Taxes Archive
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4 Scams to Avoid This Tax Season
As April 15 approaches, clever crooks use the IRS to try and separate you from your hard-earned money. Like most people, you probably have a healthy respect for the taxman. But don't let that intimidation factor override your common sense. Be on the alert for these four common tax scams. 1. Phishing Using the Refund Lure The most common scammer tactics are variations on the tried-and-true phishing trick that uses a phony email to solicit yo... more
5 Ways to Spend Your Income Tax Refund
Are you part of the American tax-filing majority who's about to get a big, fat tax refund? If so, I have a question: What are you going to buy yourself with it? What? A CERTIFIED FINANCIAL PLANNER™ is asking how you plan to spend your tax refund instead of telling you to pay off debt with it, save it or invest it? And he's not saying it's a financial mistake to get a refund in the first place? That you should change your withholding so you ke... more
Strategies to Tame the Tax Beast
Two new federal laws promise to have an effect on your income tax bill in 2013 and beyond. Health care reform and the "fiscal cliff" resolution mean new and higher taxes on the wealthiest Americans, extended tax relief for others, but higher payroll taxes for all wage earners. To help understand how these laws may affect you, here are five hypothetical scenarios to illustrate how you could more effectively direct money and manage taxes. The ... more
13 Deductions That Could Cut Your Tax Bill
For all the talk about tax changes at the end of 2012, many people are still left wondering what it means for them. "'Is it a big deal? Or is it business as usual?' are questions I'm hearing," says Scott Halliwell, CERTIFIED FINANCIAL PLANNER™ practitioner with USAA. "While many issues were resolved, a lot of taxpayers still aren't sure how their tax returns and deductions are affected," he says. If you're one of those people, brush up ... more
The Case Against a Federal Income Tax Refund
Millions of Americans celebrate receiving an income tax refund each year. Many of these same people live each month under the burden of financial hardship, struggling to make ends meet, often falling behind on living expenses and debt obligations. The February poll hosted on the National Foundation for Credit Counseling (NFCC) website revealed that a significant majority of respondents, 58 percent, intentionally plan to always receive an inc... more
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2013 Tax Changes: Should You Be Worried?
Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare. Over the last few years, Americans have observed a series of tense Capitol Hill confr... more.
Military Taxes: Family/Spouse Issues
Military families must contend with moving and child care issues -- and both of these issues can be very expensive. However, Permanent Change of Station (PCS) and the Child Tax Credits can help ea... more.
5 Ways Fiscal Cliff Deal Affects Your Taxes
At the last possible moment, Congress finally approved a deal to avoid the so-called fiscal cliff that was threatening to enact automatic cuts to government programs and tax increases on American... more.
Money for Some Military Spouses
Military spouses in states that collect state income taxes may be able to pocket a little more of their paycheck under an amendment that allows spouses to retain their legal residency in their home... more.
Vets
Injured Veterans Receive Tax Benefits
Through the Department of Veterans Affairs (VA), veterans can receive a wide range of benefits, such as those related to disability, pensions and severance pay. If you are a veteran, you may qualif... more.
Injured Veterans Receive Tax Benefits
Through the Department of Veterans Affairs (VA), veterans can receive a wide range of benefits, such as those related to disability, pensions and severance pay. If you are a veteran, you may qualif... more.
Five Ways to Make Your Taxes Less Taxing
Let"s face it: Doing your taxes is about as exciting as mowing your lawn. But, we all have to do it. And Uncle Sam doesn't make it easy. The U.S. tax code literally fills thousands of pages. Thankf... more.
Tax Deductions Are Everywhere -- Do You Know Where to Look
With tax season in full swing, you should take note of the many deductions and credits available to you because of your military service; whether on active duty or on reserve. Knowing where to loo... more.
Servicemembers
Body Armor Tax Deductible
If you purchased body armor [or other personally procured protection equipment] for combat duty, the entire cost (including shipping) is tax deductible. You or your spouse must have purchased it; i... more.
5 Ways Fiscal Cliff Deal Affects Your Taxes
At the last possible moment, Congress finally approved a deal to avoid the so-called fiscal cliff that was threatening to enact automatic cuts to government programs and tax increases on American... more.
Tax Information for U.S. Servicemembers
The tax laws provide some special benefits for active members of the U.S. Armed Forces, including those serving in combat zones. For federal tax purposes, the U.S. Armed Forces includes officers a... more.
Top Tax Tips for Military Personnel
With the start to the new year behind us, it is time to once again plan ahead for tax season. With the exception of those serving in combat zones or stationed outside the U.S, most military personn... more.
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