Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare.
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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
For many married couples, it makes sense to file joint federal income tax returns. A number of benefits are only available to married couples filing jointly, so it's important to carefully consider your own situation and consult a tax professional before choosing how to file. "In many cases, it does not make sense to file separately because you probably are not going to save any money," says Bob Meighan, vice president of customer advocacy fo... more
"Financial planners hit monster lotto payout ... and quit work." When we hear "windfall," that's the kind of image that pops into our heads. But this month, we're thinking of a windfall that's a lot smaller and a lot more common: the tax refund. Over the past few years, the average refund has hovered near $3,000. While letting the government hang onto your money, interest free, over the course of the year may not be a great thing, it certai... more
As you prepare your tax return this year, plan ahead. Will you be getting a refund and how will you use that money? According to a study conducted by Lab 42 for Navy Federal Credit Union, 75% of consumers with a military affiliation are expecting a tax refund this year. The top three ways consumers plan to spend their refund is to pay off debt, put in savings or buy electronics.1 If you plan to splurge with your refund this year, here’s a sma... more
There's no place like home, but when a member of the military is asked "What is your home of record (HOR)?" sometimes the answer isn't as simple as you might expect. In fact, determining "home of record" can be quite confusing. Easily mistaken for the term "state of legal residence (SLR)," there are important differences for members of the military to understand so they can determine which term is most relevant for their current situation. I... more
Once the VA has granted your disability, an entitlement letter will be provided that outlines the percentage of disability and monthly compensation amount granted.
With tax season in full swing, you should take note of the many deductions and credits available to you because of your military service; whether on active duty or on reserve.
Although going back to school can be a pricey venture, military servicemen and women should keep in mind that their military status makes them eligible for certain education benefits.
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.
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
To deduct moving expenses, you generally must meet certain time and distance tests. However, if you are on active duty and you move because of a PCS, you do not have to meet these tests.