and headaches while helping you adhere to the most up-to-date tax rules and regulations. once you enter your tax information on your w-2s, 1099s, and other relevant forms, tax software will automatically calculate how much tax you owe or how much of a refund you can expect to receive....
Tax penalties can be daunting, but they don't need to be confusing. Here's how you can minimize or avoid the most common penalties imposed by the IRS.
In its first year, the program was designed to support simple tax situations. People with more complex returns — such as business owners and freelancers — were not able to get much out of the pilot. The simple tax return requirement also excluded people who needed to take certain types of...
Short-term capital gains are taxed as ordinary income, much like your wages. Besides the difference in how big of a tax hit you’ll take, there’s an important reason to pay attention to the distinction: The IRS checks your homework when you file Schedule D to report your capital gains ...
A CPA will maintain your tax information much like a doctor holds on the patient’s medical records. Your CPA will act as a personal filing cabinet through the years. You’ll even get your copy of the return and supporting documents in a nice little folder for you to file away yourself ...
TaxAct takes accurate tax reporting seriously. That’s why we’ve spent much time and care optimizing our 1099-K reporting. Our detailed Q&A includes various questions about what your 1099-K was for so we can help pull the proper tax forms for you. ...
However, it also means you’ll have to pay self-employment tax on your net income from gambling. You can deduct your losses…to an extent You can’t deduct the cost of your wager from your winnings when determining how much you won, but you can deduct your gambling losses su...
TaxActis a reputable and user-friendly online tax preparation software that offers a range of benefits to its users. One of the main advantages of using TaxAct is its affordability, as it provides cost-effective solutions for tax practitioners. The software also ensures accuracy in tax calculatio...
In the end, the result of the different tax software programs is the same -- you get your taxes filed . The question is: How much hand-holding do you need as you go? If your answer is not very much, one of the less expensive programs might be for you. But, if you're not famil...
After you file a federal return, your details are used to autofill your state return and, as with H&R Block and TurboTax, you’ll be able to see your estimated refund in real time. However, TaxAct does not include a free state tax return; that will cost you $40. ...