Posted on

What Is the Last Day to File Taxes?

Each year, “Tax Day” is April 15th & E-File Shuts Down on October 15th.

Each year, the deadline to file a tax return is April 15th. However, the e-file tax season doesn’t officially end until October 15th.

October 15 also marks the due date for filers who requested a tax extension.

That means, you must either file your return or request an extension by April 15th.

You can either e-file your return or mail in a paper return by the tax deadline. Note that if you are filing a paper return, your return must be postmarked by April 15th in order for it to be considered on time.

Continue reading “What Is the Last Day to File Taxes?”

Posted on

Itemizing Deductions on Income Tax for Truck Drivers

Deductions for truck drivers could significantly reduce their overall tax burden

Truck driving can be hard and expensive work. Thankfully you may be able to lower your tax burden by deducting some of your expenses.

If you are an employee, you can take these deductions on Schedule A [Itemized Deductions]. If you are a statutory employee or are self-employed, you can take these deductions on Schedule C [Profit or Loss from Business].

Here are some of the deductions you can claim:

  • vehicle expenses – you can deduct parking fees and tolls, standard mileage rates (or else the actual expenses), as well as maintenance, repairs, and supplies, which can include oil changes, tuneups, vehicle inspections, tie-down straps, jumper cables, chains, tarps, fuel, bungee cords, floor mats, etc.
  • personal care items – things you need to take care of yourself when you’re on the road including shaving supplies, tissues, laundry detergent, fabric softener, towels, toiletries, pillows, sheets, sleeping bags, grooming supplies, and hand cleaners, as well as shower and laundry facilities Continue reading “Itemizing Deductions on Income Tax for Truck Drivers”
Posted on

States That Don’t Tax Military Retirement Pay

Military veterans should consider retiring to one of these states if they want to lighten their tax burden

Many people intend to retire in a state where they can get the most bang for their buck, and military veterans are no exception. For them, this often involves finding a state that doesn’t tax military retirement pay, or else offers a generous exemption.

In the lists below, you’ll find a  breakdown of how military retirement pay is treated by the tax codes of the various states. In those states not included, military retirement pay is fully taxable.

States with No Income Tax

At the top of the list are the nine states that have no state income tax at all. By default, military retirement pay is completely exempt from tax. These states are: Continue reading “States That Don’t Tax Military Retirement Pay”