: What You Need to Know

Last updated Oct. 27, 2025. The Internal Revenue Service (IRS) has announced tax relief for taxpayers in areas impacted by recent federally declared disasters. Find out if you qualify by finding your state… Read more: IRS Extends Tax Deadlines in Some States Due to Natural Disasters

In certain instances, utility costs can turn into a tax deduction when filing your tax return. Let’s take a look at some common examples where utilities may be deductible. You may be able… Read more: Do I Count Utilities on My Taxes?

The One Big Beautiful Bill (OBBB), also known as the Working Families Tax Cut Act, introduced several changes to U.S. tax laws, including many that affect families who use an individual taxpayer identification… Read more: OBBB Limits Tax Credits for ITIN Filers Without SSNs

There are often two types of tax filers: Those who neatly file their tax information and receipts away in color-coded file folders in preparation for tax season and those who scramble to gather… Read more: 7 Organizational Tips to Make Tax Filing Easy

Updated for tax year 2025. If you and your significant other are living together without being married, you probably share many expenses. One of you may even be financially supporting the other. In… Read more: Can I Claim My Boyfriend or Girlfriend as a Dependent on My Tax Return?

As a taxpayer, you’ve undoubtedly heard about adjusted gross income, or AGI, which plays a pivotal role in your taxes. Let’s take a deep dive into what AGI is and why it’s so… Read more: Understanding Adjusted Gross Income (AGI)

Updated tax brackets for the year 2025. Your tax bracket shows you the tax rate that you will pay for each portion of your income. Below, we go over some helpful examples and… Read more: How Tax Brackets Work: 2025 Examples and Myth Busting

Updated for tax year 2025. Are you filing your taxes for the first time this year? Filing an income tax return may sound daunting if you’ve never done it before. But the good… Read more: Tax Basics for Teens: Filing Your First Tax Return

If you’ve received a 1099-LTC tax form this tax year, it’s likely because you were paid long-term care benefits or accelerated death benefits, and the Internal Revenue Service (IRS) wants to know about… Read more: Form 1099-LTC: What It Is and How to Use It

Updated for tax year 2025. You know you can claim your kids on your income tax return. But what if you also support Mom and Dad? Here’s what you need to know about… Read more: Can You Claim Your Parents as Dependents?

If you’ve found yourself with one or more 1095 forms this tax season, you might wonder what they mean for your tax return. Whether it’s Form 1095-A, 1095-B, or 1095-C, these tax forms… Read more: Understanding IRS Forms 1095-A, 1095-B, and 1095-C for Health Insurance

As a parent or guardian filing taxes, you’ve likely claimed the Child Tax Credit (CTC). But what happens if the CTC reduces your tax bill to zero, and there’s still some credit left… Read more: What is the Additional Child Tax Credit (ACTC)?

Ever wondered what’s really inside the One Big Beautiful Bill Act (also called the OB3) everyone’s been talking about? Our SEO team sat down with TaxAct experts Jared and Tim to break it… Read more: What’s in the One Big Beautiful Bill (OB3)? Your Tax Questions Answered 

If Form 1099-SA showed up in your mailbox or inbox this year, don’t let it scare you. In this guide, we’ll break down what a 1099-SA form is, why you got it, and what you… Read more: Form 1099-SA: What It Is and How to Use It

Updated for tax year 2025. Animals do more than warm our hearts — they’re road trip buddies, winter lap warmers, and sometimes, legitimate treatments for medical conditions. But can you claim pets on your taxes?… Read more: Service Animals and Taxes: What Counts and What Doesn’t?

