Taxes

The families of roughly 60 million children received their first installment of the enhanced Child Tax Credit payments on July 15. We’re here to bust some of the common misconceptions surrounding the payments. 1. You can keep these payments. Many families have expressed concern over keeping the money fearing they’ll have to pay it back
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When you file your taxes, you may discover that you owe money to the government. If it’s a large sum of money, you might find you are unable to pay it right away. If you find yourself in this situation, it is strongly advised that you sign up for an IRS payment plan to avoid
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The IRS issued the first round of monthly payments for the Child Tax Credit last week on July 15. Families who are eligible for the credit based on their most recently filed tax return received the payments via direct deposit or paper check. Monthly payouts will continue throughout the rest of the year with families
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File a tax return extension for the first time this year? Here are a few things to consider before the Oct. 15 extension deadline. 1. E-file for a faster refund. If you believe you’ll receive a refund after filing, the quickest way to get your money is to e-file your return using a trusted tax
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Like anyone, you want to feel secure when it comes to your finances. This could mean having a reliable stream of income, saving up a certain amount of money for retirement, not being in debt, and being able to make investments. Unfortunately, many people are not in a good financial position and struggle to just
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Talking about money with anyone can be awkward, but what about talking with your family? Those conversations hit much closer to home, making it even more difficult to talk with your loved ones about your financial situation. Why does it matter? Couldn’t you just avoid talking about your taxes with your family? Well, you could.
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Investing can be an excellent way to build your wealth without having to do much work. Perhaps that’s why so many Americans do it. According to the Pew Research Center, 52% of American families are in some way invested in the stock market – mostly through 401(k)s and retirement accounts – and 14% directly invested
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Every year, you learn something new when you file your taxes. Hopefully, every time you figure out how to do it more efficiently. Maybe you discover a new way to file that takes less time. Perhaps you maximize your tax refund or determine ways in which you will owe less the next time around. Whether
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You paid taxes throughout your entire working life, whether you were worked a full-time job with a company or you were self-employed. Now that you’re retired, the kinds of taxes you’ll be paying are going to change. If you’re getting ready to retire, here are the taxes you may have to pay. Income Taxes When
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Generally, people don’t like paying taxes. When their paycheck comes, they see that a large amount of money is taken out and they wonder where it’s all going. And then during tax time, they might get frustrated because they come to find out they owe the government even more money. However, as annoying as paying
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In response to the COVID-19 pandemic, a Special Enrollment Period for individuals and families to apply and enroll in a healthcare plan has been established. From Feb. 15, 2021 to May 15, 2021, Marketplaces using the HealthCare.gov platform will open to all Marketplace-eligible consumers who are submitting a new application or updating an existing application.
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On March 17, it was announced that the tax deadline to file individual federal income tax returns has been extended to May 17, 2021. This gives filers an extra 32 days to complete and file their tax returns without being subject to late filing penalties. The IRS has also issued a tax deadline extension to
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There are several ways to get your income tax refund as quickly as possible. Follow these tips from TaxAct to get your tax refund faster than ever. Everyone looks forward to getting their tax refund. They can use it to pay off debt, put it into their savings, take a vacation, or buy something they’ve
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Third Stimulus Payment Approved – What You Need To Know It’s official: the third round of COVID-19 financial aid is on the way. As part of the American Rescue Plan, the stimulus checks (also called “economic impact payments”) are aimed at providing another round of financial relief for individuals and families. The American Rescue Plan
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Earlier this week, the latest details of the third COVID-19 relief package were released. The package, which is expected to pass Congress in the coming weeks, includes a $1,400 stimulus payment for individuals and both child and non-child dependents. Let’s breakdown the details of what we know so far. Value of the proposed third stimulus
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There’s no doubting it: having kids is expensive. Between paying for diapers, daycare, and tons of other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately, several tax advantages are available to parents to alleviate a little of the financial responsibility. 1. Child Tax Credit As a parent, you can take advantage of
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Thinking of switching providers this year? Look no further. TaxAct has the tools and support you need to get your maximum refund and claim the money you’ve already earned when you need it the most. You deserve more from your taxes. TaxAct can help. Reasons to switch 1. Pay up to 30% less to file
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