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Jump to navigation linksJump to main content Jump to footer linksMost Popular Topic Individual Taxes Tax Planning Retirement Personal Finance Most Popular Most Recent See all articles Calculators Mileage Reimbursement Calculator Lottery Tax Calculator Earned Income Tax Credit Calculator Inflation Rate Calculator Gift Tax Calculator Crypto Tax Calculator Capital Gains Tax Calculator Bitcoin Tax Calculator Adjusted Gross Income (AGI) Calculator What’s your tax question? Search Get Started Close What’s your tax question? Search TaxAct Blog: Tax Resources and Content There’s more to life than just taxes. Get insightful tips to help you get the most out of your money, life, and of course, taxes. This just in... Late on Your Taxes? File by June 14 to Prevent Higher Penalties Updated for tax year 2023. If you missed the deadline for filing… Updated for tax year 2023. If you missed the deadline for filing taxes and have yet to file your 2023 federal income tax return, it’s important to file before June 14, 2024, to avoid higher penalties. The penalties and interest charged by the Internal Revenue Service (IRS) can accumulate quickly after the tax deadline passes […]Read the article 5 Reasons to Stop Worrying About a Tax Audit Updated for tax year 2023. If there’s one thing many of us… Updated for tax year 2023. If there’s one thing many of us don’t want to see in our mailbox, it’s a letter from the Internal Revenue Service (IRS). Even worse, we don’t want to get a letter from the IRS informing us that we are subject to a tax audit. While you can never guarantee […]Read the article Why Is My Tax Refund Smaller This Year? Updated for tax year 2023. Was your tax refund smaller than anticipated… Updated for tax year 2023. Was your tax refund smaller than anticipated this year? Here’s why your refund from the Internal Revenue Service (IRS) may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? […]Read the article Guide to Social Security Taxes Social Security benefits are crucial to many Americans’ retirement plans, providing a… Social Security benefits are crucial to many Americans’ retirement plans, providing a safety net to ensure financial stability during your golden years. But are Social Security benefits subject to taxation? Let’s dive into the complexities of Social Security benefits and their potential tax implications. At a glance: Social Security benefits provide a source of income […]Read the article Important Tax Dates and Deadlines in Updated for tax year 2023. Get ready to mark these important dates… Updated for tax year 2023. Get ready to mark these important dates on your calendar. Here are the most important tax deadlines and due dates for taxpayers to be aware of in 2024 (and answers to some common tax questions). When are taxes due? In 2024, Tax Day falls on April 15. This is the […]Read the article Can You Claim Your Parents as Dependents? Updated for tax year 2023. You know you can claim your kids… Updated for tax year 2023. You know you can claim your kids on your income tax return. But what if you also support Mom and Dad? Here’s what you need to know about claiming your parents as dependents on your income tax return. Can I claim my parent as a dependent? If you care for […]Read the article Top Inflation Changes for Tax Year 2023 While there is no escaping inflation, the IRS adjusts certain tax numbers… While there is no escaping inflation, the IRS adjusts certain tax numbers every year to account for reduced purchasing power. There were some significant inflation changes for 2023, so let’s take a look at them. At a glance: The standard deduction has increased, as have contribution limits for retirement accounts. The IRS updated federal income […]Read the article Is Unemployment Compensation Taxable Income? Unemployment benefits can be a crucial support for those facing unexpected job… Unemployment benefits can be a crucial support for those facing unexpected job loss. If you collected unemployment compensation for the first time in 2023, you might wonder how it could affect your taxes. Since unemployment income is taxable at the federal level, it’s essential to understand how the process works and what information you’ll need […]Read the article 7 Commonly Asked Small Business Tax Questions Updated for tax year 2023. New to small business taxes and all… Updated for tax year 2023. New to small business taxes and all they entail? In this article, we’ll cover some of the most frequently asked small business tax questions, such as what you can and can’t deduct on your tax return, how to save for retirement, and more. Let’s dive right in to understand a […]Read the article Form 2441 FAQs: The Child and Dependent Care Credit Do you pay someone to care for your child or another dependent… Do you pay someone to care for your child or another dependent while you work or look for work? If so, you could qualify for the Child and Dependent Care Credit (CDCC), a tax break that can help you offset the cost of daycare, preschool, and more. At a glance: The CDCC helps cover childcare […]Read the article How Tax Brackets Work: 2023 Examples and Myth Busting Updated tax brackets for the year 2023. Your tax bracket shows you… Updated tax brackets for the year 2023. Your tax bracket shows you the tax rate that you will pay for each portion of your income. Below, we go over some helpful examples and address myths about how tax brackets work. At a glance: Tax brackets determine the tax rate you pay on each portion of […]Read the article Tax Filing 101: 7 Things That Can Impact Your Tax Refund It’s time to review some important tax basics before the upcoming tax… It’s time to review some important tax basics before the upcoming tax season. Here are seven things to keep in mind 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 […]Read the article 5 Tax Tips for Homeowners Owning a home comes with numerous benefits, and one of them is… Owning a home comes with numerous benefits, and one of them is the opportunity to claim various tax credits and deductions. Let’s look at some ways you can maximize your tax savings as a homeowner this year. At a glance: Choose between itemizing or taking the standard deduction depending on tax savings potential. Homeowners can […]Read the article 6 Tips for Dealing With Inflation While Living Paycheck to Paycheck As inflation and the cost of living continue to climb, more Americans… As inflation and the cost of living continue to climb, more Americans are starting to feel the strain on their bank accounts. According to a recent LendingClub report, 60 percent of Americans were living paycheck to paycheck as of August 2022. High-income taxpayers haven’t escaped the pressure either. LendingClub also found that almost half (45 […]Read the article Inflation Rate Calculator High inflation got your stress levels up? Here are some savings and… High inflation got your stress levels up? Here are some savings and investment strategies you can use as an inflation hedge to protect your money’s value as prices soar. Inflation calculator How to Protect Your Money During Inflation What is inflation? As many of us have experienced firsthand during the pandemic, the rate of inflation […]Read the article Pick a category. Any category. Find stories that pique your interest by selecting a category Tax Filing Personal Finance Business Finance Tax Planning Retirement See all articles Most Recent Most Popular FEATURED TaxAct’s Guide to Your 2023 Taxes Now that tax season has arrived, we thought you could use a hand navigating your 2023 taxes. So, we put together a guide. It covers tax changes, deductions to take...