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Taxes

The American Opportunity Tax Credit: Benefits for Students

The American Opportunity Tax Credit: Benefits for Students

Considering going back to school? The quest for higher education can be a worthwhile but costly pursuit. On top of tuition and fees, hidden costs and supplies add financial and emotional challenges to the many lower-income students who already have debt burdens. With...

Can I Take a Tax Deduction for a Bad Investment?

Can I Take a Tax Deduction for a Bad Investment?

If you are an investor, it is likely that you have made an investment that went bad at some point. The IRS won’t give you back the money you lost, but Uncle Sam will let you take a deduction for the loss. But there are some rules you must know. You can’t report it...

All The Single Ladies…Put Your Tax Deductions Up!

All The Single Ladies…Put Your Tax Deductions Up!

Valentine’s Day is here! And besides celebrating that we only have one month of winter left, there are a couple of other things we can celebrate – including taxes. Yeah, you read that right – tax season is upon us as well, and with it, a great opportunity to give our...

Are State Tax Refunds Taxable?

Are State Tax Refunds Taxable?

For those who itemize their deductions, it’s one of the stranger parts of the tax code. First, you get to take a deduction of your state and local taxes, then all of a sudden the next year you get a Form 1099-G from your state and you’re paying taxes on your state and...

What is a Tax Bracket?

What is a Tax Bracket?

Did you know not everyone or every dollar earned is taxed the exact same amount? This is because the United States tax system aims to be progressive. A progressive tax system tries to collect more tax from those who earn more. In essence, a million dollar earner pays...

Where’s My Tax Refund? How to Check Your Refund Status

Where’s My Tax Refund? How to Check Your Refund Status

The average direct deposit tax refund was close to $3,100 last tax season, and with tax season well underway, it’s no surprise that the most common tax season-related question we’re now hearing is: “Where’s my refund?” The time it takes the IRS to process your tax...

Are You Ready for Some Football Tax Tips?

Are You Ready for Some Football Tax Tips?

The biggest game of the year is almost here! Just as the new tax season is beginning to ramp up, football players are also kicking into high gear as their teams compete for a chance to win the most important showdown of the season. In celebration of the big game and...

Do I Qualify for the Home Office Deduction?

Do I Qualify for the Home Office Deduction?

So, you have a nice work setup at home. Does that mean you get to write it off on your taxes? If you’re new to working remotely or running a small business from home, it’s understandable that you have some questions about how that impacts your taxes and which...

Can You Deduct 401K Savings From Your Taxes?

Can You Deduct 401K Savings From Your Taxes?

The contributions you make to your 401(k) plan can reduce your tax liability at the end of the year as well as your tax withholding each pay period. However, you don’t actually take a tax deduction on your income tax return for your 401(k) plan contributions. This is...

Tax Tips for “The Sharing Economy”

Tax Tips for “The Sharing Economy”

How we perform our daily tasks and interact with one another is constantly changing. Many entrepreneurs and companies have been able to capitalize on these technology-driven opportunities and have created a movement around sharing instead of owning. You may have heard...

4 Errors to Avoid at Tax Time

4 Errors to Avoid at Tax Time

Although I am not a fan of doing my taxes each year, using tax software makes it easy and helps avoid mistakes. I certainly don’t ever do them by hand, you’re just asking for trouble. When preparing your taxes there are a lot of simple and easy errors you can avoid...

3 Reasons It’s Great to Be Coupled Up at Tax Time

3 Reasons It’s Great to Be Coupled Up at Tax Time

Happy Valentine’s Day week to all of the lovebirds out there! Whether you’re enjoying a night out on the town or staying in for a movie night, we want to give you even more reasons to celebrate with your loved one with…you guessed it: tax benefits! So, grab your...

Taxes Done? Find Out Which Tax Records You Should Keep

Taxes Done? Find Out Which Tax Records You Should Keep

Before you throw all of your tax documents up in the air after filing to celebrate the occasion, we need to discuss just how long you should keep that info in a safe and secure place. That’s right, you should store your tax information and documentation, including a...

5 Tips to Help You Plan for Next Tax Season Now

5 Tips to Help You Plan for Next Tax Season Now

The tax season is underway, and if you have already filed your 2023 taxes, congratulations! So wait, why should you still care about your 2024 taxes (the ones you will file in 2025)? Believe it or not, what you do now throughout 2024 can make a difference in your tax...

A Parent’s Guide to NIL

A Parent’s Guide to NIL

If your son or daughter is a college athlete, they are allowed to participate in NIL (Name, Image, and Likeness) activities without impacting their NCAA eligibility. This policy change will mean changes to their finances, and they will need to file taxes because of...

