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Taxes

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    Military families must contend with moving and child care issues -- and both of these issues can be very expensive. However, Permanent Change of Station (PCS) and the Child Tax Credits can help eas...  more

  • Taxes

    This page is outdated, please see our tax section for up to date information. 

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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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Servicemembers

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    The tax laws provide some special benefits for active members of the U.S. Armed Forces, including those serving in combat zones.

  • Income taxes

    With the start to the new year behind us, it is time to once again plan ahead for tax season. With the exception of those serving in combat zones or stationed outside the U.S, most military personn...  more

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    Let's face it -- the American tax system isn't known for its simplicity. And the confusion factor just climbs higher when you lived or worked in more than one state during the year.

  • Student Aid Tuition Assistance

    Servicemembers who recently enrolled in continuing education programs or signed up for skills building classes, have several government reimbursement programs and income tax benefits that can help ...  more

8 Tax Changes That Could Affect You

Taxes

By year's end, Americans usually have a good idea of what the tax rules will look like in the new year and can plan accordingly. That's not the case this time around. With a huge chunk of the tax code set to expire Jan. 1, the 2013 tax forecast is, well, foggy.

With a bumper crop of tax code changes, extensions and expirations, filing your return may be tricky. Here's what you need to know.

  1. The health insurance penalty If you didn't have health insurance in 2015 you will pay $325 per person or 2% of your household income, whichever is greater.
  2. Pell grants Pell grants may be allocated as living expenses, potentially increasing the education credit
  3. Deductions are increasing The standard deduction goes up to $6,300 for singles and $12.600 for married filing jointly
  4. The Alternative Minimum Tax Is Increasing The Alternative Minimum Tax exemption amount is now $53,600 for individuals and $83,400 for joint filers.
  5. Higher Limits on 401(k) deductions The limit on employee contributions to a 401(k) plan will increase by $500 and is now $18,000. The "catch-up" allowance for those over 50 is also up $500 to $6,000.
  6. Many expired tax breaks were extended These include the higher education tuition deduction, energy credits, and commuter tax breaks, among others.
  7. Government payments for health care to relatives If you are paid by the government to provide non-skilled medical support services to a relative in your home, this can be excluded from taxable income.
  8. Tax brackets are adjusted for inflation The lowest bracket will go from $18,150 to $18,450, all other brackets are being adjusted too.

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