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Personal Finance 2021-03-04T14:15:00Z
TurboTax vs H&R Block 4x3

TurboTax vs. H&R Block: How the popular tax-filing services compare on cost, experience, and expert help

Both TurboTax and H&R Block have high-quality user interfaces and offer access to experts. You won't go wrong with either choice.
Personal Finance 2021-03-03T21:41:36Z
filing taxes in the military

Military members are able to file their taxes for free — here's how

There is one service available for military that's free for everyone: rich, poor, officer, or enlisted. It's called MilTax.
Personal Finance 2021-03-02T14:30:41Z
FreeTaxUSA review 4x3

FreeTaxUSA review: A suitable $0 option for most filers, but state returns cost extra

FreeTaxUSA offers a quality tax-prep experience, but it's missing a few nice-to-have features that are standard at higher-end competitors.
Personal Finance 2021-02-26T22:11:15Z

Best tax software 2021: TurboTax, H&R Block, and more

To find the best tax software, we reviewed 10 online tax preparers, including TurboTax, H&R Block, and TaxSlayer. Here's how they stack up.
Personal Finance 2021-02-25T21:26:23Z

How much does TaxSlayer cost? Here's how much you'll pay to prepare and file your tax return.

TaxSlayer offers four tax-filing plans, including a free federal and state option for basic tax situations.
Personal Finance 2021-02-24T22:18:07Z

TurboTax vs. TaxSlayer: How the online tax-filing services compare

TurboTax is best for those who need more help — and are willing to pay a premium — while TaxSlayer is great for those who are familiar with taxes.
Personal Finance 2021-02-24T16:42:43Z

When to file your taxes this year to avoid late fees and get your refund as fast as possible

You can start preparing and filing taxes when you have your income documents. The IRS started accepting returns on February 12.
Personal Finance 2021-02-23T22:12:25Z

How I earned 75,000 points — worth $750 in travel — by paying my taxes with a credit card

Choosing the right credit card to pay my taxes was easy — I picked one with a big welcome bonus and an equally large minimum spending requirement.
Personal Finance 2021-02-23T22:00:03Z

Jackson Hewitt review: A straightforward way to file taxes online or with a pro if you don't qualify for free filing

Jackson Hewitt offers a DIY plan for federal and state tax returns at $49, and a full-service expert option that's cheaper than some competitors.
Personal Finance 2021-02-23T21:00:17Z

Missing a tax deadline cost my small business $600 and convinced me to finally hire a CPA

Filing taxes with only W-2 income was stressful enough. But when she missed the tax deadline for S-corps, she got hit with a fine that caused panic.
Personal Finance 2021-02-23T15:43:52Z

How much does TaxAct cost? How much you'll pay to prepare and file your tax return

TaxAct offers four tax-filing plans, including a free federal option for basic tax situations. You'll pay extra to file your state tax return.
Personal Finance 2021-02-23T15:30:36Z

TaxSlayer review: A low-cost pick for experienced filers and simple tax situations

TaxSlayer is a top value pick for self-employed filers, and a good budget option for anyone else. But there are a few inconveniences to be aware of.
Personal Finance 2021-02-23T15:25:00Z

TaxAct review: A good middle-of-the-road option for experienced DIY filers

TaxAct's overall pricing is fair, though customers should be careful to account for add-ons such as expert help and state returns.
Personal Finance 2021-02-22T22:30:34Z

Victims of the Texas winter storms will have until June 15 to file and pay taxes

Texans in all 254 counties now have until June 15, 2021, to file individual and business tax returns and make payments.
Personal Finance 2021-02-19T23:32:31Z

Credit Karma Tax review: A free prep service that covers almost any tax situation

Credit Karma, a well known service that monitors credit scores, offers Credit Karma Tax to help users file federal and state taxes for free.
Personal Finance 2021-02-19T19:21:56Z

How much does H&R Block cost? Here's how much you'll pay to prepare and file your tax return.

H&R Block has five pricing options based on how many income streams and deductions you have, starting with a free version.
Personal Finance 2021-02-19T19:18:01Z

How much does TurboTax cost? Here's how much you'll pay to prepare and file your tax return.

