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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It's natural for first-time tax filers to feel anxiety. After all, you've heard friends and family members talk about how much April 15 stresses them out. But it's best to relax, take a deep breath and realize you're probably getting money back, says Bob Meighan, vice president of customer advocacy for online tax preparation service Turbo Tax®. "As a first-time filer, it's not a time to stress," Meighan says. "In fact, this is probably a tim... more
For the spouse left behind during deployment, finding a way to fill those lonely hours can be a challenge. What if you could do something with that time that would lead to a brighter future? This could be the perfect time to go back to school. The IRS will help pay for advanced education expenses, making a return to school possible even on a tight budget. Taxpayers can use the money they normally spend on income taxes to help pay for sc... more
Are you, your spouse or dependents going to college in 2014? You may be eligible for education credits when you file an income tax return in 2015. (The credit is available through tax year 2017.) There are two types of credits: American Opportunity Credit and the Lifetime Learning Credit. Before I explain what these two types of credits can do for you, let's see which one you are qualified for. American Opportunity Credit qualifications... 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. 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
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.
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.