Love and Taxes: Tax Benefits of Marriage

Love and Taxes: Tax Benefits of Marriage

When those wedding bells start ringing, phrases like “tax bracket” and “married filing jointly” are probably the last thing on your mind. However, once the couple eats the cake, the newlyweds toss the bouquet, and the next chapter of your life officially begins, it’s...

What Medical Expenses are Tax Deductible?

What Medical Expenses are Tax Deductible?

Even with good insurance and a low deductible, no one truly enjoys paying medical bills. One bright side to big bills is the opportunity to claim your medical expenses as a deduction on your tax return, as long as your bills are greater than 7.5% percent of your tax...

Are Work-Related Devices a Tax Write Off?

Are Work-Related Devices a Tax Write Off?

You may have heard tax reform eliminated tax deductions for unreimbursed employee business expenses beginning with your 2018 taxes. If you own your own business, however, you can still deduct business expenses. So what high-tech toys (oops, excuse me, necessary...

E-File is Now Open: Why You Should File Your Taxes Early

E-File is Now Open: Why You Should File Your Taxes Early

Today, January 29, the Internal Revenue Service (IRS) officially kicked off the opening of the 2024 tax filing season and is now accepting and processing tax year 2023 e-filed tax returns. As we all know, some taxpayers wait until the last minute to file their taxes,...

TurboTax Answers Most Commonly Asked Tax Questions

TurboTax Answers Most Commonly Asked Tax Questions

Although the federal tax deadline is April 15, taxpayers are encouraged to file their taxes now to get their refund ASAP. Most people receive a tax refund each year, and last year, the average federal tax refund was more than 3,000. As taxpayers continue to file their...

What Are Tax Deductions? – The TurboTax Blog

What Are Tax Deductions? – The TurboTax Blog

What are tax deductions? Deductions are used to reduce taxable income. And a lower taxable income reduces what you owe. Deductions are different from tax credits. Tax credits directly cut your tax bill by reducing the actual taxes owed. Both contribute to lowering...

What is the Child Tax Credit and How Do I Qualify?

What is the Child Tax Credit and How Do I Qualify?

You may be hearing various information about the Child Tax Credit and you may have questions like, “How much is the child tax credit this year?” and “How do I qualify for the child tax credit?” You may have also heard about a possible change to the Child Tax Credit,...

Overpayment of Taxes: Everything You Need to Know

Overpayment of Taxes: Everything You Need to Know

While some might think that taxes are an inconvenience, they actually serve many good uses, including funding health programs, food stamps, disability benefits, and defense programs.  When you pay too much in taxes, however, it creates an interest-free loan to the...

What Is the IRA Withdrawal Age?

What Is the IRA Withdrawal Age?

While planning for your future, you might be wondering where to invest your money for safekeeping and growth. After all, you’ve worked hard throughout your life to collect a nest egg for when you retire; you want to make sure you are making the most out of it. When...

Can You Claim a Tax Credit For a Pet? Pet Deductions 101

Can You Claim a Tax Credit For a Pet? Pet Deductions 101

Some people consider pets to be a lot like children. They’re cute, loving, playful, attention-craving, and they can’t wait for you to get home. Like children, pets rely upon you to support them, which can get expensive. Add to that veterinary bills, grooming,...

Tax Audits Explained (Not As Scary As You Think)

Tax Audits Explained (Not As Scary As You Think)

In movies, tax audits are always scary. Big, burly, intimidating men in dark suits and glasses. Over-sized clipboards. The sound of pens furiously scratching paper. Handcuffs. You know the deal. But are tax audit visits really that frightening in real life? Not so. In...

6 Reasons it Pays to File Your Taxes Early

6 Reasons it Pays to File Your Taxes Early

As the saying goes, “the early bird gets the worm.” Or is it the tax refund? Well, whether you file early or you are a tax procrastinator, you still may get a tax refund, but here are six reasons it pays to file early. Get your tax refund ASAP Last tax season, the...

Sports Gambling and How Your Winnings are Taxed

Sports Gambling and How Your Winnings are Taxed

Sports gambling has become a popular year-long hobby. Did you just win your football fantasy league (or come in second place and get some winnings)? You might be surprised to learn that Uncle Sam has his fingers crossed for your good fortune as well. That’s because...

7 Common Tax Problems (With Solutions)

7 Common Tax Problems (With Solutions)

When it comes to doing your taxes, it’s natural to feel stressed out. Although most people can breathe a sigh of relief after filing their annual returns, tens of millions of taxpayers face a variety of tax problems that extend the stress every year.   We go over the...

