Taxes

One of the hardest parts about doing your taxes? Waiting for that refund to hit your bank account. If you’re expecting a tax refund this year, here’s how you can check on the status of your refund — and when you can expect to have that cash in hand. Ways to check the status of
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Updated for tax year 2021 The Child Tax Credit (CTC) underwent some hefty changes in 2021: Max credit amount: The credit’s maximum amount increased from the original $2,000 per child to up to $3,000 per qualifying child age 6-17 and up to $3,600 for children ages 5 and under in 2021. Child’s age: Children ages 17 and
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Updated for tax years 2021 and 2022. If you have a story, inspiration, or anything else you want to tell the world, there’s never been a better time to do it. It’s easier than ever before for authors to self-publish their work and get paid. The traditional publishing gatekeepers can’t stop you now! There are
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Updated for tax year 2021. You have plenty of expenses while your children are young. Fortunately, some of those expenses can directly or indirectly turn into tax credits and exemptions that may mean big savings on your tax bill. Take a look at the following tax benefits to see which ones could be beneficial for
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Do you need more time to file your business return this year? No sweat — that’s what tax extensions are for. Read on to learn more about filing for a business return extension this year. What is a business tax extension? Sole proprietorships, partnerships, LLCs, and corporations can file a six-month extension request with the
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One of the most important decisions you’ll make as a small business owner is choosing your legal business structure. As with most business decisions, there is no one-size-fits-all for selecting the best option. Which classification you choose ultimately depends on your business goals, ownership structure, and more. But how do entrepreneurs determine if a limited
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Nobody likes unpleasant surprises when it comes to taxes. And if you unexpectedly find yourself owing the IRS hundreds or thousands of dollars that you don’t have, it’s normal to feel the panic start to set in. But we can help. If you can’t afford to pay your entire tax bill upfront, you aren’t alone.
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Should I Itemize or Take the Standard Deduction? To itemize or not to itemize? This is a question many taxpayers find themselves asking when tax season rolls around. Thankfully, deciding whether you should itemize your deductions or take the standard deduction is usually straightforward. The main question you need to answer is: “Which method leads
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As cryptocurrency investments become more mainstream, many taxpayers wonder how they can quickly and accurately report digital currency transactions on their tax returns. Enter your newest tax-filing duo: TaxAct® and TaxBit. What crypto means for your taxes The IRS classifies cryptocurrencies, NFTs, and other digital assets as property for tax purposes. As property, a taxable
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You’ve successfully e-filed your taxes. Congratulations! Now, where’s your refund? Here’s what happens to your return once it’s submitted to the IRS. The Process of Getting Your Refund E-filing your tax return with TaxAct is easy, fast, and secure. After completing the Q&A interview, TaxAct checks your return for errors and guides you through the simple e-file
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Nobody wants to drag out the tax filing process — just make sure you aren’t sacrificing accuracy for speedy filing. To help you avoid making any costly errors this year, we’ve put together six common mistakes taxpayers make when filing their federal tax returns so you know how to prevent them ahead of time. 1.
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You’ve heard about writing off your internet bill as a business expense — but can it also count as an education expense? We cover the answer to this question and many more. As virtual learning becomes more prevalent after the pandemic, many students and parents are wondering if there are any new tax benefits for
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*Updated for tax season 2021 and 2022. Buying a home can help lower your tax bill in certain circumstances. In fact, tax breaks for homeownership are a primary motivation for many people to buy their own homes. To get the maximum tax benefit from your home purchase, it’s important to understand what options are available
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Your child has started earning their own money, but you’re still claiming them as a dependent. How will this situation affect your taxes? One of the most common tax questions parents have is if they should report their dependent child’s W-2 on their tax return or if the child should file their own return. Here’s
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