Sole Proprietorship vs. LLC: Which Business Structure is Right for You?
When starting a business, it’s important to choose the right business structure. What type of business you choose can significantly impact…
TaxAct Blog: Explore All Articles
Is Unemployment Compensation Taxable Income?
Unemployment benefits can be a vital support for those experiencing unexpected job loss. If you received unemployment compensation for the…
What is an EIN and Why Do I Need One?
Not all small business owners need an employer identification number (EIN), but it may be beneficial to get one anyway…
9 Surprising Health Expenses Covered by Your HSA or FSA
You probably know that you can use your health savings account (HSA), health flexible spending arrangement (FSA), Archer medical savings…
How to Tell If You’re a Household Employee
If you work as a caregiver in someone’s home — as a babysitter, nanny, pet sitter, or nurse, perhaps —…
How to Save for Retirement When You’re Self-Employed
Being your own boss comes with a variety of perks, but it also forces you to handle work typically taken…
5 Reasons to Stop Worrying About a Tax Audit
If there’s one thing many of us don’t want to see in our mailbox, it’s a letter from the Internal…
The Home Office Deduction: A Comprehensive Guide
If you work at home, you’ve probably heard about the home office deduction and its many tax benefits. But who…
What Happens If You Don’t File Taxes?
Updated for tax year 2024. It’s easy to put off filing your taxes. Life is jam-packed with places to be…
Your Guide to Filing a Business Tax Extension
Updated for tax year 2024. Do you need more time to file your business return this year? No sweat —…
How Long to Keep Tax Records and How to Dispose of Them
Tax documents can take up a lot of space in your filing cabinet, but many of us are wary of…
Buy or Lease? An In-Depth Look at the Costs of Buying and Leasing a Car
Updated for tax year 2024. Are you ready for a new set of wheels? A new vehicle is a significant expense…