Top Fun #TaxFacts You Need to Know

Top Fun #TaxFacts You Need to Know

The words taxes and fun rarely go together in the same sentence, but here are a few fun state tax facts and federal scenarios…we promise they’re fun! Within your own state there are plenty of interesting tax rules that you might not know existed — below, we’ve rounded...

What Is a Personal Exemption & Should You Use It?

What Is a Personal Exemption & Should You Use It?

Untangling tax laws can feel like navigating a maze, especially when you’re trying to decipher what feels like an entirely new language. When filling out your tax form, one term that used to play a major role in individual tax returns was “personal exemption.” This...

Mail Call: Common Tax Forms to Expect in the Mail

Mail Call: Common Tax Forms to Expect in the Mail

A new year, a new tax return! It’s time to get started on your taxes. If you haven’t received all your tax forms, don’t worry. The IRS gives companies a deadline, so you should be receiving your tax forms soon if you haven’t already. You may also be able to easily...

W-2 Arrival: All You Need to Know about Tax Forms

W-2 Arrival: All You Need to Know about Tax Forms

If you were employed during 2023, 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, 2024. If you were self-employed or worked on a contract basis with...

Can I Claim My Girlfriend or Boyfriend as a Dependent?

Can I Claim My Girlfriend or Boyfriend as a Dependent?

Under tax reform, you can no longer claim a dependent exemption beginning with tax year 2018, but you still need to know who qualifies as your dependent for other tax benefits like the  Other Dependent Credit worth up to $500 for dependents who are considered...

Bonus Tax Calculator: Estimate Federal Tax Withholding

Bonus Tax Calculator: Estimate Federal Tax Withholding

If you received a bonus you’re likely curious about taxes. You might be asking, “how taxes are withheld from your bonuses when you receive them?” Receiving a holiday bonus is exciting, but it can be confusing to calculate your bonus tax. Learning how your bonus is...

How to File Small Business Taxes

How to File Small Business Taxes

If you’re new to filing taxes as a small business owner, you might feel a little intimidated by the process. You may find yourself asking questions like: How can I be sure I’m using the correct forms? How do I prepare my business financial statements for tax season?...

Golden Globe Swag Bags: What Are the Tax Implications?

Golden Globe Swag Bags: What Are the Tax Implications?

The 81st Golden Globe Awards celebrated the best in film and television productions of 2023. While everyone can’t walk away with the coveted trophy from the Hollywood Foreign Press Association (HFPA), the winners and presenters received a pretty special (and pricey)...

10 Commonly Overlooked Tax Deductions and Credits

10 Commonly Overlooked Tax Deductions and Credits

With the tax filing deadline about 3 months away, now is a good time to start thinking about money you shelled out for tax-deductible expenses last year. Start gathering your receipts in order to make an impact on your taxes by increasing your tax refund or lowering...

Ways to File your Taxes with TurboTax For Free

Ways to File your Taxes with TurboTax For Free

What could be better than paying $0 to do your taxes? Over the past ten years, Americans filed approximately 124 million tax returns completely free of charge using TurboTax, more than all other tax prep software companies combined. Find out all the ways you may be...

Common and Complex Taxcroynms Decoded

Common and Complex Taxcroynms Decoded

Anyone who has ever looked at the tax code knows about the alphabet soup of acronyms associated with taxes. In addition to the big one—IRS a.k.a. Internal Revenue Service—I’m guessing that there are more than 100 taxcronyms out there. Here’s a guide to decoding some...

Should Married Couples File Jointly or Separately?

Should Married Couples File Jointly or Separately?

Like many of the decisions made in a marriage, the choices couples make are related to their specific situation. The same goes for the filing status you choose when you get married. After marriage, your filing status will shift from either single or head of household...

TurboTax is Open and Accepting Tax Returns Now!

TurboTax is Open and Accepting Tax Returns Now!

It’s that time of the year again – tax time! There is no denying that feeling when you see the size of your tax refund (which was over $3,000 on average last year). To help you get ready for the tax season, we have some good news — TurboTax is officially open and...

Schedule K-1, Taxes, and You

Schedule K-1, Taxes, and You

Tax season is here and every season we see questions about how to enter a Schedule K-1 in TurboTax, as well as what happens if you don’t receive your Schedule K-1 until after the tax deadline. If you have questions about what a Schedule K-1 is, please check out our...

Tax Year 2023: Does Your State Have an Extended Deadline?

Tax Year 2023: Does Your State Have an Extended Deadline?