TurboTax has three do-it-yourself online packages that cost between $60 and $120 for federal returns, plus an additional $50 for state returns.
Personal Finance 2021-02-18T15:34:34Z

I made a big tax mistake when I started side hustling, but my new system makes tax time a breeze

She made $30,000 in her first year side hustling, but tracking all that income — and her business expenses — was a pain come tax time.
Personal Finance 2021-02-17T18:25:27Z

How to file an amended tax return to correct your income, credits, or deductions

To claim a refund, the amended tax return deadline is typically within two to three years of the date you filed the original return.
Personal Finance 2021-02-17T18:12:16Z

Are medical expenses tax deductible? Generally yes, under 2 conditions

Medical expenses are tax deductible if they exceed 7.5% of your adjusted gross income (AGI) for the year. This threshold can be difficult to meet.
Personal Finance 2021-02-17T17:50:55Z

You can get a 6-month extension to file your taxes, but you still have to pay them by April 15

There are a few easy ways to get a tax extension, which pushes your filing deadline to October 15, but you still have to pay your bill on time.
Personal Finance 2021-02-17T17:41:19Z

How long to keep your tax records, according to the IRS

The IRS recommends storing tax records — including past-year returns and related documents — for at least three years and up to seven years.
Personal Finance 2021-02-17T16:38:58Z

If you've been hit with a big surprise tax bill in 2020, a financial planner explains how to shrink it in 2021

If you earned more money than expected in 2020 and owe extra taxes, you can make changes now to keep more of your cash next year.
Personal Finance 2021-02-17T16:14:50Z

Think twice before paying an online tax preparer from your refund

The cost of tax filing fees with H&R Block, TurboTax, or one of the other online tax preparers can be deducted from your refund — for a price.
Personal Finance 2021-02-16T21:25:36Z

After collecting unemployment for 24 weeks tax-free, I'm facing a huge tax bill this year — but I don't regret my decision

Her tax bill is due in full by April 15, like every other American, but she's holding out hope that Congress may pass some tax-relief legislation.
Personal Finance 2021-02-12T21:46:26Z

TurboTax review: Not the cheapest online tax software, but good for complex situations

TurboTax is the most expensive online filing option, but you get what you pay for: a good user experience and access to tax experts.
Personal Finance 2021-02-12T21:39:55Z

Community Tax review: Get organized, expert help to pay your federal or state tax debt

Community Tax specializes in tax resolution, and is a strong option for people who might qualify to reduce their debt based on financial hardship.
Personal Finance 2021-02-11T21:54:43Z

H&R Block review: An easy way to file taxes yourself or connect with a pro, and get your maximum refund

Taxes can be overwhelming and confusing, even for the well-versed. H&R Block simplifies the process without dumbing it down.
Personal Finance 2021-02-11T21:47:37Z

I've never paid my taxes with a credit card — here are 5 reasons why I will in 2021

Between a new credit card sign-up bonus and a 0% APR offer, I'll come out ahead paying my tax bill compared to setting up a payment plan with the IRS.
Personal Finance 2021-02-11T21:45:51Z

Credit Karma has a brand-new checking account that's available to TurboTax customers before anyone else

TurboTax customers may like the Credit Karma checking account if they want to receive their paychecks early or receive occasional purchase refunds.
Personal Finance 2021-02-11T16:45:33Z

A new tax break for charitable donations could reduce your taxable income by up to $300

On your 2020 tax return, you may be able to claim up to $300 in cash contributions to charity as a deduction without itemizing.
Personal Finance 2021-02-10T18:41:50Z

Americans will be able to claim any stimulus check money they're owed on their 2020 taxes

The Recovery Rebate Credit — the formal name for stimulus checks — reduces your overall tax bill, and can result in a refund when you file.
Personal Finance 2021-02-10T17:37:41Z

How much do you have to make to file taxes? Here are the benchmarks for the 2020 tax year

Not "losing" a portion of your paycheck to taxes may sound nice to some, but it's not a luxury. Here's who has to file a tax return for 2020.
Personal Finance 2021-02-10T17:37:32Z

