For regular citizens, the fiscal cliff deal brings lots of changes to how our taxes will be calculated.
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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
All military personnel have to file taxes, but there are several rules and provisions that military personnel should consider at tax time. Here are five last-minute tax tips to consider. File by the appropriate deadline. Although you may have a different deadline depending on your service status, you do need to make sure to file by the appropriate deadline. File an extension if you have to, but don't miss any deadlines or you'll make... more
One of the best ways to legally reduce your tax bill is to take advantage of tax deductions. A tax deduction is a reduction in your taxable income. It's important to understand that a deduction is not the same as a credit -- nor is it as valuable as a credit, which acts as a gift card applied to the amount of tax you owe. However, tax deductions can still be quite valuable, since they can reduce the amount of money eligible for taxes. Thanks ... 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.
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.