Taxes Archive

Showing 1 - 5 of 135 articles

What to Do if the IRS Sends an Audit Notice

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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

While Some Married Couples File Separate Taxes

Taxes

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

How to Handle Some Extra Cash (Including a Tax Refund)

Tax refund

"Financial planners hit monster lotto payout ... and quit work." When we hear "windfall," that's the kind of image that pops into our heads. But this month, we're thinking of a windfall that's a lot smaller and a lot more common: the tax refund. Over the past few years, the average refund has hovered near $3,000. While letting the government hang onto your money, interest free, over the course of the year may not be a great thing, it certai... more

What To Do With Your Tax Refund: Splurge or Save?

As you prepare your tax return this year, plan ahead. Will you be getting a refund and how will you use that money? According to a study conducted by Lab 42 for Navy Federal Credit Union, 75% of consumers with a military affiliation are expecting a tax refund this year. The top three ways consumers plan to spend their refund is to pay off debt, put in savings or buy electronics.1 If you plan to splurge with your refund this year, here’s a sma... more

HOR vs. SLR: What's the Difference?

There's no place like home, but when a member of the military is asked "What is your home of record (HOR)?" sometimes the answer isn't as simple as you might expect.  In fact, determining "home of record" can be quite confusing. Easily mistaken for the term "state of legal residence (SLR)," there are important differences for members of the military to understand so they can determine which term is most relevant for their current situation. I... more

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Taxes

Spouse

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    Military spouses in states that collect state income taxes may be able to pocket a little more of their paycheck under an amendment that allows spouses to retain their legal residency in their home...  more

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    If you paid someone to care for your child, spouse, or dependent last year, you may qualify for tax credit.

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    There's good news for military families who plan to have children or currently raising them. There are a number of tax benefits available to those who claim a dependent child on their income tax re...  more

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    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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