What to Know What is a Trump Account? A Trump Account is a federal savings account for a child under 18. You set it up by making an election on your federal tax return. The account is administered by the U.S. Treasury. What is the $1,000 government deposit? Some children may qualify for a one-time […]
For more general information about Trump Accounts, see the Trump Account Elections – Form 4547 (IRC 530A) FAQ. If you are ready to add Form 4547 to your return, follow the steps below. Make sure you have entered dependent information in your return before proceeding. You are prompted to complete the questionnaire for each child […]
The IRS will begin accepting individual returns on January 26, 2026. The official filing season start dates are posted each year on the IRS website. The IRS accepts returns on a first-come, first-served basis. Because of this, we strive to have our product ready in time for you to be first in line! Our Federal […]
What changed in 2025: The cap on the state and local tax (SALT) deduction increases: From $10,000 to $40,000, if you’re filing jointly (MFJ) or as head of household (HOH) From $10,000 to $20,000, if you’re married filing separately (MFS) NOTE The limit increases by 1% each year through 2029 You can claim this higher deduction […]
What’s new in 2025: From 2025 through 2028, there’s a new deduction of $6,000 per person age 65 or older. You can still claim this on top of the regular senior standard deduction. That’s up to $12,000, if both spouses qualify on a joint return. You can claim this deduction whether you take the standard deduction or itemize. You can claim this […]
The new tax bill was signed into law on July 4, 2025. This is a major tax law change that extends many benefits from the 2017 Tax Cuts and Jobs Act, while adding new deductions and incentives for specific groups of taxpayers (seniors, tipped workers, overtime recipients, etc.). It offers opportunities for both individuals and […]
What changed in 2025? New deduction for interest that you pay on a qualifying vehicle loan. Maximum annual deduction is $10,000. You can claim it even if you take the standard deduction. Verify final assembly in the U.S. Use the NHTSA VIN Decoder to confirm final assembly location. https://www.nhtsa.gov/vin-decoder Have your 17-character VIN ready. You […]
What changed in 2025? A new tax law allows a deduction for qualified overtime income. You can claim a deduction of up to $12,500 (single) or $25,000 (married filing jointly). Both itemizing and non-itemizing taxpayers are eligible to take this deduction. IMPORTANT: Social Security and Medicare taxes still apply (this only affects income tax). What […]
What changes in 2025? A new tax law allows a deduction for qualified tip income. You can deduct up to $25,000 per return. Tips are still subject to Social Security and Medicare tax. What counts as “qualified tips”? For an amount to be considered a tip (and therefore “qualified”), it must meet all four conditions: […]
Deadlines for federal returns vary by return type. Most states comply with the federal filing deadline, but we recommend that you check with your individual state taxing authority to confirm. See State Return Due Dates for details. Note: If your area has been declared a federal disaster area, check the IRS Tax Relief in Disaster Situations webpage for more […]
If you claimed the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC), the IRS shows your refund will be released mid-February. Refunds should be available in your account by the first week of March if you chose direct deposit and there are no other issues with your tax return. The IRS […]
Form W-2 Deadline: January 31, 2026 Return Type Filing Deadline Extension Deadline Individual (Form 1040) April 15, 2026 October 15, 2026 Estates & Trusts (Form 1041) April 15, 2026 September 30, 2026 Partnerships (Form 1065) March 16, 2026 September 15, 2026 Corporations (Form 1120) April 15, 2026 October 15, 2026 S Corporations (Form 1120-S) March […]
Once the IRS accepts an e-filed return, they do not provide us further information regarding when the refunds are mailed or direct deposited. See Refunds – IRS Questions and Answers for details. Note that any link in the information above is updated each year automatically and will take you to the most recent version of […]
The due date for the U.S. Individual Income Tax Return is April 15. See the e-Filing – Return Due Dates and Deadlines FAQ for details. Related Links When are quarterly estimated tax payments due? When to File
The IRS and state tax agencies have implemented policies to protect you from fraud. Many agencies have changed their approval process in order to prevent those trying to steal your refund from succeeding. As a result, some refunds may be issued later than others. Refunds are not controlled by TaxAct, so you can still complete […]
Taxpayers who receive certain notices requiring them to send information to the IRS may now upload their documents online through IRS.gov, rather than mail them in. Please note that taxpayers may securely respond to these notices regardless of having an IRS Online Account. The following notices are currently available for electronic upload: CP04, relating to […]
On 12/22/2017, the Tax Cuts and Jobs Act was signed into law. The provisions in this bill generally affect tax years 2018-2025. A summary of the bill’s tax provisions are provided below. The full bill, titled H.R.1 – An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on […]
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 away in […]
The IRS has advised that many people should expect smaller tax refunds for 2022. Here’s why your refund may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? Let’s review why we get a […]
How does the IRS get my bank information for any 2021 stimulus payments? If the IRS issues additional stimulus payments in 2021, direct deposit will be the fastest way to get your money. The IRS will obtain your direct deposit bank account information from the most recent tax return filed. So, if you are getting […]
On February 9, 2018, President Trump signed the Bipartisan Budget Act of 2018. Division D, Title I of this Act details the extension of expiring provisions. Although these are federal provisions, they may have an impact on your state filing. We will release updates to all states affected in a timely manner once the IRS […]
Understanding commonly used terms and their acronyms can make it easier to prepare and file your tax return. Taxpayer Identification Number (TIN): Refers to the number issued by the IRS or Social Security Administration to identify taxpayers. For individual filers, TIN is usually the taxpayer’s Social Security Number (SSN) or individual taxpayer identification number (ITIN). […]
NEW LEGISLATION On November 6, 2009, President Obama signed into law, “The Worker, Homeownership, and Business Assistance Act of 2009”. The new law: 1. Extends deadlines for purchasing and closing on a home. 2. Authorizes the credit for long-time homeowners buying a replacement principal residence. 3. Raises the income limitations for homeowners claiming the credit. […]
