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How do capital gains and losses affect my tax return?
Contributed by: TriciaD, FreeTaxUSA Agent, Tax Pro Capital gains and losses play a significant role in determining your tax liability. Whether you’re selling stocks, real estate, or other investment assets, understanding how these transactions are taxed can help you plan smarter and potentially reduce your tax bill. We’ll…
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How to confirm the charity you want to contribute to is a qualified 501(c)(3) and eligible for a deduction
Contributed by: AnthonyS, FreeTaxUSA Agent, Tax Pro Have you ever donated to a charity only to later realize that it wasn't tax-deductible? I have, and it's frustrating -- especially if you’re counting on that deduction to lower your tax bill.This article will guide you through how to verify an organization’s tax-exempt…
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Do I qualify for the new overtime pay deduction?
Contributed by: PhillipB, FreeTaxUSA Agent, Tax Pro The new tax law was signed on the 4th of July 2025. It includes a provision that allows people who are paid overtime to take a deduction of up to $12,500 of their overtime pay. The deduction is set to be available from 2025 until 2028. While the IRS still has guidance…
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How to file back taxes
Contributed by: KelliP, FreeTaxUSA Agent, Tax Pro and PhillipB, FreeTaxUSA Agent, Tax Pro Occasionally, taxes are not filed by the deadline and may remain unfiled for several years. We recommend filing them as soon as possible. FreeTaxUSA supports filing returns for the past seven years. If you have multiple years to file,…
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What if my spouse lived in a different state?
Contributed by KeriC, FreeTaxUSA Agent, Tax Pro If you and your spouse lived in different states at any point during the tax year, you may need to file tax returns for multiple states. Since state taxes are based on residency status, some additional steps may be required before filing. Special rules apply for those in the…