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Tips for Making the Most of Your Tax Refund

Packs of hundred dollar bills. Photo courtesy of Pixabay.

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 money to... more

What to Do if the IRS Sends an Audit Notice

IRS logo

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

Tax Tips for Troops and Families: Tax Strategies

Peyton Manning disappointed

Other articles in this series: Tax Tips for Troops and Families: Overview Determining Adjusted Gross Income Tax Deductions Taxable Income and Credits [For tax preparation options and discounts for  military families and veterans, see the Military.com Tax Prep section.] Season endings are always a good time to reflect on what has been accomplished and what to improve upon in the next go around. No doubt 31 of 32 NFL teams are doing that ... more

Basic Training: Learning to File

tax forms

Tax season is here and if you haven't filed your taxes yet it's time to get your paperwork in order. But are you unsure of what paperwork is needed to file taxes? Do you even know what a 1099 form is? Not to worry, here's a quick and basic rundown of the forms military servicemembers will need to file taxes. Forms The W-2 Form, the staple of taxpayers everywhere Most employed Americans know what a W-2 form is or filled it out. Employers us... more

5 Tax Tips for Service Members and Their Families

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As tax time approaches, military members and their families should take time to understand the special advantages the IRS extends to them. Here are some of the benefits that could apply to you: 1. For deployed service members: Many service members know combat pay isn't taxable. This benefit can save thousands of dollars, and it's already reflected on tax forms. Deployed members also may request extensions for filing tax returns, paying taxes... more

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