Tax Insights via H&R Block

What is the self-employed health insurance deduction?

Being self-employed affects your taxes in several ways compared to workers who are considered employees. One big difference is in the deductions you can take to offset your taxable income. For example, the self-employed health insurance deduction allows independent contractors and other self-employed taxpayers to deduct the health insurance premiums they pay to help offset […]

Child Tax Credit: How it works and who qualifies this year

Editor’s note (as of 01/07/25): Heard rumbles on social media about Child Tax Credit payments last summer or even now? At this time, Congress has not passed any legislation that changes the rules for 2024 tax returns. If you have questions about pending or recently passed legislation or Child Tax Credit updates, be sure to […]

Form 1099-NEC and reporting nonemployee compensation

This tax year millions of independent workers will receive Form 1099-NEC in the mail or electronically—prompting questions of what it is and how to use it for taxes. Businesses use Form 1099-NEC to report payments made to nonemployees, like independent contractors or freelancers. That said, you don’t fill out this form—the business that hires you […]

401(k) rollover to IRA: Tax implications and how to report a rollover

When you leave a job, a lot of changes come with it—including impacts to your retirement account. So, what happens to your 401(k) retirement plan after leaving a job? One option is to roll over a 401(k) plan to an individual retirement account (IRA). An IRA rollover is a way to move your old 401(k) […]

New tax laws 2024: IRS tax changes to maximize your tax return

Tax rules can change each year, making it tough to keep up. So, how do you find out about key new tax laws for 2024? Easy—just turn to H&R Block. The best part is that you don’t have to dig for details. Block has got you covered with an outline of the tax changes for […]

Child and Dependent Care Credit: What it is and who qualifies

If you’re a parent or caretaker of young children, disabled dependents, or a disabled spouse, listen up — you may qualify for a special tax credit used for claiming child care and dependent care expenses. It’s called the Child and Dependent Care Tax Credit (CDCC), and you might be able to get back some of […]

College savings plans: How to save for college while reducing your tax bill

If you’re saving for college, it’s a smart idea to have an overview of the college savings options out there as well as other account types that could help you pay for college. What’s more, you’ll want to understand how each of these affects your taxes. With rising tuition rates, many parents are considering ways […]

Estimated tax payments and Form 1040-ES

Income tax is a pay-as-you-go system. How you do that can vary based on your work and tax situation. Not everyone will need to pay estimated tax payments, but if you do, we’re here to help you. It might seem like a chore to estimate your taxes, but if you properly calculate and pay these […]

Premium Tax Credit (PTC) and Form 8962 for Marketplace healthcare users

Did you know there’s a valuable health insurance tax credit available to qualifying taxpayers? The Premium Tax Credit helps eligible individuals and families afford health insurance purchased through the Health Insurance Marketplace, or “Marketplace” insurance. For details about this credit and other tax benefits for healthcare like the Advance Premium Tax Credit, read ahead. What is […]

What is IRS Form 1040: U.S. Individual Income Tax Return?

Form 1040 is one of the most commonly filled-out tax forms in the U.S. tax system. It’s the standard IRS income tax form taxpayers use to file annual income tax returns. Because so many people fill it out every year, it’s important to understand IRS Form 1040 and what goes into it. While the 1040 […]

The Earned Income Tax Credit (EITC): What it is, how to qualify, and 2024 tax year credit amounts

As far as tax credits go, you may not know the Earned Income Tax Credit (also known as EIC or EITC) on a by-name basis, but it’s a good one to get to know. Why? For taxpayers, the federal EITC is highly valuable, but shouldn’t be one to miss if you’re eligible so you can […]

Charitable donations: Tax deduction rules for charitable contributions

Are you someone who loves giving back to the community and supporting causes close to your heart? If so, you’ll be glad to know that your generosity may also provide some tax benefits if you qualify. Charitable giving not only benefits others in need, but as a taxpayer, your charitable contribution can actually count as […]

Making IRS payments: What happens if you owe taxes?

Owing federal taxes and paying your tax liability can be stressful, especially if you can’t pay on time. In most cases, you’re not going to prison for tax evasion; rather, you’ll face interest or penalties if you can’t pay what you owe the Internal Revenue Service (IRS) by the original due date of the return. […]

Social Security tax: Do you pay taxes on Social Security?

Ah, retirement… Time to kick back and enjoy your golden years. As you start to draw Social Security income, taxes may be the last thing on your mind. Many taxpayers in the United States are surprised to learn that if they receive Social Security benefits, they may have to pay income tax on up to […]

Head of Household: Requirements and dependent factors

If you’ve filed taxes in the past, you might be familiar with filing statuses. While terms like “Single,” “Married Filing Jointly,” and “Married Filing Separately” seem fairly clear, “Head of Household (HoH)” may have you scratching your head. Read on to get a handle on the nuances of who can file the HoH status, including […]

What is the penalty for filing taxes late, or not at all?

Life happens—and deadlines are missed. For any number of reasons, some taxpayers miss the original tax deadline for the tax year, which could result in a failure to file penalty for affected taxpayers. In fact, any affected taxpayer who owes taxes and doesn’t file taxes on time could face a failure to file penalty from […]

How much can you claim in charitable donations without receipts?

