Tax guidance and resources

Looking for advice on lowering your federal or state taxes? You’ve come to the right place. Plus, get news and advice related to tax brackets, property taxes, estate taxes and more.

Taxes Basics

Short- vs. long-term capital gains

It pays to know the difference between short-term and long-term capital gains.

What is the estate tax?

When someone dies, the assets they leave behind are subject to the estate tax. But only if the total value exceeds an exemption amount.

Independent contractor vs. employee

Whether you’re classified as an independent contractor or an employee will have a major effect on your taxes.

What is Form 5498?

You don’t have to file Form 5498, but it’s a key tax form to keep for your IRA records.

Editor's Picks

Latest Articles

TaxAct review 2025 (tax year 2024)

TaxAct supports a variety of tax situations at affordable prices. Overall, it’s a great value.

3 min read Mar 14, 2025
Trump’s latest tax proposal: No taxes for those earning less than $150,000

If you earn less than $150,000, Trump wants to abolish your taxes, says U.S. Commerce Secretary Howard Lutnick.

2 min read Mar 14, 2025
How to file taxes for the first time: Everything you need to know

Filing taxes for the first time may seem daunting, but it’s usually fairly simple. Here’s what you need to know.

7 min read Mar 12, 2025
You won’t owe tax on these 8 types of income

Uncle Sam will get a cut of just about all of your income, but some types do escape tax.

2 min read Mar 07, 2025
How to pay your taxes: 9 ways to send a tax payment to the IRS

If you owe money to the IRS, you have options for sending in that payment. Here are 9 ways to make a tax payment.

4 min read Mar 07, 2025
Capital gains tax on real estate: Why selling your home might cost you more than you think

Home sales may incur capital gains taxes. Here’s how to keep as much profit in your pocket as possible.

9 min read Mar 06, 2025
5 tax scams to watch for this tax season — and how to stay safe

Financial scammers can be relentless, especially at tax time. Here are tips to keep yourself safe.

4 min read Mar 06, 2025
Section 179 deduction vs. bonus depreciation: How they work, how they differ

The Section 179 deduction and bonus depreciation both let businesses write off expenses quickly. Here’s what you need to know.

6 min read Mar 05, 2025
Taxable income: What it is, how to calculate it and how to reduce it

To understand your tax bill, you need to understand taxable income, which is your gross income minus certain deductions.

5 min read Mar 01, 2025
Tax deductions: How they work, how to claim them

A tax deduction lowers the amount of your income that’s subject to tax, thus trimming your tax bill. But not all tax deductions are alike.

3 min read Feb 28, 2025
Can’t pay the IRS what you owe? 4 ways to avoid major penalties

If you can’t pay your tax bill, consider these four strategies for reducing major penalties.

6 min read Feb 27, 2025
What is the long-term capital gains tax?

Certain windfalls are considered capital gains. Here’s how to determine what you’ll owe.

9 min read Feb 25, 2025
What is the net investment income tax and who has to pay it?

Here’s how this tax works and some strategies to minimize the potential hit.

4 min read Feb 25, 2025
How to prepare your estimated taxes as a new freelancer

Freelancers need to calculate their estimated taxes quarterly. Here’s what to know.

4 min read Feb 24, 2025
Are credit card fees tax deductible?

Which credit card fees can you deduct for tax purposes?

2 min read Feb 24, 2025
American Opportunity Tax Credit: What it is, who qualifies, how to claim it

The American Opportunity Tax Credit is worth up to $2,500 if you’re paying for qualified educational expenses for yourself or a dependent.

4 min read Feb 23, 2025
Gross income: Definition, why it matters and how to calculate it

Gross income is your total pay, before deductions or taxes are taken out. It plays a big role in some key personal finance calculations.

4 min read Feb 23, 2025
1099-K tax rules: What you need to know if you get paid via Venmo, Cash App or PayPal

If you get paid through Venmo, PayPal, Cash App or another payment app, you may receive a Form 1099-K this year. Here’s what you need to know.

4 min read Feb 22, 2025
1040 form: What it is, how to fill it out

The 1040 tax form is the tax return that U.S. taxpayers must file every year. Here’s how to fill it out.

6 min read Feb 21, 2025
Roth IRA rules you should know during tax season

There are a lot of reasons to love Roth IRAs, but they don’t offer the immediate tax break of a traditional IRA.

6 min read Feb 18, 2025

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