If you owe taxes, the penalty for filing your return late can add up quickly

The deadline to file your income tax return is April 15, unless you get an extension. The penalty for filing taxes late is 5% of any unpaid balance.
Personal Finance 2021-02-10T17:34:32Z

A tax audit is an IRS investigation into whether you paid the right taxes, and it's not just for the super-rich

Tax auditing allows the IRS to double-check tax returns to make sure the right amount of tax was paid, and it could result in paying more taxes.
Personal Finance 2021-02-09T18:44:39Z

4 tax breaks every US college student should know about

Tax deductions and tax credits for college students can help offset the cost of school or repaying a student loan. Here's what's available.
Personal Finance 2021-02-08T16:58:00Z

You may be able to cut down your tax bill with a little-known credit if you saved for retirement in 2020

You might qualify for the saver's credit if you earned less than $32,500 as a single filer or less than $65,000 as a joint filer in 2020.
Personal Finance 2021-02-08T16:44:59Z

The IRS warns of 'ghost preparers' trying to rip off taxpayers

"Ghost preparers" may fake information and refuse to sign a tax return, which could leave you without a refund and responsible for the inaccuracies.
Personal Finance 2021-02-08T16:40:36Z

Your filing status helps determine how much income tax you pay

You can choose from five options for your filing status: single, head of household, married filing separately or jointly, and qualifying widow(er).
Personal Finance 2021-02-05T19:59:48Z

Here's when you can expect your federal tax refund to hit your bank account

Nine in 10 federal tax refunds arrive within 21 days of e-filing if the filer requests direct deposit, the method recommended by the IRS.
Personal Finance 2021-02-05T18:17:16Z

A high-yield savings account or CD can keep your cash safe and growing — but don't forget the interest may be taxed

Taxes on savings account interest is pretty simple. If you earned more than $10 in your high-yield savings account or CD, you'll owe some income tax.
Personal Finance 2021-02-04T22:40:48Z

I paid estimated quarterly taxes with a credit card despite the added fee, and unlocked a sign-up bonus worth at least $1,200

Paying taxes with a credit card makes sense if the rewards you'll earn are more than the processing fee, as long as you can pay your bill in full.
Personal Finance 2021-02-04T21:13:13Z

ASK A FINANCIAL PLANNER: I was claimed as a dependent in 2019, but I'm filing my own taxes for 2020 — can I get a stimulus check?

ASK A FINANCIAL PLANNER is a bi-weekly column from Insider's resident financial planner, Tanza Loudenback. This week: help with stimulus checks.
Personal Finance 2021-02-04T16:22:43Z

All legal workers in the US are subject to the federal payroll tax. Here's how it works.

FICA, for Social Security and Medicare, and FUTA, for unemployment, make up the payroll tax. You and your employer pay separate portions of the tax.
Personal Finance 2021-02-04T16:14:36Z

FICA taxes are collected through your paycheck and used to fund Social Security and Medicare

Employees who receive a W-2 have FICA taxes withheld by their employer. In addition, the employer contributes another 7.65% of pay.
Personal Finance 2021-02-03T21:05:57Z

Your tax liability is the amount of taxes you owe to the IRS

Estimate your tax liability by adding up all your income and subtracting deductions. Then, apply that figure to the tax tables for your filing status.
Personal Finance 2021-02-03T20:13:10Z

A tax credit is a way for low earners, parents, homeowners, and students to reduce their taxes

A tax credit is a dollar-for-dollar reduction of your tax bill. It's different than a tax deduction — you claim it regardless of whether you itemize.
Personal Finance 2021-02-03T16:56:28Z

Filing taxes as a business owner is time-consuming, but that's not the only reason I pay a pro $350 to do it for me

Not all tax preparers are created equal. The writer once had a bad experience with a tax professional, but has since learned what to look for.
Personal Finance 2021-02-03T16:52:05Z

Most Americans can file their taxes for free — here's how

Fun fact: The IRS doesn't actually charge you to file your taxes. It's the preparation fees from online providers that can add up.
Personal Finance 2021-02-02T22:05:28Z

You could save tons of money on your taxes by choosing to file jointly or separately with your spouse

Whether you should file taxes jointly or separately as a married couple depends on your expenses and income. It's generally better to file jointly.
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