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If there’s one thing many of us don’t want to see in our mailbox, it’s a letter from the Internal Revenue Service (IRS). Even worse, we don’t want to get a letter from… Read more: 5 Reasons to Stop Worrying About a Tax Audit

If you work at home, you’ve probably heard about the home office deduction and its many tax benefits. But who exactly qualifies for this deduction, and how does it work? In this comprehensive… Read more: The Home Office Deduction: A Comprehensive Guide

Updated for tax year 2024. It’s easy to put off filing your taxes. Life is jam-packed with places to be and things to do, and finding time to organize your tax information and… Read more: What Happens If You Don’t File Taxes?

Have you joined the ranks of Instagram® influencers, bloggers, and content creators on platforms like YouTube® and TikTok®? If so, it’s crucial that you understand how to file taxes as a content creator.… Read more: How to File Taxes for Content Creators and Influencers

Updated for 2024. Driving for Uber® or Lyft® can be a great way to earn extra income, but tax season can be confusing for new drivers. Since rideshare drivers are considered independent contractors,… Read more: Maximizing Your Tax Deductions as an Uber or Lyft Driver

Updated for tax year 2024. Do you need more time to file your business return this year? No sweat — that’s what tax extensions are for. Read on to learn more about filing… Read more: Your Guide to Filing a Business Tax Extension

Gathering all your tax forms is crucial to filing an accurate income tax return. But what happens when the tax deadline is approaching, and some tax documents, such as your Form W-2, are… Read more: What to Do If You Didn’t Receive Form W-2

Social Security benefits are crucial to many Americans’ retirement plans, providing a safety net to ensure financial stability during your golden years. But are Social Security benefits subject to taxation? Let’s dive into… Read more: Guide to Social Security Taxes

Tax documents can take up a lot of space in your filing cabinet, but many of us are wary of throwing them away. If fears of a tax audit or identity theft live… Read more: How Long to Keep Tax Records and How to Dispose of Them

Do you pay someone to care for your child or another dependent while you work or look for work? If so, you could qualify for the Child and Dependent Care Credit (CDCC), a… Read more: Form 2441 FAQs: The Child and Dependent Care Credit

Updated for tax year 2024. Are you ready for a new set of wheels? A new vehicle is a significant expense that requires careful consideration for most families. If you’re on the fence about… Read more: Buy or Lease? An In-Depth Look at the Costs of Buying and Leasing a Car

Updated for tax year 2024. We get it, filing your taxes is a chore you’d rather not do. That’s why TaxAct® makes the tax prep process as seamless and easy as possible for taxpayers. You… Read more: How to File Your Basic Federal Tax Return for Free

Investing is a powerful way to grow your wealth, but it also comes with tax implications that every taxpayer should understand. Whether you invest in stocks, bonds, mutual funds, or other assets, your… Read more: Taxes on Investments: What Investors Need to Know

Updated for tax year 2024. If you’re even a moderately successful freelancer, you likely know must file a tax return and pay taxes on your income. But which tax forms do you need… Read more: 5 Self-Employed IRS Tax Forms

Picture this: You’re DIYing your taxes like usual, but suddenly the realization hits you — you’re not getting a refund this year. Instead, it looks like you’ll owe a hefty chunk of change… Read more: Do Tax Extensions Give You More Time To Pay Your Tax Bill?

The last day to file your 2024 federal tax return is April 15, 2025. If you’ve procrastinated on completing your taxes for the year, don’t put it off any longer! Here’s why you… Read more: Avoid IRS Penalties and 6 More Reasons Not to Wait Until the Last Minute to File

Last updated March 3, 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

We all know how important it is to save for retirement. If you’ve started contributing to a retirement plan, at work or on your own, the next thing you’ll want to know is… Read more: How Retirement Contributions Impact Your Tax Bill

Do you need more time to file your income tax return? Don’t sweat it — with TaxAct®, it’s easy for taxpayers to get a tax extension. E-file your IRS tax extension form for… Read more: How to File a Tax Extension

