If you receive a special offer for discount pricing on a TaxAct product that has a link, you must click the special offer link provided in the message. Discounts will not be applied if you skip this step. After clicking the link, register for a new account or sign in to your existing account, as applicable, […]
After selecting the appropriate TaxAct product for your tax situation, you’ll need to pay the associated fee. This is different from a balance due (taxes owed) on the actual federal or state return. Online Program Fees Visit the Online DIY Tax Filing page for product and pricing details. You can pay using a credit or […]
You must determine how much of your auto registration or license fees is deductible. Only the portion of the fee that is based on the value of the vehicle qualifies. Fees based on weight, model, year, or horsepower are not deductible. Qualifying auto registration fees are deductible as personal property taxes and are reported on […]
Form 2106, Employee Business Expenses, can be claimed only by Armed Forces reservists, qualified performing artists, fee-basis state or local government officials, and employees with impairment-related work expenses. To file Form 2106 for Armed Forces reservists, qualified performing artists, fee-basis state or local government officials, follow these steps. Online Dashboard From within your TaxAct return, click […]
To determine if settlement amounts you receive by compromise or judgment must be included in your income, you must consider the item that the settlement replaces. You may be able to deduct expenses from that income. See IRS Publication 525 for details. To report this in the TaxAct program, follow the steps in Deducting unlawful […]
If you’ve spent money on attorney fees or court costs related to a claim of unlawful discrimination, you may be able to claim a deduction for those expenses on the tax return that you file with TaxAct. Before starting, consult Publication 525 to determine if you can claim a deduction of this type. If you […]
In order to deduct your ground rent on leased land, you must first meet the following tests: The ground lease is for at least 15 years, including renewal periods, The land lease is freely assignable to the buyer of the home, The land owner’s interest is primarily a security interest (similar to a mortgage), and […]
IRS Publication 5137 Fringe Benefit Guide can help you understand the tax treatment of employee benefits. Contents Introduction Reporting and Withholding on Fringe Benefits Working Condition Fringe Benefits De Minimis Fringe Benefits No-Additional-Cost Services Qualified Employee Discounts Qualified Transportation Fringe Benefits Health and Medical Benefits Travel Expenses Transportation Expenses Moving Expenses Meals and Lodging Reimbursements […]
At this time, the TaxAct® programs do not include tracking and/or organizing features. Our recommendation would be to use whichever business or personal software that you are most comfortable with for tracking your expenses through the year, then using the totals at year end for entry into the TaxAct program. Please feel free to submit […]
There are special rules that apply only to Armed Forces reservists, government officials who are paid on a fee basis, performing artists, and disabled employees with impairment-related work expenses. Taxpayers who qualify under these special rules can claim unreimbursed employee expenses on Form 2106 Employee Business Expenses. These expenses can then be taken as an […]
Deductible fees related to home ownership are limited to home mortgage interest and certain real estate taxes, which are itemized deductions on Federal Schedule A (Form 1040) Itemized Deductions. As explained below, these deductible fees do not include Homeowners’ Assessment fees you pay to a Homeowner’s Association. Per IRS Publication 530 Tax Information for Homeowners, […]
With certain types of property, it may be beneficial for the taxpayer to capitalize expenses rather than to deduct those expenses. If the election is made, the taxpayer would not report any of the expenses on their tax return. Instead, the taxpayer will adjust their cost basis in the property. If eligible to make an […]
Per IRS Publication 575 Pension and Annuity Income, page 5: Qualified domestic relations order (QDRO). A QDRO is a judgment, decree, or order relating to payment of child support, alimony, or marital property rights to a spouse, former spouse, child, or other dependent of a participant in a retirement plan. The QDRO must contain certain […]
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