Tax Information for Different Tax Filing Stages
TaxAct Blog
by Meghen
1y ago
The tax information you need all in one place. We’ve put together a master list of helpful articles for your tax situation, whether you’re preparing to file, in the process of filing, or waiting for your refund. If you’re self-employed, we have a section for that too. Let’s dive right in. Individual filers Stage 1: Preparing to file Organize Your Way to Tax Day: 5 Steps for Success: Get ahead of that pre-filing stress and set yourself up for success this tax season with these tips for getting organized. Tax Preparation Checklist: Not sure what information and tax documents you’ll need to hav ..read more
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Just Married: How to Fill Out Your W-4
TaxAct Blog
by Meghen
1y ago
Big life events often trigger tax changes, and getting married is one of them. Though often overlooked, one of the most important steps you should take after getting married is updating your Form W-4 with your employer. Should I fill out a new W-4 when married? Yes! Your W-4 tells your employer how much tax to withhold from your paychecks. If you continue to list “single” on your W-4, your employer will likely withhold more tax from your paychecks than they would if you checked “married.” Updating Form W-4 will ensure you and your spouse have the right amount of taxes withheld, potentially giv ..read more
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How to File a 1099-K on TaxAct
TaxAct Blog
by Meghen
1y ago
Did you receive a 1099-K tax form this year? If you’ve never seen this form before and are unsure what to do with it, don’t freak out — we can help you understand your Form 1099-K and guide you through reporting any necessary income. How do I use my 1099-K when filing my tax return? TaxAct® takes accurate tax reporting seriously. That’s why we’ve spent much time and care optimizing our 1099-K reporting this year. We’ve added more detailed questions about what your 1099-K was for so we can help pull the proper tax forms for you. First, we’ll ask you for information about what types of income yo ..read more
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How Crypto Losses Can Lower Your Tax Bill
TaxAct Blog
by Meghen
1y ago
The value of Bitcoin and other cryptocurrencies has undoubtedly seen better days. But there’s a small silver lining — if you sold crypto at a loss in 2022, you might be able to save on your tax bill this year. What is the definition of cryptocurrency? Cryptocurrency differs from traditional currency, like the U.S. dollar, because it doesn’t have any intrinsic value. It is a decentralized currency, meaning it isn’t issued by an authority such as the government but instead distributed by a peer-to-peer network. This allows crypto investors to trade their coins almost instantly without relying on ..read more
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Selling Collectibles on eBay: How to Report Your Income
TaxAct Blog
by Meghen
1y ago
Did you know that collectible sales come with their own tax rules? Here are the tax implications of selling collectibles and how to report the sale of a collectible asset on your income tax return. Does selling collectibles count as income? Yes, selling collectibles on eBay or a similar site counts as income that you need to report to the IRS. Collectible income is treated as a capital gain; however, collectibles come with their own unique tax rates and rules, which we’ll go over below. What is a collectible? The IRS defines a collectible as: •       Any work of a ..read more
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Important Tax Dates and Deadlines in 2023
TaxAct Blog
by Meghen
1y ago
Get ready to mark these dates on your calendar — here are the most important tax deadlines and due dates to be aware of in 2023 (and answers to some common questions). When are taxes due? In 2023, Tax Day falls on April 18. This is the deadline for filing your taxes as a calendar year filer. The April 18 deadline applies to traditional employees who receive a W-2, self-employed sole proprietors (including freelancers, independent contractors, or gig workers), retirees, multi-member LLCs, and corporate returns. What is the deadline for filing taxes as a business? There are two exceptions to the ..read more
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What To Do With a Consolidated 1099 Tax Statement
TaxAct Blog
by Meghen
1y ago
You might get a consolidated 1099 tax statement this year if you received taxable income from investments. Here’s what this form is telling you and how to report your 1099 income to the IRS in TaxAct®. What is a consolidated 1099 tax statement? A consolidated Form 1099 combines five separate 1099 forms into one tax reporting document. The tax forms you might see in this consolidated document are 1099-B, 1099-DIV, 1099-INT, 1099-MISC, and 1099-OID. Your consolidated 1099 tax form will show all your reportable income and transactions for the tax year. It could include some or all of the followin ..read more
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Tax Calculators and Tax Tools
TaxAct Blog
by Meghen
1y ago
Are you unsure about your tax situation this year? Not to worry. We’ve put together a list of tax calculators to help you crunch your tax numbers for 2022. Check out our extensive calculator list below and learn how to calculate your AGI, self-employment tax, crypto taxes, and more. Go-to tax calculators Refund Booster1 and W-4 calculator: Would you prefer a big refund at tax time or a smaller refund and more money in your pocket throughout the year? This calculator can help you with either — just answer some questions, and we’ll tell you how to fill out Form W-4 to get your desired results ..read more
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How Itemized Deductions Work
TaxAct Blog
by TaxAct
1y ago
Don’t worry – the IRS doesn’t want to tax every last cent you earn. In fact, the department offers a standard deduction — a gift! — to all taxpayers based on their filing status. Here are the standard deduction rates for the 2022 and 2023 tax seasons: Filing status 2022 standard deduction 2023 standard deduction Single and married filing separately $12,950 $12,850 Married filing jointly $25,950 $27,700 Head of household $19,400 $20,800 But, depending on your finances, you may lower your tax burden even further if you itemize deductions. Written into the t ..read more
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New Year, New Financial Goals (And How to Stick to Them)
TaxAct Blog
by Meghen
1y ago
Did your New Year’s resolution involve saving more money? If so, you’re not alone. Here are some tips for spending less in 2023 and the little things you can do to stick to your financial goals as we head into February and beyond. According to a WalletHub® survey, one in three Americans planned to make finance-related resolutions for the 2023 New Year. The same survey also found that 31 percent of Americans who made a financial resolution want to save more, and 60 percent of people are anxious about their financial situation coming into the new year. With the inflation rate so high, this is h ..read more
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