A new Alabama income tax credit is available for Alabama individuals and businesses that contribute cash to the Alabama Department of Postsecondary Education (ADPE) for qualifying educational expenses directly associated with the state’s Career‐Technical Dual Enrollment Program. The tax credit was created by House Bill 384 (Act No. 2014‐147, the “Act”), which was sponsored by [...]
Beginning at 12:01 a.m. (CST) on Friday August 1, 2014, and ending at twelve midnight on Sunday August 3, 2014, Alabama will hold its 8th annual sales tax holiday giving shoppers in Tuscaloosa County the opportunity to purchase certain school supplies, computers and clothing free of state and local sales tax. Not all cities participate [...]
We get this question a lot at this time of the year. If your tax return is on extension and you are now preparing the return, can you still make an IRA contribution? Maybe, but generally the short answer is No. The deadline for making most IRA or Roth IRA contributions is April 15th for [...]
Last week, the Supreme Court unanimously ruled that inherited IRAs are not protected in bankruptcy under federal law. The Court’s decision resolved the bankruptcy question about inherited IRAs in the federal courts, but it does not resolve all questions because state laws also control the bankruptcy protection. Each state’s law is different, here is a [...]
Our own Dan Johnson, a JMF supervisor, was one of the speakers at the Alabama Preservation 2014 Conference in Florence Alabama on April 24th. He had the peculiar task of explaining how to file the new Alabama Historic Rehabilitation Tax Credit on the AL tax forms that do not yet exist. This presentation is a [...]
Due to recent flooding and tornadoes, the Alabama Department of Revenue has offered taxpayer relief in the federally-declared disasters areas of Baldwin, Blount, DeKalb, Etowah, Jefferson, Lee, Limestone, Mobile, and Tuscaloosa counties, or whose business operations are located in those counties, until Oct. 15, 2014, to file certain Alabama tax returns that have a due [...]
Given that tomorrow is Tax Day, we figured you might want to know where all of those tax dollars really go. Almost 70% of all funds go to three programs: Defense and Military Benefits Social Security Health Care Did you also know that the government spent about 25% more money than it collected in 2013? [...]
The Alabama Department of Revenue announced that when taxpayers electronically file 2013 Alabama Forms 40, 40-A or 40 NR, they should include their driver’s license or non-driver’s license number, as well as their date of birth, on their Alabama returns. This is the department’s latest effort to combat the growing threat of identity theft and [...]
Maximizing your allowable deductions is key to minimizing your tax burden. Check out the JMF Guide to Maximizing Deductions.
Tax breaks can come in the form of tax credits, tax deductions, and just tax-saving laws. At the end of this year (December 31), the congressional Joint Committee on Taxation say 55 of them are about to expire. For the record, there is still a chance for many to be extended. Check out Bankrate.com's Summary [...]