Taxes

The Earned Income Tax Credit (EITC) is a refundable tax credit designed in part to reduce the tax burden on low-income individuals and families both with and without children. As a fully refundable credit, if the amount of tax you owe is less than the credit amount you qualify for, you will be able to

Your tax return evolves with your career and financial situation — so what does tax filing look like for student-athletes earning (or not earning) NIL after graduation? Let’s look at a few scenarios to help you know what to expect once you graduate. Earning NIL after college Profiting from your name, image, and likeness (NIL)

College athletes scored a win in 2021 when the NCAA changed its policy, granting student-athletes the right to profit from their name, image, and likeness (NIL). But can you still be claimed as a dependent if you earn NIL compensation? We’ve gathered some basic questions about NIL and how it could affect your taxes and

Supporters of the federal estate tax often defend it by saying that “because it only affects the heirs of the wealthiest Americans—fewer than one in 1,000 estates—the estate tax is the most progressive part of the tax code.” Despite the relatively small number of estates that pay the tax, there are real people behind these

As we near this year’s “lame duck” session of Congress, there has been renewed interest in child tax credit reform as part of a broader tax deal. One year after the expanded child tax credit originally enacted as part of the American Rescue Plan expired, policymakers are no closer to a consensus on where the child

Thinking of switching online tax prep providers this year? Look no further. E-filing with TaxAct® gives you the tools and expert support you need to ensure you get your maximum refund*. After all, your tax refund is money you’ve already earned — we want to help you get it all back! 1. Pay up to

Over the last six months, European perceptions of the Inflation Reduction Act have been a rollercoaster. European policymakers were hopeful that the Inflation Reduction Act would implement Janet Yellen’s Pillar Two commitment at the Organisation for Economic Cooperation and Development (OECD). But hope turned to disappointment when the final text was fundamentally different from Pillar Two.

It’s time to review some important tax basics before the upcoming tax season. Here are seven things to remember when e-filing your federal income tax return this year — and how each could impact your refund amount. 1.       Life events As you go through the e-filing process, TaxAct® provides a sneak peek of your estimated

State recreational marijuana taxes are one of the hottest policy issues in the U.S. Currently, 19 states (Alaska, Arizona, California, Colorado, Connecticut, Illinois, Maine, Massachusetts, Michigan, Montana, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, Virginia, and Washington) have implemented legislation to legalize and tax recreational marijuana sales. This election season is full

As Maryland’s elected comptroller, Peter Franchot (D) is technically the defendant in two cases challenging the state’s first-in-the-nation digital advertising tax, whether he likes it or not. These days, he doesn’t seem too happy about it. In a statement issued after a Maryland circuit court ruled against the tax on three separate grounds, Franchot said

You’ve heard about the new IRS reporting thresholds for Form 1099-K that went into effect this year, but you may have some follow-up questions about how it applies to you. Let’s look at some common concerns we see from online sellers and how to handle some unique situations, like selling inherited items. You only owe

If the new 1099-K reporting thresholds have you confused as an online seller or payment app user, you’re not alone. But don’t worry — we’re here to help you separate fact from fiction. Below we’ll address some common misconceptions you might have heard about these changes and the truth about how your taxes could be