E-filing your taxes online is fast and convenient, but it also means putting sensitive personal and financial data out into the digital world. Hackers and scammers are always looking for ways to steal… Read more: 10 Tips to Keep Your Information Secure When Filing Taxes Online

If you’ve turned live streaming into a way to earn money, it’s important to understand your tax obligations. Whether you’re building a Twitch® channel, posting videos on YouTube®, or entertaining fans on other… Read more: Taxes for Streamers: How to Handle Twitch, YouTube, and Other Streaming Income

If you’ve ever worked late nights, weekends, or double shifts, you’re likely very familiar with overtime pay. But the benefits just got better — as of 2025, there’s a new tax break designed… Read more: No Tax on Overtime Explained: What the New Deduction Means for Your Paycheck

If you filed an extension for your 2024 taxes, you might be worried about how the recent federal government shutdown could affect your tax return or refund. Although a shutdown may seem concerning,… Read more: IRS Operations During the 2025 Government Shutdown: What It Means for Your Taxes

Updated for 2025. College can be expensive, but the IRS offers several tax benefits for college students to make higher education more affordable for Americans. Whether you’re a parent of a college student… Read more: 10 Tax Benefits for College Students

At a glance: Question After entering my info into Form 1099-B, I think I’m getting double taxed on the sale of my employee stock options and ESPP shares. I haven’t adjusted the basis… Read more: If Income from ESPP/ISO Shares Sold Appears on W-2, Do I Need to Adjust Basis from Form 1099-B?

The IRS rejecting your tax return can be a scary thing. Thankfully, it’s usually nothing to be overly concerned about. Let’s examine why your income tax return may be rejected and what to… Read more: Why Did the IRS Reject My Tax Return?

You might receive Form 1099-S this year if you sold a house, some land, or another piece of property. But what does this form mean for your income tax return? Don’t worry —… Read more: Form 1099-S: What It Is and How to Use It

Understanding Form W-4 is key to managing how much federal income tax is withheld from your paycheck. Whether you’re looking to boost your take-home pay or plan for a bigger tax refund, filling out your… Read more: Guide to Filling Out Form W-4: How to Keep More Money in Your Paychecks

Updated for tax year 2025. There’s no doubting it — having kids is expensive. Between paying for diapers, daycare, and many other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately,… Read more: Bottles, Diapers, and 7 Tax Benefits: Life with a Newborn

Updated for tax year 2025. Your little bundle of joy may tap into your pocketbook throughout the year, but at tax time they can actually help you save money. And the more children… Read more: 7 Tax Credits and Deductions Parents Need to Know

Raising kids or caring for a dependent isn’t cheap — especially when you’re juggling work or school on top of parenting. But if you pay for childcare so you can work or look… Read more: Are Daycare Expenses Tax-Deductible? Understanding the Child and Dependent Care Credit

Updated for tax year 2025. Being a parent often involves lending money to your kids throughout their lives. Maybe you’re helping them buy their first car, assisting with higher education costs, or contributing… Read more: Family Loans: Does the IRS Care If I Lend My Kids Money?

Are you wondering why you owe so much in taxes this year? Want to make sure your tax bill is correct and not pay more than you owe when you file your federal… Read more: Why Do I Owe Taxes To The IRS?

There’s one type of income you won’t see on your paycheck but could still impact your tax bill: phantom income. Unlike a good ghost story, phantom income isn’t fiction to the IRS. It’s… Read more: Phantom Income: What It Is and How to Avoid Phantom Taxes

If you rely on tips as part of your paycheck, you’ve likely heard about the new no tax on tips provision included in the One Big Beautiful Bill (OBBB), also called the Working… Read more: No Tax on Tips: What Tipped Workers Need to Know About the New Deduction

When headlines talk about an IRS firing or the IRS commissioner being fired or replaced, it’s easy to wonder what it means for your tax refund, your tax filing, or the upcoming filing… Read more: What Happens When the IRS Commissioner Is Replaced?

Tax season is never anyone’s favorite, but having clear expectations makes it easier to plan. Every year, we get taxpayers asking when the IRS will begin accepting their tax returns. Unfortunately, we’ll have… Read more: IRS Opening Date 2026: How Delays Affect Filing and Refunds

Updated for tax year 2025. Owning a home comes with numerous benefits, and one of them is the opportunity to claim various tax credits and deductions. Let’s look at some ways you can… Read more: 5 Tax Tips for Homeowners