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Tax Exemptions, Deductions, and Credits Explained
When tax season arrives, everyone wants to know the magic trick to lower their tax burden. But terms like credits, exemptions, and deductions often have clouded meanings. Are they the same thing, or...
View ArticleTax Deductions for Independent Business Consultants
Independent business consultants often wear many hats and take on multiple roles. Your clients rely on your industry expertise to increase productivity and improve company sales and profits. To grow...
View Article6 Best Family Tax Credits & Exemptions
Updated for tax year 2022. You have plenty of expenses while your children are young. Fortunately, some of those expenses can directly or indirectly turn into tax credits and exemptions that may mean...
View ArticleItemized Deductions vs. Above-the-Line Deductions
You probably know that claiming income tax deductions reduces your taxable income. But did you know that not all deductions are created equal? At a glance: Above-the-line deductions are adjustments to...
View Article7 Tax Credits and Deductions Parents Need to Know
Updated for tax year 2024. Your little bundle of joy may tap into your pocketbook throughout the year, but at tax time they can actually help you save money. And the more children you have, the bigger...
View ArticleW-4 Withholdings After Tax Reform: Things to Know About the New Version
Most changes under the new tax bill signed into legislation in December of 2017 took effect this past January for the 2018 tax year. Depending on a taxpayer’s situation, the impact of that change can...
View ArticleThe New Form 1040 and Three Accompanying Schedules
Though TaxAct® takes the guesswork out of filing, it can still be helpful to understand how the newer version of Form 1040 works. Here’s what you should know about the current 1040 form and how it may...
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What Is a Schedule K-1?: A Guide and Instructions on How to File
If you’re involved in a pass-through entity, you’ll likely deal with Schedule K-1 at some point during tax season. Whether you’re responsible for preparing the form or waiting to receive it as a...
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Guide to IRS Form 1040-NR for Nonresident Aliens
As tax filing season rolls around, it’s not just U.S. citizens who need to file their taxes. Nonresidents who earn or have a U.S. income may also be required to file a tax return each year. However,...
View Article5 Tips for Spouses of Taxpayers Receiving Disability Income
Updated for tax year 2025. If your spouse receives disability benefits, it’s very likely that your financial situation has also been impacted. That’s why it’s important to understand what sections of...
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Form 2441: Your Guide to Claiming the Child and Dependent Care Credit
If you paid for daycare, after-school care, or even a household employee so you could work or look for work, you may qualify for the Child and Dependent Care Credit (also called the Dependent Care Tax...
View ArticleTax Credits vs. Tax Deductions: What’s the Difference?
Tax credits and tax deductions can both help lower your tax bill, but they don’t work the same way. A tax deduction reduces your taxable income, while a tax credit reduces the amount of tax you owe...
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