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There’s more to life than just taxes. Get insightful tips to help you get the most out of your money, life, and of course, taxes.

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93 Posts
How to Claim Mileage Deductions and Business Car Expenses
Updated for tax year 2022 If you frequently drive your car for business purposes, you know how car expenses can quickly add up. You can track all your car expenses, including gas, oil, repairs, insurance, and depreciation, and deduct the portion of your total car expenses that apply to business miles. Keep records of your deductible miles and total mileage To take a deduction for business mileage, you must show that you kept records of business miles driven. If you drive for business purposes such as visiting... more
How to Claim Mileage Deductions and Business Car Expenses
Mileage Reimbursement Calculator
Our Mileage Reimbursement Calculator helps to determine the compensation of travel while you are on official business. Mileage Reimbursement Basics If you frequently drive your car for work, you can deduct vehicle expenses on your tax return in one of two ways. Then deduct the portion of those total costs that apply to your business miles. You can also write off car expenses related to charity work or moving purposes. The table below shows standard mileage deduction rates for business, moving and charitable... more
Mileage Reimbursement Calculator
Iowa State Tax Due Date for 2023
Iowa State Tax Filing Deadlines 2023 The State of Iowa government has issued the following guidance concerning income tax filing deadlines and extensions: The tax filing due date for 2022 Iowa income tax returns is May 1, 2023. Qualifying taxpayers who file and pay by this date will not be subject to late-filing or underpayment penalties. Interest on unpaid taxes will accrue starting May 1st, 2023. Iowa residents are not required to file for a personal extension as it is automatic. To avoid penalties, it is... more
Iowa State Tax Due Date for 2023
Iowa Tax Brackets and Tax Deductions
Iowa State Tax Brackets 2023 The state of Iowa collects income tax from its residents at the same rate regardless of filing status. Here's a breakdown of those rates for tax year 2022. For married taxpayers filing jointly For all taxpayers other than married taxpayers filing jointly Iowa Standard Tax Deductions Iowa residents filing single or married filing separately can claim a standard deduction of $2,110. Iowa School District Surtax As a resident of Iowa, the school district surtax is another detail to understand... more
Iowa Tax Brackets and Tax Deductions
4 Examples of Form 1099-K Scenarios

You can receive Form 1099-K for a variety of reasons. How you report the income listed on your 1099-K depends on how you made that income, which can be confusing if you’ve never seen this form before.

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4 Examples of Form 1099-K Scenarios
What To Do If You Received a 1099-K From Your Crypto Exchange
To make virtual currency trading more user-friendly, crypto exchanges have enabled their users to make transactions through third-party payment networks. It's unclear whether more crypto exchanges will start sending 1099-Ks, but if you received one for your crypto transactions this year or expect to receive one next year, keep reading! Do I need to report my crypto income to the IRS? Yes, although the way to do so differs from a typical W-2. It's important to note that Form 1099-K does not report your crypto... more
What To Do If You Received a 1099-K From Your Crypto Exchange
How to File Taxes for a New Side Gig

Start a side gig in 2022? Whether you lost your traditional job or you simply wanted to earn some extra cash, side gigs tend to complicate your tax filing a bit.

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How to File Taxes for a New Side Gig
Set Your Status to Single: 4 Tax Advantages for Solo Filers
There are several reasons why a single filing status may come in handy during tax refund season. You have less paperwork to file since your marital status often correlates with your tax filing status. You may be able to save money on certain tax deductions and tax credits. If you’re unmarried and don’t qualify for another tax status (such as head of household, that doesn”t mean you”re at a disadvantage. You won't have to deal with any unpleasant tax surprises.
Set Your Status to Single: 4 Tax Advantages for Solo Filers
What Do New 1099-K Payment App Rules Mean for Taxpayers?
You may have heard about new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, etc. Beginning Jan. 1, 2023, these thresholds dropped drastically - as a new rule, payment apps now must report business transactions totaling $600 or more in a year, regardless of the number of transactions you made. If you only use payment apps for personal transactions between family and friends - think reimbursing a roommate for your half of the rent or your share of expenses during... more
What Do New 1099-K Payment App Rules Mean for Taxpayers?
Are Political Contributions Tax Deductible?
If you are one of the many people donating to political candidates' campaign funds, don't expect to deduct any of those contributions on your next tax return. While writing checks to a political party may not help your tax bill, there are ways to financially support a cause you believe in and still take a tax benefit. How do I know if donations to a charity are tax deductible? Only contributions to 501(c)(3) organizations are tax-deductible. These nonprofits have been designated as charitable organizations by... more
Are Political Contributions Tax Deductible?
How to Calculate the Self-Employment Tax
Self-employment tax is split between two parts: Social Security and Medicare. For 2022, Social Security taxes must be paid on all earned income up to $147,000 (increasing to $160,200 for tax year 2023) All income earned above that threshold is not subject to Social Security tax. Medicare The Medicare tax rate is 2.9 percent of your self-employment earnings. If you earned $100,000 in self- employment. Medicare has no earnings limit. You would multiply that number by 0.8 percent. The total SE tax would be $2.7,064.78.78... more
How to Calculate the Self-Employment Tax
Tax Basics for Teens: Filing Your First Tax Return

