[INFOGRAPHIC] 10 Key Tax Reform Changes for Individual Tax Filers
[INFOGRAPHIC] 10 Key Tax Reform Changes for Individual Tax Filers – TaxAct Blog
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Tax Forms & Schedules
What Are Tax Forms?
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…
Income Taxes and Sports Betting in 2018
Welcome to a new day — a day that sports betting fans will remember for the rest of their lives.
On May 14, 2018, the Supreme Court struck down a federal law that effectively banned commercial sports betting in most all states. As a result of ove…
Health Savings Accounts for 2019
Recently, the IRS confirmed that the contribution limits for 2018, which were announced in 2017, are unchanged for the year, despite the requirement in the Tax Cuts and Jobs Act that the IRS refigure the numbers using chained CPI (Rev. Proc. 2018- 27)…
Payments on Behalf of Children Weren’t Deductible Compensation
A mother ran a consulting business that provided services to various federal agencies through contract labor. She had two children in college, and she paid for their tuition and related education costs as well as housing, cars, meals, entertainment, a…
What’s IRS Notice CP 2000?
If you receive a letter in the mail from the IRS that’s marked “CP 2000,” it isn’t an audit notice. The IRS sends it because the Service has identified that the information on your return doesn’t match what was reported by third parties (e.g., employe…
Changes to the State and Local Tax Deduction Under Tax Reform
You’ve probably heard about the adjustments to the state and local tax deduction. The 2017 tax reform made sweeping changes to how much you can deduct.
To better understand the changes that went into effect for 2018, he…
How to Work With the IRS to Pay Your Tax Bill
There’s always plenty of hubbub about tax refunds, but in all reality, lots of Americans end up owing the IRS money after they file. Self-employed people even need to pay a quarterly tax bill! Fortunately, the IRS makes it both simple and conveni…
How to Celebrate Memorial Day Under $50
Memorial Day is a day to honor our fallen soldiers, and many people chose to spend the long holiday weekend celebrating those lives with family and friends. But unfortunately, those festivities can quickly become costly.
Luck…
No Hardship Distribution for Paying Off Student Loans
Amounts in 401(k) plans are designed for retirement savings. However, they can be tapped for an immediate and heavy financial need. There are certain situations that clearly fit this bill, such as facing foreclosure on a home or funeral costs. When it…