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. ALABAMA Alabama Department of Revenue Individual and Corporate Tax Division P.O. Box 327465 Montgomery, AL 36132-7465 (334) 242-1170 Forms: (334) 242-9681 Electronic filing: (334) 242-2117 Refund: (334) 353-2540 Website: http://www.ador.state.al.us Mili... more
Although tax season is often the most dreaded time of year, many consumers actually look forward to getting what's owed to them, particularly since in recent years the average federal income tax refund has been in the $3,000 range. Once the refund is received, the question becomes one of how to responsibly use the money. Consumers should never lose sight of the fact that this is not found money, but simply Uncle Sam returning your mone... more
According to the IRS, the average tax refund is up 3 percent so far this year, to $3,034. That's a significant amount of money to receive with no plan in place. Some will receive their tax return and know exactly where they intend to spend that money, whereas others might want to be more strategic with their refund check. 3 Methods for Budgeting Your Tax Refund. 1. Elizabeth Warren's 50-30-20 Rule The 50-30-20 budget is a commonly ... more
It is that time of year again — tax season. In order to help get you organized and prepared for the grueling task of filing your taxes, here are some commonly missed tax deductions. By taking advantage of them, you have the potential to save hundreds or thousands of dollars. 1. Sales and Income Tax Many filers forget to include state sales and income tax as deductions. If you live in a state that doesn't impose an income tax, adding up... more
Military.com | Mar 04, 2014
Although many have finished their taxes for the 2013 tax year, the start of the new year is also an ideal time to look ahead for the current tax year. This is especially true if you haven't looked over the updated 2014 income tax brackets, which the Internal Revenue Service adjusted for inflation and released in late October 2013. The adjustments increased the brackets by about 1.6 percent over figures from 2013. The New 2014 Income Tax... more
Although going back to school can be a pricey venture, military servicemen and women should keep in mind that their military status makes them eligible for certain education benefits.
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.