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.

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Tax Basics for Teens: Filing Your First Tax Return
How to File Your Basic Federal Tax Return for Free in 2023

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?

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How to File Your Basic Federal Tax Return for Free in 2023
IRS Delays $600 Form 1099-K Reporting Threshold for Third-Party Payment Platforms
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. Form 1099-K is an informational tax document detailing the gross payments for goods and services for all your third-party payment platform transactions. Third-party payment platforms were required to issue Form 1099-K to all users who had payments totaling $600 or more in a calendar year, with no transaction minimum. Due to the timing of this announcement,... more
IRS Delays $600 Form 1099-K Reporting Threshold for Third-Party Payment Platforms
TaxAct Texas Bowl Prize Package Giveaway: Official Giveaway Rules
Limit on Entries & How to Enter: Limit one entry for the Giveaway over course of the Giveaway Period per person or household address. For purposes of these Official Giveaway Rules, the term TaxAct's Instagram Post is limited to the following: "ðŸ"¥ðŸ"¥ðŸ"¥ Hot ticket giveaway coming in fast. For purposes of these Official Giveaway Rules, the term TaxAct's Facebook Post is limited to the following: "🚨🚨🚨 Here's another awesome football ticket giveaway.... more
TaxAct Texas Bowl Prize Package Giveaway: Official Giveaway Rules
TaxAct Texas Bowl Ticket Giveaway: Official Giveaway Rules

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 OFFICIAL GIVEAWAY RULES, WHICH ARE FINAL AND BINDING. WINNING A PRIZE IS CONTINGENT UPON COMPLYING WITH THE OFFICIAL GIVEAWAY RULES AND FULFILLING ALL CONDITIONS TO WIN, WHICH ARE FULLY DESCRIBED HEREIN.

