What’s the Best Online Tax Prep Software? – TaxAct vs TurboTax...
TurboTax, TaxAct, and H&R Block have a similar set of core features and capabilities. That can make it challenging to differentiate among them at a glance. But there are differences. Before choosing one, learn how they stack up — and what’s new for the 2020 tax year.
What Is a SIMPLE IRA and How Is It Different?
Small companies tend not to offer 401(k) plans, given the administrative costs and headaches associated with them. Fortunately, there’s a type of employer retirement account specifically for small businesses: the Savings Incentive Match Plan for Employees (SIMPLE IRA). Learn more about it here.
What Is a 1031 Exchange – Defer Taxes on Like-Kind Real...
Many real estate investors use 1031 exchanges to roll profits from rental properties into ever-larger income properties, never paying capital gains taxes until the day they sell off their portfolio. Find out what an 1031 exchange is and how it can let you defer paying taxes — perhaps indefinitely.
How to Pay Federal Estimated Taxes Online to the IRS in...
Freelancers and small-business owners must pay estimated taxes four times a year. This may sound complicated, but it doesn’t have to be. We break down how to estimate your quarterly taxes, when to make payments, and what happens if you underpay.
12 IRS Tax Refund Scams – Common Frauds to Avoid in...
It’s easy to see why tax scams tend to crop up most often during tax season. With billions of dollars in refunds going out, there are bound to be fraudsters trying to take advantage of people. To avoid becoming a victim, it helps to be aware of some of the more common types of tax scams.
Tax Form 8949 – Instructions for Reporting Capital Gains & Losses
If you’ve begun investing, you need to report capital gains or losses on your tax return. It’s a bit complicated to get started, but once you’re organized, you’ll be able to fill out Form 8949 and Schedule D very quickly. Learn about Tax Form 8949 — Instructions for Reporting Capital Gains & Losses.
Tax Refund Anticipation Loans (RALs) – Why You Should Stay Away
A cash tax refund anticipation loan, also known as a RAL, is a way for a tax filer to get their refund immediately. Millions of tax filers take advantage of these quickie tax loans every tax season. But there are several reasons why this kind of loan is not a wise financial decision.
11 IRS Tax Audit Triggers – Red Flags You Should Know...
Most IRS audits are not random. They’re triggered by red flags that indicate a potentially fault return, high odds of undisclosed income, or both. Learn what these triggers are and how to avoid them to prevent unwanted attention from good ol’ Uncle Sam.
Top 8 Options for Free Online Tax Preparation Software & Services
Bank account promotions aren't the only way to get your hands on free money.
If you have a relatively simple tax situation - for example, if...
Types of Tax-Advantaged Accounts for Retirement, Education, & Health Care
Savvy taxpayers can slash their tax bill using a range of tax-sheltered accounts, but these can seem confusing and often sound alike. Which combination of retirement accounts, education accounts, and health savings accounts can help you save on your tax bill? Read on to learn more.
What Is the FairTax Act Explained – Pros & Cons
Anyone who’s filed a tax return knows the U.S. tax system is complex and difficult to understand. Many say corporations, wealthy individuals, and special interest groups use loopholes to avoid paying their fair share. One idea for fixing the system is called FairTax. But would it really work?
Best Credit Cards to Use to Pay Your Taxes in 2021
Paying taxes with a credit card isn’t always ideal, but it does make sense for certain taxpayers, especially those who’ve recently signed up for new cards with long 0% APR introductory promotions or generous sign-up bonuses. Read on for suggestions of the best credit cards to use to pay your taxes.