Charitable donations are usually given from the bottom of your heart—but you may be wondering about the potential tax benefit of your donation too. But, many people wonder “What donations can I claim without receipts?” We’ll outline how charitable donations could offset your taxable income. Rules for charitable donations: When do you need a […]

American Opportunity Credit vs. Lifetime Learning Credit

Anyone paying for college knows it’s expensive. If you’re like most students and families, any options to make college more affordable are welcome — including income tax breaks. Did you know you could lower your tax based on qualifying education-related expenses? If you paid for postsecondary education this tax year, two valuable education credits — […]

Taxes on 401(k) withdrawal: 401(k) distribution rules

How is a 401(k) withdrawal—also called a 401(k) distribution—taxed? The answer here depends on your situation and reason for taking a distribution. Whether you’re moving money to a new retirement plan, taking money out for retirement, or making a withdrawal to pay expenses, you’ll want to understand the tax implications of your 401(k) distribution. Moving […]

Schedule C, Profit or Loss from Business: What it is and who has to file one

Self-employed persons (including single-member LLCs) and independent contractors, or freelancers, (whatever term you use), self-employed individuals have additional responsibilities each tax year. Don’t worry—this isn’t a job you have to do alone. We’re here to make understanding common tax forms—like the Schedule C—more digestible. What is Schedule C? Schedule C: Profit or Loss from Business […]

Mortgage interest deduction: Definition, qualifications, and how to claim it

If you own a home, you may not realize there’s a tax benefit: the mortgage interest tax deduction. The answer for those wondering, “Is mortgage interest deductible?” is “yes.” To reduce your taxable income, you can deduct the interest you pay each tax year on your individual income tax return, which is of value amidst […]

Can you file taxes with your last pay stub and without a W-2?

If you want to get your tax refund as soon as possible, you probably wonder if you can file taxes with a pay stub and without IRS Form W-2 this tax year. Some people go online the first week in January and prepare their tax return using the information on their last paycheck stub because […]

Last minute tax filing tips

If you’re reading this, you’re likely pressed for time—so we’ll make this quick! Check out our last-minute tax filing tips below this video. And, if you need help filing your taxes, you can count on H&R Block for help! 5 Last minute tax preparation tips 1. Make a plan to file on time 2. Get […]

Don’t overlook these 11 common tax deductions

Miranda Marquit of Planting Money Seeds drops into Block Talk today to give you a refresher on the 5 most common tax deductions.

Filing an amended tax return with Form 1040X

While many people think taxes are a “set it and forget it” task — that’s not always the case. If you find errors or incomplete information on your original return, you can file a corrected version of your federal return. In most cases, if you originally filed IRS Form 1040, you should use Form 1040-X […]

W-2 vs. 1099: What’s the difference between these tax forms?

You may know that W-2 and 1099 forms are critical for reporting your income and filing your taxes. But what you might not know is how these forms relate to your worker classification – that is whether you’re an independent contractor or an employee. Depending on how your job is classified, the Internal Revenue Service […]

Taxes for gig workers: 6 common tax problems gig economy workers face

Gig economy jobs have boomed in recent years, becoming a way of life for so many Americans. With new business opportunities from companies such as Uber, Airbnb, and DoorDash, taxpayers are finding it easier than ever before to work for themselves. As workers take on these new gig jobs, they’re probably not thinking of what […]

Use tax loss harvesting to offset capital gains

If you’re an investor in things like cryptocurrency (crypto), real estate, or securities, it can be a great way to put your money to work for you and potentially increase your net worth and income. Yet, it’s essential to understand it can come with the risk of investment loss. If your portfolio takes a beating […]

Claiming a child on taxes: Tax tips & rules for claiming a newborn

First of all, if you recently had a baby, congratulations! Becoming a parent is an exciting and rewarding experience. Still, it comes with new responsibilities, like claiming a child on your income taxes. Luckily, there are a few strategies to help maximize your tax benefits and minimize your tax liability as a new parent. Here, […]

Are moving expenses tax deductible?

Is moving in your future? You might be dreading the costs associated with the move and wonder, “Is there anything I can deduct from my taxes to lessen the financial burden?” Under previous tax laws, you could deduct approved costs associated with moving household goods and personal items, along with the travel costs of moving […]

Severance and taxes: What you need to know if you receive a package

Economic downturns often come with the announcements of staff being laid off. Right now, it feels like this is happening in droves, especially in the tech space. The silver lining for some is employers offering severance packages. If this is sounds like your situation, you’re probably feeling overwhelmed about — well, everything — and taxes […]

Traditional & Roth IRAs: Withdrawal rules and early withdrawal penalties

Trying to determine which Individual Retirement Arrangements (IRA) is best for you — traditional or Roth? It’s important to understand the traditional IRA and Roth IRA withdrawal rules and early withdrawal penalties (also called the 10% additional tax) as they are very different. Read on and we’ll outline everything you need to know about the […]

How to know if you’re an employee or a contractor – and why it matters

A job is a job, right? If we’re talking taxes, not all job types are the same. Here’s why your “employment status” matters: If your employer says you’re an independent contractor (Form 1099-NEC income), but you think you’re an employee (Form W-2 income), you may be surprised by a large tax bill when you file […]

Is unemployment taxed? Get answers to 3 key unemployment income questions

In short, yes, unemployment income is taxed.* However, paying taxes on unemployment income and understanding how getting unemployment affects your tax return, calls for a bit more explanation – especially if you want to avoid unpleasant surprises at tax time. By far, one of the most devastating economic impacts of the coronavirus crisis is the […]

Qualified Business Income Deduction – Tax reform for pass-through entities

Editor’s Note: This article was originally published on March 8, 2018. The Tax Cuts and Jobs Act provides businesses with a variety of changes in tax reporting starting with tax year 2018. One such change in the latest tax reform is the 20% deduction for pass-through entities’ qualified business income. The qualified business income deduction starts in […]

What Do I Need to Know About Filing Taxes in Two States?

Moving out of state during the year? Working in one state and living in another? There are several reasons you might file taxes in two states come tax time. We’ve outlined a few situations to illustrate how it can impact your state taxes. Filing Taxes When You’ve Lived in Two Different States How you file […]

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