Lottery Tax Calculator: How Your Winnings Are Taxed
Updated for tax year 2024. No doubt about it, winning the lottery dramatically changes a person’s life. A financial windfall…
TaxAct Blog: Explore All Articles
Writing Off Gambling Losses on Your 2024 Taxes
Updated for tax year 2024. Betters understand the concept of win some, lose some. But the IRS? They’re going to…
What Is Form W-2, and How Does It Work?
Have you ever wondered how to make sense of Form W-2? A W-2 form is more than just a piece…
4 Steps to Pay Off Your Income Tax Bill
Updated for tax year 2024. Ah, the ultimate tax question: What should you do if you owe more taxes to…
2024 Tax Changes: What You Need to Know
Every year brings new tax law changes to keep American taxpayers on their toes, and 2024 is no different. From…
Form 1099-LS: What It Is and How to Use It
Sometimes, life throws you a curveball, and you're suddenly staring at a tax form you’ve never seen before — like…
Form 1099-CAP: What It Is and How to Use It
The Internal Revenue Service (IRS) uses 1099 forms, also called information returns, to report various types of income. If you…
Hobby Income vs. Business Income: What’s the Tax Difference?
Updated for tax year 2025. If your hobby earns you income, the IRS wants to know about it. But how…
Do I Need to File Taxes?
Not every American taxpayer must file a tax return, even if you earned taxable income during the year. Let’s review…
How Do You Report Cryptocurrency on Your Taxes?
Digital currency wallets like Coinbase have made it easy to invest in blockchain technology such as cryptocurrency. If you’re new…
Form 1099-OID: What It Is and How to Use It
When tax season rolls around, the tax forms you receive paint a detailed picture of your finances during the tax…
Stocks and Taxes: Guide to Reporting Stock Investments on Your Tax Return
Updated for tax year 2024. Did you buy stocks for the first time recently? If so, congratulations! Investing in the…