From changing jobs to growing your fam, life milestones can impact your taxes.
This tax szn, we’re shouting you out. Aaaand offering tax facts based on your situation.
Now it’s time to come clean about how you file. And find out which club you’re in based on your tax personality.
When do you usually file your taxes?
Question 1 of 3
The first second I possibly can
I take my time so I don’t miss anything
Whenever I get around to it
On Tax Day (if not later)
Last but not least, we’ve rounded up some key dates to help you H.A.G.T.S.
Got little (or not-so-little-anymore) ones at home? Meet: the child tax credit. People with kids age 17 or younger may be eligible to claim up to $2,000 per child this tax season. Aaand $1,500
of that credit may be refundable.
Woot woot.
Going green is its own reward. But if you took steps to be more eco-friendly with your energy last year, you might qualify for a little something extra. Say you bought a new electric vehicle; you may be eligible for a clean vehicle credit of up to $7,500. Or you started using solar energy or water heating, wind energy, or other earth-friendlier fuels at home; you may be able to get a credit worth up to of 30% of your costs.
If you have your own biz, you may qualify for the (aptly named) qualified business income (QBI) deduction. Aka a deduction of up to 20% of your eligible business income. This one only applies to certain types of businesses (read: sole proprietorships, partnerships, S corporations, and some trusts and estates) so make sure to check out whether your company qualifies before filing.
So you tied the knot (congrats, btw). And now it’s time to make it tax return official. You’ll have to let the IRS know that you two are a certified item, but it’s up to you whether you want to file jointly or separately. Joint filers complete a single return with combined deductions and expenses, signed by both spouses. It’s best to calculate your taxes both ways (joint and separate) to see the net refund or balance due from each method before choosing which one you wanna go with.
Whether it was full-time, part-time, gig, or contract work (or all of the above), you killed the freelancing game last year. And just like your work, your taxes will require a bit of juggling. You’ll need to report any income — no matter how small — earned from freelance work. Even if an employer doesn’t send you the relevant tax form.
Hey, big saver. You contributed to a retirement account and it’s paying off. Literally. If you put money into a 401(k) or traditional IRA, your taxable income may be reduced. Contribute to a Roth IRA? Those contributions will be taxed now. But later withdrawals (plus any interest earnings) will be tax-free down the line. Score.
We think you’re never too old to learn something new. And the IRS agrees (bless). Students of any age working towards undergraduate, graduate, and professional degrees at eligible institutions may be eligible for the lifetime learning credit, worth up to $2,000. Psst…gonna be hitting the books for a while? There’s no limit to how many years you can claim this credit.
Congrats on your new digs. Buying a home means paying property taxes. But it can also mean qualifying for some new tax deductions. You may be able to deduct interest paid for your mortgage as well as your property taxes if you itemize your deductions.
It’s tax season. What does your desk (or desktop) look like?
If I knew where anything was, I’d tell you
Neatly organized files and folders.
I’ve got a system
Clear as can be
A few things here, a few things there
Question 2 of 3
Okay, it’s go time. How prepared are you feelin’?
Overwhelmed doesn’t even begin to cover it
I’ve got everything right where I want it
Does prepared to beg for help (or an extension) count?
Waiting on a few things but almost there
Question 3 of 3
Okay, merit scholar. You’ve got everything ready in advance. Like, way in advance. So you’re filing early this year. And headed straight for the front of the refund line.
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Psst…filing today? TaxAct can help.
You’re the Queen’s Gambit of tax filers. Think: three steps ahead, cool under pressure, and mentally planning every move you’ll need to make to get your max refund. (TaxAct can help with that, btw.) Checkmate.
(TaxAct can help with that, btw.) Checkmate.
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You’re building your rules as you go. You’re more of a wing-it-and-watch than a careful planner. And we love that for you. But if you’re looking for a little help (or someone to add some ‘yes, ands’ to your exploration), TaxAct’s Xpert Assist is there.
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You’re taking all the right steps (go you). But sometimes you just need a little help.
(Don’t we all?) Don’t worry. TaxAct’s experts can help you get it done.
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Enter: a look at what the mems you made might mean for your 2022 return. Consider this your tax yearbook.
Click on a name that most closely resembles your year to see which superlative you won.
(hint: have a great tax season)
All TaxAct offers, products and services are subject to applicable terms and conditions. Click for more about TaxAct terms and conditions.
If an error in TaxAct’s software causes you to receive a smaller refund or larger tax liability than you receive using the same data with another tax preparation product, TaxAct will pay you
the difference in the refund or liability up to $100,000 and refund the applicable software fees you paid them. Find out more about TaxAct’s Maximum Refund Guarantee.
TaxAct® Xpert Assist is available as an added service to users of TaxAct’s online consumer 1040 product. Unlimited access refers to an unlimited quantity of expert contacts available to each customer. Service hours limited to designated scheduling times and by expert availability. Some tax topics or situations may not be included as part of this service. Review of customer return is broad, does not extend to source documents and is not intended to be comprehensive; expert is available to address specific questions raised by customer. Offer for free Xpert Assist may expire at any time. View full TaxAct Xpert Assist Terms and Conditions.
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Google
Apple
Outlook
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Biz owners, this one’s for you.
Deadline for business returns
3/15
Psst…if you haven’t received yours yet, February’s the time to reach out.
Deadline for companies to file W-2s
1/31
Add to cal:
Google
Apple
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Google
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Deadline to file if you received an extension
10/16
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Google
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Tax Day
4/18
PS: It’s also the last day to file for an extension without receiving a late penalty fee.
Google
Apple
Outlook