Do You Financially Support Your Family Living Abroad? See if You Qualify for any Deductions and Credits on Your Income Tax
Family is so important that our love for them remains strong whether they live close or far from us. That’s why we’ll always be willing to help them out no matter where they are located. Sometimes we’ll mail them big boxes stuffed with gifts and souvenirs for a special occasion…Read More
Your Guide to Filing Taxes in 2021
At this point you probably would like to put 2020 behind you. But as with every year, the last thing lingering to get done is your taxes with the filing season here. This tax season however, there are changes to tax laws related to events that occurred and relief provided…Read More
Third Stimulus Payment: What We Know Now
Earlier this week, the latest details of the third COVID-19 relief package were released. The package, which is expected to pass Congress in the coming weeks, includes a $1,400 stimulus payment for individuals and both child and non-child dependents. Let’s breakdown the details of what we know so far. Value…Read More
Bottles, Diapers, and 7 Tax Benefits: Life with a Newborn
There’s no doubting it: having kids is expensive. Between paying for diapers, daycare, and tons of other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately, several tax advantages are available to parents to alleviate a little of the financial responsibility. 1. Child Tax Credit As a parent,…Read More
Why You Should File Your Taxes Regardless of Your Immigration Status
Whether you recently moved to the United States months ago or many years ago, if you have earned any sort of income, cash or check, it must be reported to the IRS regardless of your immigration status. This is the time of the year when all U.S. taxpayers must file…Read More
Does My Stimulus Check Affect My Taxes?
Eligibility and amounts of the first round of stimulus payments under the CARES Act and the second round of stimulus under the Coronavirus Response and Relief Supplemental Appropriations Act were determined by the IRS and used information from your previous years federal tax filing. But as you start to prepare…Read More
W-2 Arrival: All You Need to Know about Tax Forms
This post can be found en Español here. If you were employed during 2020, you should receive your Form W-2 (officially known as the Wage and Tax Statement) from your employer soon since employers are required to send them out by January 31, 2021 (but since January 31st falls on…Read More
Second Stimulus Payment Frequently Asked Questions
On Jan. 10, 2021, we announced the IRS has committed to reprocessing stimulus payments directly to our customers impacted by the IRS payment error. This decision was made after days spent advocating for our customers and pushing the IRS to rightfully send these much-needed stimulus dollars quickly to our customers.…Read More
Holiday Bonus Season: How Your Holiday Bonus is Taxed
December is a time for giving gifts, and some employers give year-end bonuses to their employees to show gratitude for a year of faithful service. If your employer has promised you a bonus, you’re likely already thinking of all the ways you could use that money. However, before you get…Read More
I’m Projected to Owe Taxes Next Year – What Should I Do Now?
With tax season right around the corner, you may be wondering whether you paid enough taxes this year. Have no fear — we’ve compiled a list of money moves you can make before December 31st to improve your tax picture. Contribute More Towards Retirement If you’re contributing to your company’s…Read More
Guide to Reporting Stock Investments on Your Return
Did you buy stocks for the first time in 2020? Well, first, congratulations! Investing in the stock market is one of the best ways to grow your net worth. By investing in stocks, you are basically putting your money to work for you. Money you invest can earn interest and…Read More
Top 7 Tax Changes That Happened in 2020
Regardless of your profession, employment status, or location in the U.S., it’s likely that you’ve been financially impacted by COVID-19 in one way or another. The undeniable hit to our economy has proven more than detrimental for millions, and for some, the changes have forced revisions to how we view…Read More
TurboTax Spotlight: Tax Expert Miguel Shares Why TurboTax Live Full Service is a Gamechanger for Taxes
In case you missed it, we recently announced TurboTax Live Full Service, a new offering that will transform tax preparation for taxpayers this season, and we couldn’t be more excited. TurboTax Live Full Service allows you to virtually connect to… Full StoryRead More
TurboTax Offers Refund Advance to Taxpayers for 2020
Close to 80 percent of taxpayers receive a tax refund each year, and last tax season the average tax refund was about $3,267. For many, this could be the biggest lump sum of money they receive all year! With the events that have occurred this year and the holidays, it…Read More
TurboTax Launches the TurboTax Unemployment Center
While unemployment can be overwhelming, know you don’t have to navigate it alone and TurboTax is here for you. If you recently became unemployed or furloughed, you may be wondering what’s next and what you need to understand about things like filing for unemployment benefits, how unemployment is taxed, and…Read More
Save the (Tax) Dates!
In order to help you plan for tax year 2020, we’ve compiled a list of key tax deadlines for you to keep in mind and mark on your calendar. Open Enrollment for Marketplace Insurance: November 1, 2020 – December 15, 2020 If you need Marketplace health insurance for 2021, you…Read More
10 Easy End of Year Tax Tips to Increase Your Tax Refund
It’s hard to believe that we’re in the last quarter of the year! With 2020 coming to an end, now is a great time to make some easy and smart tax moves to help lower your tax bill and increase your tax refund when you file. Start compiling all of…Read More
6 Common Life Events That Change Your Taxes
Life’s most momentous occasions typically impact our finances the most, some more unexpectedly than others. Whether you’ve just purchased a new home or you’re welcoming a new member to the family, your bank account is liable to reflect these changes in a variety of ways. But how do major life…Read More
Estimate Your Tax Refund with TaxAct’s Tax Calculator
If you’ve ever found yourself feeling like your taxes control you rather than the other way around, you’re not alone. Plenty of taxpayers often feel that their refund — or the amount they owe — is out of their hands. While this is a common sentiment, it isn’t the way…Read More
How Bonuses are Taxed Calculator
If you received a bonus you may want to understand, “how taxes are withheld from your bonuses when you receive them?” At the time of receipt of your bonus, federal taxes are typically withheld by your employer at a higher tax rate than your actual tax rate used when you…Read More