You may have heard about new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, etc. This has caused some confusion for app users, but we’re here to help you understand how it will (or won’t) affect your taxes next year.These changes were originall...Read more
How to Calculate the Self-Employment Tax
1 min read
Updated for tax year 2022.No matter what self-employment looks like for you, you’re responsible for ensuring the taxes on your net earnings are paid to the Internal Revenue Service (IRS). And the self-employment tax (SE tax) is part of that.Officially known as the Self-Employment Contributions A...Read more
Tax Basics for Teens: Filing Your First Tax Return
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Are you filing your taxes for the first time this year? Filing an income tax return may sound daunting, but the good news is that most teen tax returns are simple to do — you just need to familiarize yourself with some tax basics.Is a teenager required to file taxes?As a taxpayer, you don’t need...Read more
How to File Your Basic Federal Tax Return for Free in 2023
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We get it; filing your taxes is a chore you’d rather not do. That’s why TaxAct® makes the tax prep process as seamless and easy as possible — and did we mention you can also file your basic federal return with us for free1?Is TaxAct’s offering actually free?With TaxAct, you have different f...Read more
IRS Delays $600 Form 1099-K Reporting Threshold for Third-Party Payment Platforms
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The IRS announced on Dec. 23, 2022, that it would delay the $600 reporting threshold for Form 1099-K that was set to go into effect during the 2022 tax year. Instead, these requirements have been pushed back one year to allow taxpayers more time to prepare for the change.Form 1099-K is an informat...Read more
TaxAct Texas Bowl Ticket Giveaway: Official Giveaway Rules
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NO PURCHASE IS NECESSARY TO ENTER OR WIN. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. ALL APPLICABLE FEDERAL, STATE, LOCAL, AND MUNICIPAL LAWS AND REGULATIONS APPLY. VOID WHERE PROHIBITED.PARTICIPATION CONSTITUTES ENTRANT’S FULL AND UNCONDITIONAL AGREEMENT TO AND ACCEPTANCE OF THESE OFFI...Read more
12 FAQs About Biden’s Student Debt Forgiveness Plan
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If you have questions about student loan forgiveness, you’re not alone — especially after recent court rulings blocking loan cancellation efforts. The Federal Student Aid office is not accepting new loan forgiveness applications at this time, but we’ve provided some common FAQs below for those...Read more
Top 6 Tax Changes You Should Know About for 2022
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Wondering what’s changed in the tax world from last year? We put together the top six 2022 federal tax changes that taxpayers like you should know about before filing your income tax return in 2023.Tax year 2021 saw major tax changes due to the coronavirus pandemic, but many of those changes went ...Read more
Why Did I Receive a 1099-K?
1 min read
Due to changes in what companies are required to report to the IRS this tax year, more taxpayers will receive Form 1099-K than in previous years. For some, the arrival of this unexpected tax form may be confusing and stressful — but don’t panic. We’re here to help you report this correctly on ...Read more
Should You Sell Your Investments Before the End of the Year?
1 min read
With the holidays just around the corner and the end of 2022 approaching fast, you might be wondering: Should I sell my stocks before the end of the year?Maybe you’re looking for a little extra cash to help cover all the money you spent on holiday gifts, or perhaps you simply want to give yourself...Read more