Navigating tax obligations while facing unforeseen challenges posed by a natural disaster can make for especially difficult times. If you were a victim of a natural disaster in an area designated as a federal disaster by the Federal Emergency Management Agency (FEMA)...

Best Money Moves to End the Year Strong

Best Money Moves to End the Year Strong

The end of the year is a busy time for most people. There’s buying gifts, decorating your home for the holidays, and finishing up last-minute work projects. The last thing you need is one more thing on your daunting to-do list. Unfortunately, the end of the year is...

5 Ways to Avoid Going Into Holiday Debt

5 Ways to Avoid Going Into Holiday Debt

Ho ho ho, happy holidays! If you are like me, you end up eating a little too much, drinking a little too much, and spending a little too much over the holidays. And it is so easy to overspend if you buy on credit — people spend about 15 percent more on purchases they...

Gen Z Homeownership: Are They Buying More or Less

Gen Z Homeownership: Are They Buying More or Less

As generations age, the refrain seems to be the same: young people aren’t buying houses anymore. And even though home prices are higher than they’ve ever been in many locales, the stats paint a vastly different picture: Gen Z is, in fact, buying homes. Many reasons...

Are Your New Year’s Resolutions Tax Deductible?

Are Your New Year’s Resolutions Tax Deductible?

It’s almost the new year, and many of us are looking forward to accomplishing something new in 2024. Some of the most common resolutions include: Lose Weight Get Out Off Debt Learn Something New Travel More Volunteer All of these goals have something in common, too:...

Self-Employed Tax Deductions Calculator 2023-2024

Self-Employed Tax Deductions Calculator 2023-2024

Many turned to self-employment in the wake of the pandemic. People jumped into everything from being  online merchants to content creators and influencers on platforms like TikTok, OnlyFans, and Instagram. If this is you, you may be wondering, “Now that I am making...

Do Renters or Homeowners Have the Winning Edge?

Do Renters or Homeowners Have the Winning Edge?

For decades, traditional personal finance advice has said that if you want to build wealth, you should buy a home. Owning a home is part of the American dream – even for Gen Z. But nowadays, buying a house may not be the wise decision it used to be. In fact, it may...

How Holiday Bonuses are Taxed for Contract Workers

How Holiday Bonuses are Taxed for Contract Workers

Are you expecting a year-end bonus for your contract work this year? If so, think of everything you can spend that money on: holiday gifts, paying off credit card debt, a big-screen TV. However, if you’re a contract worker, you should take your time thinking about how...

Holiday Donations and Tax Savings

Holiday Donations and Tax Savings

Every year around this time, we start thinking about what we plan to do in terms of charitable contributions. For most, there are a few organizations we like to support with cash, and a few we like to support with time. Regardless of how you decide to give, it’s...

5 End of the Year Tax Tips for Newly Married Couples

5 End of the Year Tax Tips for Newly Married Couples

As a personal finance writer, we’re always focused on the dollars and cents of life so it’s nice to be reminded of what we’re working towards (especially when it’s an event like a wedding)! Sadly, once the cake and champagne have been consumed and the DJ shuts off the...

Save the (Tax) Dates! – The TurboTax Blog

Save the (Tax) Dates! – The TurboTax Blog

In order to help you plan for your tax year 2023 taxes (the ones you file in 2024) and other important tax dates, 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, 2023...

The Importance of “Clean Books”

The Importance of “Clean Books”

If you’re a business owner, keeping financial records clean and organized can be daunting, but it’s one of the most crucial aspects of running a successful business. So, what does it mean to have “clean books”?  In short, having “clean books”...

Holiday Gift Giving and Tax Deductions for Business Gifts

Holiday Gift Giving and Tax Deductions for Business Gifts

There are many wonderful reasons for buying gifts for your customers and business associates: maintaining good work relations, opening doors for opportunities, professional networking, and a thank-you for a job well done. There’s also one more incentive to make those...

TurboTax Offers Refund Advance to Taxpayers

TurboTax Offers Refund Advance to Taxpayers

Last tax season, close to 70% percent of taxpayers received a tax refund, and the average federal tax refund was over $3,000. For many, their refund could be the biggest lump sum of money they receive all year, and with the holidays, those funds could be a great way...

TurboTax Tax Trends Report: Tax Year 2022 Lookback

TurboTax Tax Trends Report: Tax Year 2022 Lookback

Our Tax Trends Report takes a look back at tax year 2022 and provides unique, data-driven insights into finance, tax, and economic trends for consumers, analysts, policymakers, and the general public. The report provides education, insights, and calls out proactive...

Are Your Holiday Parties Tax Deductible? 

