TaxACT Life Events

Bankruptcy is available within Life Events from TaxACT Deluxe to provide the honest debtor with a fresh start. If you file for bankruptcy, it can hurt you when it comes to loan and job applications. Filing bankruptcy can also complicate your tax return. With the help of TaxACT Deluxe and the Bankruptcy Life Event, your filing process can be made much eaiser.

The birth or adoption of a child can have a large affect on your income tax return. The Birth/Adoption Life Event topic helps you determine how and when to claim a dependent, helps you deal with medical costs, and points out available tax credits that may apply to you.

Buying a home can be a complicated and overwhelming experience. The Bought a Home Life Event topic walks you through the various costs of home ownership and helps you determine the effects of buying a home, and how they may impact your taxes.

Changing or losing a job can have a serious impact on your finances and your income tax situation. The Changed Jobs Life Event topic explains the most common tax questions people have regarding losing or changing jobs, looks at various expenses associated with such a change, and much more.

Learn if you qualify to claim a credit for child and dependent care expenses. This credit is a percentage of the expense paid for care-giving, and pays the caregiver.

Whether you or a child are going to college, the cost of college is an event that can have a huge financial impact. Get some of that money back! The College Life Event topic explains the tax benefits, credits, and deductions available for families saving for college. The college life event also helps point out tips for paying higher education costs and repaying student loans.

Community property law does not affect the filing of a married filing joint tax return, but if a married filing separate return is desired, or has a tax advantage, the state rules regarding community property and community income need to be followed. To accurately assess any tax advantage, three returns need to be completed. TaxACT quickly and easily walks you through this process.

In the unfortunate event that you experienced the death of a loved one, you may not be aware of the affects that it will have on your income tax return. The Death Life Event topic guides you through the various tax situations (involving the death of a dependent, spouse, or unmarried filer), and discusses the estate tax and how it impacts you.

Illness and injury are facts of life. The Disabled Life Event topic discusses the tax implication of an illness or disability due to injury, either temporary or permanent, where you, a spouse, or a dependent may have received compensation.

Divorce has many ramifications that could impact your tax situation. The Divorce Life Event topic answers the most common tax questions people have about divorce, including: filing status, child support, legal fees, assets, and other associated issues.

One of the first things you will do when you get your first job is complete a Form W-4 for your employer. TaxACT will give you information on completing your Form W-4, and once you receive your Form W-2 at the end of the year, TaxACT will help you go through filing your taxes for the first time.

Foreclosure or repossession is considered to be a disposition (sale) of property from which you may realize gain or loss. The abandonment of property is also considered to be a disposition (sale) of property.

As a foreign national, the first thing you must know in order to file your tax return is whether you are a resident or non-resident for U.S. tax purposes. It is important to determine your correct status because resident and nonresident aliens are taxed differently. TaxACT will help you determine your correct status and guide you through your return.

Everyone always asks... 'What if I win the lottery?'. The Gambling and Prizes Life Event topic discusses when and how to include both cash and noncash lottery and raffle winnings in your income, and explains how you may be able to deduct gambling losses from your return.

Did you give or receive a gift in the last year? Perhaps you gave to a charitable organization? Are you required to pay a gift tax? The Gifts Life Event topic discusses the gift tax and much more.

There are a number of events, such as: vacations, college tuition, or unexpected expenses that arise, and require a need for extra money. A home equity loan may be the best source of funds. The Home Equity Loans Life Event topic reveals the restrictions on such loans and how they impact your taxes.

If you host an exchange student (Foreign or American), you can deduct qualifying expenses if the student meets certain requirements. TaxACT Deluxe will help you determine if you are eligible for these deductions, and TaxACT Deluxe will also show you how to claim them.

If you were affected by a hurricane, tornado, flooding, or any other natural disaster, you may be eligible for a number of special relief provisions. The Hurricanes and Other Disasters Life Event topic presents the options available for deducting your losses.

There are several basic principles when dealing with an inheritance. Let the Inheritance Life Event topic help you deal with the tax implications of receiving a cash or property inheritance.

Court awards due to legal action may be taxable. However, the legal fees may not be deductible. The Lawsuit Life Event topic covers the tax implications of suing/being sued, due to a physical injury, non-physical injury, or a business related issue.

Did you and another person who is not your spouse jointly purchase a home? Did you earn interest on a joint account or receive interest that belongs to someone else? The Living Together, But Not Married Life Event helps determine your eligibility to deduct your share of the interest from a home, determine who reports interest income, and much more.

A major medical bill can cause a financial headache, so make certain to take all the deductions you are eligible for at tax time. With the Major Illness Life Event topic, TaxACT will help you determine which deductions you qualify for and guide you through your tax return.

Getting married can have a major impact on your income tax situation and finances in general. The Marriage Life Event topic helps with choosing your filing status (Married Filing Joint or Married Filing Separate), discusses issues with changing names, and more.

This Life Event covers a few of the special tax situtations for active members of the United States Armed Forces. For tax purposes, the Armed Forces does not include members of the U.S. Merchant Marine or the American Red Cross. Find out more Military - tax facts to see what deductions you you qualify for with the Military Life Event topic from TaxACT Deluxe.

Moving expenses may be deductible from your income tax return. The Moved (Changed Residence) Life Event topic helps determine your eligibility for moving deductions and discusses costs associated with your move.

Each State has its own unique rules that determine if an individual is considered to be a resident, part-year resident, or nonresident of that state for tax purposes. You may need to file multiple state returns if: you moved during the year and lived in two (or more) states, or you earned income in a state but were not a resident (or part-year resident) of that state. TaxACT will help determine if you need to file multiple state returns or not, and will help guide you through the filing process.

If someone owes you money you cannot collect, you may have a bad debt. There are two kinds of bad debts - business bad debts and nonbusiness bad debts. This topic will cover nonbusiness bad debts and will show you how to deduct them from your tax return.

Although it is very tempting to take money out of your retirement plans to pay off Christmas, vacation, or credit card expenses, you need to consider the tax penalties for taking an early distribution. The Premature IRA/401(k) Distributions Life Event topic lays out the various penalties you may face.

The purchase of a vehicle can create some tax saving opportunities, especially when the vehicle purchased is a new hybrid vehicle. Even if you do not purchase a hybrid vehicle there are still two itemized deductions that may be applicable to a vehicle purchase. This Life Event will cover the alternative motor vehicle credit and will then provide information on the itemized deductions available.

Notices sent by the IRS regarding Form 1040, 1040A, 1040EZ, or any schedules, forms, or other attachments are called individual filer notices. If you receive one of the indivicual filer notices above, the Received an IRS Notice Life Event will help you decide what to do.

All tips you receive are considered as income and are subject to federal income tax. You must include in your gross income all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. With this new Life Event, TaxACT Deluxe makes filing a breeze.

We all look forward to retirement, but you should be aware that some of your retirement benefits may be taxable. The Retired Life Event topic provides information on Social Security Benefits, Pensions, and IRAs.

Selling your main home is a major life event. This Life Event from TaxACT Deluxe will help you learn more about the effects of selling your home, and what kind of impact it may have on your taxes.

If you are currently separated from your spouse, you may have tax questions regarding alimony, filling status, legal fees, and more. The Separation Life Event topic gives you the answers to the questions that you need.

If you started a new business, you joined hundreds of thousands of other new business owners. The Started a New Business Life Event topic addresses some of the tax issues associated with starting a new business as a sole proprietor.

Today, more employers are offering employees various types of stock option plans. It pays to know the type of plan that you are able to participate in, since each plan has a different tax treatment. The Stock Options Life Event topic explores the various stock option plans and their tax ramifications.