How to Calculate Cost Basis: Common FAQs and Examples
If you plan on selling investments this tax year or in the future, it’s time to get acquainted with cost…
TaxAct Blog: Explore All Articles
Bonus Depreciation: What It Is and How to Claim It
Being a small business owner can come with valuable tax breaks, but sometimes, navigating the complexity of small business taxes…
Understanding Your Tax Refund: A Comprehensive Guide
Welcome to the wonderful world of tax refunds, where the dollars you receive after filing taxes can either bring a…
How to Pick Your Tax Filing Status
Updated for tax year 2025. When you file your taxes, your tax filing status can make a big difference in…
Tax Benefits for Single Filers: 4 Ways to Save More This Year
Updated for tax year 2025. People often talk about the tax benefits of getting married — but that doesn’t mean unmarried people…
Your Guide to Filing a Business Tax Extension
Updated for tax year 2025. Do you need more time to file your business return this year? No sweat —…
The SALT Tax Deduction Explained: What It Is, How It Works, and the New 2025 SALT Cap
Understanding the SALT tax deduction (state and local tax deduction) can help you maximize your itemized deductions by reducing your…
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…
Top 7 IRS Tax Forms You Need to Know
Updated for 2025. When you file your annual tax return, it’s easy to get overwhelmed by all the forms and…
No Tax on Overtime Explained: What the New Deduction Means for Your Paycheck
If you’ve ever worked late nights, weekends, or double shifts, you’re likely very familiar with overtime pay. But the benefits…
How Your Year-End Bonus Is Taxed
Updated for tax year 2025. If you’re an employee, you’re probably familiar with federal income tax and other withholdings on…
How Annual Bonuses Are Taxed: 7 Common Questions Answered
Updated for tax year 2025. Everybody loves an annual bonus at the end of the year, but not everyone understands…