Taxes

McBride: Congress Must Simplify Tax Code | Op-Ed Skip to content Home • Op-eds • New Poll Shows Americans Think Tax Code Is Too Complex. This Year’s Tax Debate Should Fix That. President-elect Trump and the incoming Republican Congress already have a big agenda set for them this year, as the 2017 Trump taxA tax

Updated for tax year 2024. If your spouse receives disability benefits, it’s very likely that your financial situation has also been impacted. That’s why it’s important to understand what sections of the tax code apply to you and your spouse regarding disability taxes. Here are some tips to keep in mind if your spouse receives

If you plan on selling investments this tax year or in the future, it’s time to get acquainted with cost basis. But what is cost basis, why does the Internal Revenue Service (IRS) care about it, and how does it affect your income tax return? Let’s break it down together by looking at some frequently

Filing your federal income tax return for the first time can feel intimidating. It’s common to hear other taxpayers complain about the tax process, so it’s normal to feel a bit anxious about it. But don’t worry! Filing taxes for the first time isn’t as complicated as it may seem. Most first-time tax filers have

If you’ve received IRS Form 1098, you might be wondering how it impacts your tax return. Whether you’re a borrower with mortgage interest or a student who paid qualified tuition payments or student loan interest, you may receive Form 1098 or one of its versions. Let’s review these forms, why you received one, and how

Taxes aren’t anyone’s favorite topic, but for nonprofit organizations, staying compliant with Internal Revenue Service (IRS) regulations is essential. IRS Form 990 is crucial for maintaining your tax-exempt status and staying transparent about how you use your funds. Thankfully, TaxAct® is here to help you file your Form 990 tax return without any unnecessary headaches.

The moving companies’ datasets, while less robust than Census data—and undoubtedly influenced by these companies’ geographic coverage and relative market shares—show similar overall migration patterns. Unlike the Census data in the map above, which show the extent to which each state’s population grew or shrunk due to domestic net migration, the moving companies’ datasets show

Updated for tax year 2024. If you’re planning to start a farm or already running one, you should know that tax laws for farms can be more complicated than you might think. Even seemingly simple write-offs like livestock can operate differently on your federal income tax return. But don’t worry — we have all the

Ready to DIY your taxes with TaxAct®? Before you begin, let’s review the information you’ll need to file your income tax return with us. We’ll also give you some tips to help ensure you have a smooth, positive experience. Tip 1: Have all your information handy. Before you start filing your income tax return, knowing

The IRS is expected to officially kick off the 2024 tax season around Jan. 27, 2025, which would make this the first day the agency begins accepting both e-filed and paper income tax returns. However, if you want to get an early start on tax filing, you can complete your income tax return with us

Updated for tax year 2024. If you have to travel as part of being self-employed, you know traveling costs can add up fast. Fortunately, there are a few tax breaks available for deducting travel expenses. Follow this quick guide to learn how to lower your tax bill with business travel deductions. Business mileage vs. business

Updated for tax year 2024. If you’re self-employed and have many different business activities or side hustles, it can be confusing to know how to report them all on your taxes. There are certain rules you need to follow, like grouping similar activities together and keeping different ones separate. Let’s take a closer look at

Illinois Tax Changes Effective January 1, 2025 Illinois will increase its franchise (capital stock) tax exemption from $5,000 to $10,000, effective January 1, 2025. Notably, however, Illinois had once been on track to eliminate this tax altogether, a policy that has since been paused. Illinois will also broaden its sales tax base to include retail

Extending TCJA Economic Analysis: CBO & JCT Economic Models Skip to content Home • Blog • CBO and JCT Preview Economic Analysis of Extending TCJA The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) recently published macroeconomic (dynamic) analyses of extending the individual provisions of the TaxA tax is a mandatory payment

Updated for tax year 2024. As you get older, you may find you face more and more medical bills. No matter how great your insurance coverage is or if you are on Medicare, the out-of-pocket costs due to medical needs can add up. And if you or a loved one have a serious medical condition

Updated for tax year 2024. As a self-employed taxpayer, do you ever envy your traditionally employed friends at tax time? Having your own business as a freelancer or independent contractor definitely increases the record-keeping you must do for tax purposes. And when you’re digging through all your self-employed income tax records and business receipts, it’s

Updated for tax year 2024. If you and your significant other are living together without being married, you probably share many expenses. One of you may even be financially supporting the other. In such a scenario, you may wonder if you can claim your girlfriend or boyfriend as a dependent on your tax return to

Updated for tax year 2024. Have you ever lost money to a loan you’ll never collect? If you answered yes, the good news is you’re not alone. Many of us have lent money to a friend or relative at some point. And while the intent might have been good, there are times when things don’t

Updated for tax year 2024. Income tax forms are the official government documents the IRS requires you to fill out when you file your taxes. Usually, the more complicated your finances are the more tax forms you may need to fill out. On top of the federal tax forms, many states and cities (like Portland) have

If you are self-employed and work at home — even just part-time — you may claim a home office tax deduction for expenses related to your home office. Alas, if you’re an employee who has been working from home since the COVID-19 pandemic, that amazing home office tax deduction you’ve heard so much about does