Are Your Holiday Parties Tax Deductible? 

Tis the season to celebrate the holidays – with a good party! There’s just something about the music, the food, and the excellent company that brightens our spirits. However, sometimes, it’s important to consider the practical side of things, like taxes. So, the big...

Stocks, Bonds and Other Ways to Make Your Money Grow

Stocks, Bonds and Other Ways to Make Your Money Grow

Investing your money can seem intimidating because it’s so much different from working. When you work, you get paid for your time, your expertise, and your experience. You put in an hour of work; you get paid an hour of wages. With investing, you simply put your money...

How Do Game Show Winnings Affect Your Taxes?

How Do Game Show Winnings Affect Your Taxes?

Imagine this: you’ve made it to the final showcase of a popular game show – and the grand prize is the largest lump sum of cash in TV history. Suddenly, the host announces that you have just nabbed the top spot! Thousands of people win big on game shows every year....

TRUMP Act would put Trump’s New York tax returns online

TRUMP Act would put Trump’s New York tax returns online

Some Democratic state senators in New York are trying an end run to get Donald Trump's taxes into the public view by introducing legislation that would reveal his state tax returns for the last five years. The legislation -- dubbed the Tax Returns Uniformly Made...

Big Oil wants to tax itself and give cash to Americans

Big Oil wants to tax itself and give cash to Americans

Here are two shockers: Big Oil wants to tax itself to fight climate change. And it wants the proceeds to go to American families. Major oil companies including ExxonMobil (XOM), BP (BP), Royal Dutch Shell (RDSA) and Total (TOT) backed a carbon tax proposal on Tuesday...

How tax reform could affect your 401(k) tax break

How tax reform could affect your 401(k) tax break

Republicans in Congress are gearing up to fight for lower tax rates. But how do you pay for those cuts? One possible solution on the table: Taxing you on your retirement savings up front. Several people in the retirement savings industry fear that lawmakers will...

3 smart ways for investors to cut their taxes

3 smart ways for investors to cut their taxes

High returns aren't the only factor to consider when choosing your investments. A tax-efficient portfolio can save you enough on your tax bill to nicely compliment your investment returns. Take a look at your own portfolio to see if you've implemented the following...

Trump promises tax reform won’t impact 401(k) plans

Trump promises tax reform won’t impact 401(k) plans

President Trump vowed Monday that the tax break for 401(k) plans will be kept in place under the administration's tax reform proposal, despite reports to the contrary. "There will be NO change to your 401(k). This has always been a great and popular middle class tax...

House tax bill would scrap deduction for medical expenses

House tax bill would scrap deduction for medical expenses

The tax bill unveiled by Republicans in the House on Thursday would not, as had been rumored, eliminate the tax penalty for failure to have health insurance. But it would eliminate a decades-old deduction for people with very high medical costs. The controversial bill...

Here’s what’s in the Senate tax bill

Here’s what’s in the Senate tax bill

Republicans crossed another major hurdle in their effort to get a tax bill to President Trump's desk by Christmas. In the early hours of Saturday morning, the Senate passed a sweeping tax overhaul bill in largely party-line vote. Just one Republican, Tennessee Senator...

Senate and House differ on key points

Senate and House differ on key points

The tax overhaul bills passed by the Senate and House would likely to change your tax return in ways large and small -- which credits you can take, what you can deduct, how much you pay. But they differ on key points. You'll be hearing a lot about those differences in...

How the GOP tax bills hurt undocumented immigrants

How the GOP tax bills hurt undocumented immigrants

The tax bills passed by the House and the now the Senate include slightly more generous benefits for parents. Unless their children are undocumented immigrants. Currently, non-citizens filing taxes using an Individual Taxpayer Identification Number, or ITIN, are...

Tax bill and your tuition: Here’s what to expect

Tax bill and your tuition: Here’s what to expect

Republican leaders backed away from several controversial proposals to change education-related tax breaks. They have agreed to save the student loan interest deduction and keep tuition waivers for graduate students tax-free. The final version of the tax bill would...

Here’s what people are saying

Here’s what people are saying

How do people feel about GOP tax bill? It depends on who you ask. Some business, advocacy and trade groups have major concerns with it. Others say the tax plan will be boost the economy. The plan isn't law yet. Another round of votes is due in the coming days....

Enjoy your tax cuts while they last

Enjoy your tax cuts while they last

First, the good news. A lot of households under the GOP tax plan, which President Trump is set to sign into law this week, will see a lower tax bill in the next several years. The nonpartisan Joint Committee on Taxation estimates that in 2019, more than half of filers...

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