If you paid someone to care for your child, spouse, or dependent last year, you may qualify for tax credit.
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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 personnel and their families must file taxes by the traditional April 15 deadline. As usual, there are a number of unique credits and deductions available to servicemembers. This article will focus on the deductions available to military families. All info... more
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
For many married couples, it makes sense to file joint federal income tax returns. A number of benefits are only available to married couples filing jointly, so it's important to carefully consider your own situation and consult a tax professional before choosing how to file. "In many cases, it does not make sense to file separately because you probably are not going to save any money," says Bob Meighan, vice president of customer advocacy fo... 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
It's the envelope no taxpayer wants to open: an IRS audit notice. What should you do if one arrives? Curl into the fetal position? Run? Freak out? "Don't panic," advises Bob Meighan, vice president of online tax preparation service TurboTax®. "The vast majority are correspondence audits. That means the IRS sends a letter and says the income from Bank XYZ does not match what was reported to us." Those low-level inquiries account for 80 perce... more