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TaxAct Texas Bowl Ticket Giveaway: Official Giveaway Rules
12 FAQs About Biden’s Student Debt Forgiveness Plan
In August 2022, President Biden, Vice President Harris, and the U.S. Department of Education announced a plan to forgive up to $20,000 in student loans. 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 who still have questions. If the program begins accepting applications again in the future, we will update this page accordingly. For more information and more Frequent updates on this matter. If you have a question,... more
12 FAQs About Biden’s Student Debt Forgiveness Plan
Top 6 Tax Changes You Should Know About for 2022
Tax year 2021 saw major tax changes due to the coronavirus pandemic, but many of those changes went away in 2022. There were no additional stimulus checks for 2022, meaning the Recovery Rebate Credit will no longer be available. More people will be receiving Form 1099-K If you sell items online (Facebook Marketplace, eBay, Etsy, etc. or use third-party payment apps like Venmo, PayPal, or Square. There’s no transaction limit.
Top 6 Tax Changes You Should Know About for 2022
Tax Tips for College Athletes
The post Tax Tips for College Athletes appeared first on TaxAct Blog.
Tax Tips for College Athletes
16 Business Finance and Tax Terms You Should Know
Business losses If your business expenses outweigh your profits, you're dealing with a business loss. Business revenue Business revenue is different from business income. Business income Your business income is your total business revenue noted above, minus the costs of doing business - taxes, depreciation, interest, etc. You'll report your business income on different tax forms depending on your business type. If your business is eligible for an EIN, you can get one by applying with the IRS. Expenses Business... more
16 Business Finance and Tax Terms You Should Know
How to Save for Retirement When You're Self-Employed - TaxAct Blog
As a freelancer or contractor, the general rule of thumb is to save 30 percent of your paychecks. With that extra 10 percent, you can create a savings fund for retirement and other financial goals. As an employee, the contribution limit in 2022 is $20,500 — just like other 401(k) plans (this will increase to $22,500 in 2023. In 2023, the contributions in 2023). As an employee, the contributions will increase. In 2022, the contribution limit will increase by $8,000.
How to Save for Retirement When You're Self-Employed - TaxAct Blog
Why Did I Receive a 1099-K?
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. What is Form 1099-K? Form 1099-K records transactions from credit cards and third-party payment networks like PayPal, Venmo, or Square. Once you hit a certain threshold in payments received from these platforms, the third-party app is required to send you a 1099-K. They will also send copies of this 1099-K to the IRS and the state. Previously, you had to have made... more
Why Did I Receive a 1099-K?
Should You Sell Your Investments Before the End of the Year?
Paying taxes on your capital gains If you sell your investments for more than they're worth because they've appreciated in the time you've owned them, you'll report what's called a capital gain. The amount of tax you are going to pay for capital gains depends upon whether you had a short-term or long-term capital gain. Short-term gains are for less than one year, and long-term gains are for investments you held onto for more than one year. What are the tax rates on short-term and long-term capital gains? There... more
Should You Sell Your Investments Before the End of the Year?
Earned Income Tax Credit Calculator
The Earned Income Tax Credit is a refundable tax credit designed in part to reduce the tax burden on low-income individuals and families both with and without children. As a fully refundable credit, if the amount of tax you owe is less than the credit amount you qualify for, you will be able to receive the difference as a tax refund. Your final credit amount is determined by your filing status, income, and the number of qualifying children a taxpayer claims on their tax return. Frequently asked questions Can... more
Earned Income Tax Credit Calculator
Can I Be Claimed as a Dependent While Earning NIL Income?
College athletes scored a win in 2021 when the NCAA changed its policy, granting student-athletes the right to profit from their name, image, and likeness (NIL) But can you still be claimed as a dependent if you earn NIL compensation? We’ve gathered some basic questions about NIL and how it could affect your taxes and dependency status below. For more detailed info on what counts as taxable NIL income and how to appropriately file your taxes. Check out Tax Tips for College Athletes and The Tax Reality of NIL... more
Can I Be Claimed as a Dependent While Earning NIL Income?
Post-Grad Tax Guide for NIL Earners
Your tax return evolves with your career and financial situation, so what does tax filing look like for student-athletes earning (or not earning) NIL after graduation? Let’s look at a few scenarios to help you know what to expect once you graduate. If you’ve managed to break into the competitive world of pro sports, an agent should be doing most of the heavy lifting where your taxes are concerned. As a pro athlete. You will likely want to have some personal liability protection. The good news? Your taxes... more
Post-Grad Tax Guide for NIL Earners
Top 7 Reasons to Switch to TaxAct
At TaxAct, we don't believe you should have to pay a premium price. The cost to file a 2022 federal return with us is 20% less than TurboTax. For more than $100,000, choose a DIY e-file solution that is easier on your pocketbook. We are confident our software is 100 percent accurate and will get you your *Read more about the TaxAct Maximum Refund and $100k Accuracy Guarantees.
Top 7 Reasons to Switch to TaxAct
Tax Filing 101: 7 Things That Can Impact Your Tax Refund

It’s time to review some important tax basics before the upcoming tax season. Here are seven things to remember when e-filing your federal income tax return this year — and how each could impact your refund amount.

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Tax Filing 101: 7 Things That Can Impact Your Tax Refund
Demystifying the New 1099-K Reporting Thresholds
Not to worry - we're here to help you understand these tax changes and what they will mean for the tax returns you'll file for 2022. How you can prepare for income tax filing next year Here are three key steps to help you accurately file your income tax return next year: Practice good bookkeeping It doesn't matter if you are a casual online seller or operating as a small business - keeping detailed records is essential for tax purposes. Organized, detailed records will help streamline your income tax return... more
Demystifying the New 1099-K Reporting Thresholds
Demystifying the New 1099-K Reporting Thresholds
Not to worry - we're here to help you understand these tax changes and what they will mean for the tax returns you'll file for 2022. How you can prepare for income tax filing next year Here are three key steps to help you accurately file your income tax return next year: Practice good bookkeeping It doesn't matter if you are a casual online seller or operating as a small business - keeping detailed records is essential for tax purposes. Organized, detailed records will help streamline your income tax return... more
Demystifying the New 1099-K Reporting Thresholds
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