Getting married changes many aspects of your life, including how you file your taxes. Choosing the right tax filing status can significantly impact your tax refund, tax liability, and eligibility for certain tax… Read more: Filing Taxes for Married Couples: Benefits and Tips

Updated for tax year 2024. If you’re like most taxpayers, you receive salary and wages from your employer and never have to worry about how to make estimated tax payments. Even if you… Read more: How to Calculate and Make Estimated Tax Payments

Updated for tax year 2024. If you are a taxpayer who makes quarterly estimated tax payments to the Internal Revenue Service (IRS), you probably determine how much you should pay each quarter at… Read more: Guide to Adjusting Your Self-Employed Estimated Tax Payments

Updated for tax year 2024. No matter what self-employment looks like for you, you’re responsible for ensuring the taxes on your net earnings are paid to the Internal Revenue Service (IRS). And the… Read more: How to Calculate the Self-Employment Tax

When someone close to us passes away, sorting through the financial side can feel overwhelming. The good news is most people don’t need to stress about inheritance tax — at least not at… Read more: A Complete Guide to Inheritance Tax and How It Works

Planning for what happens after you are gone is never an easy topic, but it’s an important one. Whether you’re trying to protect your loved ones from financial stress or simply want to… Read more: 10 FAQs About Estate Taxes and Inheritance Planning

Updated for tax year 2024. 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?

When it comes to charitable donations and taxes, it pays to be generous. Helping shelter pets by donating to your local humane society is a great way to make a difference while earning… Read more: The Tax Benefits of Donating to Animal Shelters and Caring for Rescue Pets

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?

When it comes to taxes, picking the right tax filing status can make a big difference in what you owe or get back. Head of household and married filing jointly are common filing… Read more: Head of Household vs. Married Filing Jointly: Which Tax Status is Right for You?

Updated for tax year 2024. 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

Box 12 on your W-2 form reports several different types of compensation and benefits. If applicable, this box will indicate a single or double letter code followed by a dollar amount. Here’s what… Read more: What Do the Letter Codes Mean in Box 12 of My W-2 Form?

For many of us, there just doesn’t seem to be a convenient time to gather all of our tax documents and sit down to prepare a return. And, before we know it, the… Read more: 8 FAQs About Tax Extensions

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?

Updated for tax year 2024. Did you purchase an electric vehicle (EV) recently? Many EVs, plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles (FCVs) can score you a nice tax break. Let’s… Read more: How to Claim the EV Tax Credit

Both taxpayers and the IRS sometimes face challenges when filing and processing federal tax returns. To help you out, here are five tips that will help you avoid delays and ensure a smoother… Read more: How to Avoid Delays When Filing Your 2024 Tax Return

When it comes to “being your own boss,” Americans seem to have it covered. According to the Bureau of Labor Statistics, there were about 16.2 million self-employed workers in January 2023 — that’s… Read more: Don’t Be Afraid to File Your Own Taxes If You’re Self-Employed

Updated for tax year 2024. With each passing tax year, it’s possible to find more efficient ways to file your taxes. As you file your taxes each year, you gain new knowledge about… Read more: What Your Tax Return Can Teach You For Next Year

When dealing with tax matters, you might need someone else to handle things for you. Whether you’re facing an audit, resolving a tax liability, or just want your CPA to speak with the… Read more: IRS Form 2848: A Guide to Power of Attorney for Tax Matters

If you’re a small business owner considering the S corp route, IRS Form 2553 is the key to electing S corporation status for your business. But don’t worry — filling out this form… Read more: Your Guide to Filing Form 2553: Electing S Corporation Status for Your Business

If you’ve sold stocks, cryptocurrency, real estate, or other investments in the past tax year as an individual taxpayer, you might be looking at IRS Form 8949 and wondering what to do next.… Read more: How to Use IRS Form 8949 for Capital Gains and Losses