Taxes

Running a business or a side hustle isn’t for the faint of heart. Whether you’re just starting out or you’ve been doing this for a while now, the self-employed tax jargon can be a little overwhelming. Let’s take a quick refresher with a helpful glossary of common business finance and tax terms you might run

Due to changes in what companies are required to report to the IRS this tax year, more taxpayers will receive Form 1099-K than in previous years. For some, the arrival of this unexpected tax form may be confusing and stressful — but don’t panic. We’re here to help you report this correctly on your income

Before the pandemic, an estimated 5.8 million Americans worked outside their state of residence, while about 8.9 million people worked from home. By 2021, over 27.6 million Americans were working almost exclusively from home, while the number of workers commuting across state lines dipped to 4.5 million. Though the pandemic’s short-run effect was to reduce

At the end of each year, policymakers face a series of expiring tax provisions that are typically extended on a temporary basis, setting up a recurring and almost ritualistic tax extenders season. At a time of heightened concerns about the economy, high deficits, and inflation, policymakers should prioritize stability and economic growth by making permanent

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