As a military spouse tax time can be a bit stressful to say the least -- here's answers to some of the most common questions.
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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
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
Once the VA has granted your disability, an entitlement letter will be provided that outlines the percentage of disability and monthly compensation amount granted.
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.
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.