The 10 Biggest Things Your Income Taxes Pay For - DailyFinance

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Now that tax season is over (except for those who filed for an extension), it's natural to wonder exactly where the hard-earned dollars you paid in tax over the past year actually went.

To answer that question, the White House put together a website that gives details on the government's expenditures. Dubbed the Federal Taxpayer Receipt, you can enter in your income, Social Security, and Medicare taxes and get a personalized look at where your tax dollars got spent. Understanding that Social Security and Medicare taxes go toward funding those respective programs, here are the 10 areas where the greatest percentage of income tax revenues gets spent.

What Is the Minimum Monthly Payment for an IRS Installment Plan?

Can't afford to pay your income taxes? You may be able to qualify for an installment plan with the Internal Revenue Service. The minimum monthly payment for your plan depends on how much you owe. Brought to you by TurboTax.com

Can't File by the Deadline? Top 3 Reasons to File a Tax Extension

The Internal Revenue Service allows taxpayers to file for a six-month extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. Check your state tax laws; some states accept IRS extensions while others require you to file a separate state extension form. Brought to you by TurboTax.com

Tax Return Filing and Payment Extensions for the Military

The Internal Revenue Service recognizes the fact that members of the United States armed forces are often deployed outside of the U.S. at tax time and gives many military and support personnel an extension on their tax deadlines. Brought to you by TurboTax.com

What Are Deductible Investment Interest Expenses?

In general, you can deduct interest paid on money you borrow to invest, although there are restrictions on how much you can deduct and which investments actually qualify you for the deduction. Brought to you by TurboTax.com

States with the Highest and Lowest Taxes

Where you live can help or hinder your ability to make ends meet. A myriad of taxes -- property, license, state and local sales, property, inheritance, estate and excise taxes on gasoline -- eat away at your disposable income. Weighing the tax landscape against your financial picture lets you stretch your dollars. Brought to you by TurboTax.com

Source: http://www.dailyfinance.com/2013/04/25/biggest-things-your-income-taxes-pay-for/

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