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What is IRS Notice CP14 and what should I do if I receive one?
Contributed by: TriciaD, FreeTaxUSA Agent, Tax Pro If you received IRS Notice CP14, don’t panic. This notice usually means the IRS says you owe money after your tax return was processed. It lists the tax year, balance due, and deadline to respond. What does CP14 mean? CP14 is a bill from the IRS. It’s sent after the IRS…
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Trump Accounts launch July 4, 2026 – here’s what you need to know
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro What is a Trump Account? When the One Big Beautiful Bill Act (OBBBA) was made law in 2025, one of its provisions created a new type of investment account for kids under age 18 called a Trump Account. You may have heard about it in the news. Read this FreeTaxUSA article…
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What is IRS Notice CP2000 and what do I do with it?
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro There’s just about nothing worse than opening your mailbox and finding a letter from the IRS. Your stomach flip-flops, and you get that sinking feeling of ‘now what?’ If the letter in your mailbox turns out to be a Notice CP2000, there’s still some good news because it’s…
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A quick “Crypto for Dummies” on commonly used words, definitions, and IRS tax treatment
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro If you buy, sell, swap, hold, exchange, or receive virtual currency -- often referred to as a digital asset or cryptocurrency -- you may need a little help understanding the terminology and potential tax implications. This article is designed to make things clearer.…
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How do I calculate my home’s adjusted basis?
Contributed by: Joshua C., FreeTaxUSA Agent, Tax Pro If you sold your home during the year, it’s important to calculate the adjusted basis accurately when reporting the sale on your tax return. This figure determines how much gain (or loss) you realized when you sold the property — and that in turn determines whether any…
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What is a mega backdoor Roth?
Contributed by: WrenD, FreeTaxUSA Agent, Tax Pro You’ve probably heard of a Roth IRA — a retirement account where your withdrawals are usually tax-free. But not everyone can contribute directly to a Roth IRA because of income limits. One workaround is an IRA conversion typically called a backdoor Roth: when you put money…
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How do I find my old tax return?
Contributed by: AndyS, FreeTaxUSA Agent, Tax Pro There are times when you may need to get ahold of a prior year federal tax return that you filed. This could be because you need it to help you e-file your current year return, you want a copy for your personal records, or you need it to obtain a loan. Whatever the reason…
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Taking advantage of the stepped-up basis loophole for inherited stocks, property and investments
Contributed by: MatthewD, FreeTaxUSA Agent, Tax Pro When you inherit stocks, property or other investments, you may have a capital gain to report on your tax return when you sell them. Using the tax provision known as the "step-up in basis" can reduce or eliminate the capital gains tax you owe. How step-up basis works:…
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First time using FreeTaxUSA
Contributed by: AndreaS, FreeTaxUSA Agent, Tax Pro Filing your own tax return can seem like a daunting task! But at FreeTaxUSA, we like to keep our software easy to understand and approachable so anyone can feel confident preparing their own return. Best of all, federal returns are always free! There is a small fee for the…
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Basics of navigating the FreeTaxUSA software
Contributed by: AndreaS, FreeTaxUSA Agent, Tax Pro You’ve started an account in FreeTaxUSA but are a little uncertain about how our software works. No worries, here’s some tips and tricks so you can navigate through the software like a pro. How does it work? Our software works like an interview; it will ask you some basic…