14 Tax Tips for Self-Employed People

[[{“value”:”Updated for tax year 2023. As a self-employed taxpayer, do you ever envy your traditionally employed friends at tax time? Having your own business as a freelancer or independent contractor definitely increases the record-keeping you must do for tax purposes. And when you’re digging through all your self-employed income tax…

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5 Tax Advantages of Getting Hitched

[[{“value”:”Updated for tax year 2023. If you recently got married or are thinking about tying the knot soon, it’s never too early to start thinking about the tax implications of marriage. Many times, getting married and filing jointly with your spouse can bring some nice tax advantages along with it.…

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Guide to Social Security Taxes

Social Security benefits are crucial to many Americans’ retirement plans, providing a safety net to ensure financial stability during your golden years. But are Social Security benefits subject to taxation? Let’s dive into the complexities of Social Security benefits and their potential tax implications. At a glance: Social Security benefits…

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Tax Forms & Schedules

Updated for tax year 2023. What are tax forms? Income tax forms are the official government documents the IRS requires you to fill out when you file your taxes. Usually, the more complicated your finances are the more tax forms you may need to fill out. On top of the federal…

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How to Tell If You Are Self-Employed

If you’re a freelancer, it’s critical to know whether you’re self-employed or an employee. The distinction has a major effect on your tax responsibilities. Categories of self-employed workers You should consider tax and other factors when choosing a legal structure for your business. Generally, the Internal Revenue Service (IRS) considers…

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Capital Gains Tax Calculator

Use TaxAct’s capital gains tax calculator to estimate your potential capital gains taxes for the tax year. At a glance: Capital gains taxes apply to profits from selling stocks, Bitcoin, or large assets. Capital gains can be short-term (sold within a year) or long-term (sold after a year). Use our…

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16 Small Business Tax Deductions

Updated for tax year 2023. Being a small business owner comes with some unique challenges — including figuring out how small business taxes work. The good news? We’re here to spill the essential small business tax deduction secrets to help you keep that hard-earned money in your pocket. As a…

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Tax Calculators and Tax Tools

Are you unsure about your tax situation this year? Not to worry. We’ve put together a list of tax calculators to help you crunch your tax numbers for 2023. Check out our extensive list of tax calculators below and learn how to calculate your AGI, self-employment tax, crypto taxes, and…

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How Itemized Deductions Work

Don’t worry – the IRS doesn’t want to tax every last cent you earn. In fact, the department offers a standard tax deduction — a gift! — to all taxpayers based on their filing status. Here are the standard deduction rates for the 2022 and 2023 tax seasons: Filing status…

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5 Tax Tips for Homeowners

Owning a home comes with numerous benefits, and one of them is the opportunity to claim various tax credits and deductions. Let’s look at some ways you can maximize your tax savings as a homeowner this year.  At a glance: Choose between itemizing or taking the standard deduction depending on…

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