Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare.
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Below is information on state income tax rules, organized alphabetically by state. Information on U.S. territories and possessions is included at the bottom of the list. State Tax Information Alabama Maine Pennsylvania Alaska Maryland Rhode Island Arizona Massachusetts ... more
Tax Tips for Military Spouses As a military spouse tax time can be a bit stressful to say the least. There are regular tax questions: What are the new changes to tax law? What can I deduct? Who can I claim? Then there is an entirely new set of questions because you're a spouse of a service member: How do I file our joint return with my service member deployed? What state do I file my taxes in? What benefits are we allowed as mili... more
Let's face it -- the American tax system isn't known for its simplicity. And the confusion factor just climbs higher when you lived or worked in more than one state during the year. To help out, we've tracked down the answers to some of the most common cross-state questions. As you ponder your situation, remember that seven states have no income tax at all: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. 1. What if I l... more
According to Pew Research, one-third of Americans say they prepare and file their own income taxes, while more than half report they rely on someone else. (We're not sure about the remaining folks, but perhaps the Internal Revenue Service is looking into it.) Most of those do-it-yourselfers choose to fill out the forms on their own. Some do it to save money. Others know that, because their returns are so simple, they can easily complete the ... more
Taxes are inevitable. Preparing them, however, need not be painful. Having everything you need when it's time to work on your return can make a sometimes-torturous task more tolerable. Bob Meighan, vice president of TurboTax®, has some basic advice, starting with the documents needed to get the job done. You'll need to collect: A W-2 from your employer, stating your total wages for the year, federal, state and local taxes paid, Socia... more
Let's face it -- the American tax system isn't known for its simplicity. And the confusion factor just climbs higher when you lived or worked in more than one state during the year.
Servicemembers who recently enrolled in continuing education programs or signed up for skills building classes, have several government reimbursement programs and income tax benefits that can help ... more
To deduct moving expenses, you generally must meet certain time and distance tests. However, if you are on active duty and you move because of a PCS, you do not have to meet these tests.